Cost of Living in Littleton, CO

An Overview of Cost of Living in Littleton, CO

The cost of living in Littleton affects the quality of life one can afford in this new location. It allows people to assess whether they can maintain their preferred lifestyle, including housing, leisure activities and dining options. Your total monthly expenditures can varry depending on the area, as well as many other factors. The cost of living in Littleton is 135, which is 35% higher than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.

The cost of living in Littleton is among the highest in the country, making it a very expensive place to live. Only a small fraction of regions boast a cost of living that is at least 20% higher than the national average, and regrettably, Littleton falls into this category, which may not be suitable for those seeking an economically favorable living environment.

Housing costs are a very significant part of the Littleton cost of living index and generally encompass a large percentage of take-home income. Unfortunately, in this area, the housing costs for both homes and rentals were 112.2% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.

What Do Locals Say About the Cost of Living in Littleton?

The real experts on a city are its residents. That's why we reached out to 8 locals to get their views on the cost of living in Littleton. We surveyed the residents and asked them if they felt like prices were affordable or out of reach. The results were as follows. 25% found it budget-friendly with decreasing prices, while 75% said it's simply not affordable as prices have continued to rise.

Is Littleton Affordable?

Is Littleton affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in Littleton, the median home price is 141.7% higher than the national average and monthly rent prices are 43.2% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Littleton boasting a median household income of $76,375, 38.1% higher than the national average.

What Factors can Influence the Cost of Living in Littleton?

Subsidies: Some areas might offer government subsidies or assistance programs that help lower cost of living for residents. These programs can include anything from Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and crop subsidies. Areas that offer less subsidies, could see an increase in their cost of living.

Urbanization: Urban areas with extensive amenities and job opportunities tend to have a higher cost of living due to increased demand for services and relocation, resulting in higher home prices and higher rents. Less densely populated rural areas, or areas with less demand tend to have fewer amenities and slower job growth, which results in a lower cost of living.

Taxes: Cities that impose higher taxes, including sales and income taxes, can contribute to an escalated cost of living. The added expense of taxes on everyday goods like clothing and food naturally results in higher overall costs. Similarly, a higher income tax rate can further elevate the cost of living. In Littleton, the general sales tax rate starts at 2.9%, and income tax rates begin at 4.4%.

Where is the Data From?

The cost of living data in Littleton displayed above is sourced from the C2ER cost of living index, which serves as a practical tool for comparing living expenses across urban areas. Published on a quarterly basis, this index aggregates data from over 300 independent researchers, encompassing more than 60 goods and services, in 6 different categories. The weightings assigned to cost differences rely on government survey data that tracks the spending habits of professional and executive households. It's worth noting that the C2ER index excludes data on sales or income tax rates, while AreaVibes integrates tax rates into the overall cost of living evaluation for each region.