Cost of Living in Longmont, CO

An Overview of Cost of Living in Longmont, CO

Knowing the cost of living in Longmont allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in Longmont stands at 129, marking it 29% higher than the national average.

The cost of living in Longmont 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, Longmont falls into this category, which may not be suitable for those seeking an economically favorable living environment.

Housing costs are a major factor in the Longmont cost of living index, and they often eat up a big chunk of your take-home pay. Unfortunately, in this area, housing expenses for both homeownership and rentals were 95.5% higher than what's typical in an average city. That includes the prices of homes and rents, as well as mortgage rates and insurance.

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

Locals have the inside scoop on their city. So, we polled 26 residents in Longmont to learn how they view the cost of living. We asked how they felt about the cost of living in their area, and if they thought that prices were increasing, decreasing or staying the same. The verdict? 19% find it reasonable with decreasing prices, but 81% think it's quite pricey, with prices that continue to rise.

Is Longmont Affordable?

Is Longmont 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 Longmont, the median home price is 114.4% higher than the national average and monthly rent prices are 51.4% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Longmont boasting a median household income of $79,140, 43.1% higher than the national average.

What Factors can Influence the Cost of Living in Longmont?

Housing: High demand for housing in desirable locations can drive up property prices and rental rates. This can be a primary contributor to a higher cost of living. While low demand for housing, especially in undesirable locations, can have the reverse effect and drive prices down, resulting in a lower cost of living. The housing index in Longmont, is 95.5% higher than the national average.

Transportation: In cities with limited or no public transportation, residents may find it necessary to own and maintain vehicles, thereby elevating the cost of living. Monthly expenditures include fuel, insurance, routine maintenance and potential lease or financing commitments. In Longmont, the transportation index stands at 8.5% higher than the national average.

Urbanization: Larger, urban areas boasting abundant amenities and robust employment prospects often exhibit a heightened cost of living, driven by the increased demand for services and residential relocation. Consequently, this leads to elevated home prices and higher rental rates. In contrast, sparsely populated rural locales or regions marked by diminished demand typically offer a more limited range of amenities and experience slower job market expansion. This translates into a more affordable cost of living.

Where is the Data From?

The cost of living data in Longmont 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.