Cost Of Living in New Castle, CO

The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index	New Castle	Colorado	National
Cost of living	127	111	100
Goods & Services	99	104	100
Groceries	104	101	100
Health care	109	100	100
Housing	189	134	100
Transportation	109	105	100
Utilities	90	91	100

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Cost Of Living Quick Facts

The cost of living in New Castle is 14% higher than the Colorado average
The cost of living in New Castle is 27% higher than the national average
New Castle housing is 89% higher than the national average
Colorado general sales tax is 43% lower than the national average
Colorado state income tax is 69% higher than the national average

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Price difference in compared to

Cost of living index
Goods & Services index
Groceries index
Health care index
Housing index
Transportation index
Utilities index

Median Income & Debt-To-Income Ratio

Median Income	Per Year	Per Month	Max Budget (28% DTI)	Max Budget (36% DTI)
Owners	$88,750	$7,396	$2,071	$2,663
Renters	$80,742	$6,729	$1,884	$2,423

The percent of monthly income spent on housing can be a good indicator of the affordability of housing in New Castle, CO, as well as the overall cost of living. As a general rule of thumb, the debt-to-income ratio (DTI) for homeowners or renters should be not more than 28 percent of gross income to be spent on housing related costs and not more than 36 percent of income on all expenses, including debts. The median income for New Castle homeowners, is $88,750. This would allow for a maximum of $2,071 per month to be spent on housing costs. For renters, the median monthly income is $80,742 which would result in a maximum of $1,884 to be spent on rental costs.

Colorado Sales Tax

State	General Sales Tax	With Max Surtax
Colorado	2.9%	10%

Colorado Income Tax

State	Income Tax (Low)	Income Tax (High)
Colorado	4.4%	4.4%

Goods & Services

Item	New Castle	National avg.	Difference
Haircut	$27.07	$24.26	11.6%
Beauty Salon	$38.50	$45.56	15.5%
Toothpaste	$3.65	$3.70	1.5%
Shampoo	$1.11	$1.28	13.1%
Movie	$10.84	$12.13	10.6%
Bowling	$13.55	$18.00	24.7%

Groceries

Item	New Castle	National avg.	Difference
Ground Beef	$5.27	$5.84	9.7%
Fried Chicken	$1.39	$1.57	11.9%
Milk	$4.60	$4.67	1.5%
Potatoes	$4.16	$4.93	15.8%
Pizza	$12.49	$12.09	3.3%
Beer	$10.74	$10.41	3.2%

Health Care

Item	New Castle	National avg.	Difference
Optometrist	$108.15	$125.68	13.9%
Doctor	$121.76	$135.78	10.3%
Dentist	$124.32	$113.29	9.7%
Ibuprofen	$10.46	$10.65	1.8%
Lipitor	$505.02	$468.60	7.8%

Housing

Item	New Castle	National avg.	Difference
Home Price	$384,800.00	$184,700.00	108.3%
Avg. Mortgage Payment	$2,179.59	$2,346.69	7.1%
Apartment Rent	$1,377.00	$949.00	45.1%

Transportation

Item	New Castle	National avg.	Difference
Gasoline	$3.55	$3.46	2.6%
Tire Balancing	$56.90	$59.92	5.0%

Utilities

Item	New Castle	National avg.	Difference
All Electricity	$173.81	$193.99	10.4%
Phone	$193.95	$192.25	0.9%

Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

Nearby cities with low cost of living

City	Population	Cost of Living Index	National Avg.
No Name, CO	267	101	0.6%
Rifle, CO	9,771	112	11.6%
Silt, CO	3,076	118	18.4%
Glenwood Springs, CO	10,048	131	31.2%
Chacra, CO	357	146	45.6%
New Castle, CO	4,877	127	27.2%

Cities with similar population

City	Population	Cost of Living Index	National Avg.
Mayfair, CA	4,878	105	5.5%
Mayville, WI	4,875	92	7.5%
Michigan Center, MI	4,879	87	12.6%
Chisholm, MN	4,879	88	12.4%
Mendham, NJ	4,880	162	61.6%
New Castle, CO	4,877	127	27.2%

Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.

Cost of Living in New Castle, CO