Cost Of Living in Sheridan, 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	Sheridan	Colorado	National
Cost of living	113	111	100
Goods & Services	106	104	100
Groceries	105	101	100
Health care	99	100	100
Housing	138	134	100
Transportation	104	105	100
Utilities	85	91	100

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Cost Of Living Quick Facts

The cost of living in Sheridan is 2% higher than the Colorado average
The cost of living in Sheridan is 13% higher than the national average
Sheridan housing is 38% 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	$48,350	$4,029	$1,128	$1,451
Renters	$45,184	$3,765	$1,054	$1,356

A good way to judge both the affordability of the housing and the cost of living in Sheridan is by simply calculating the maximum that should be spent on housing, otherwise known as the debt-to-income ratio (DTI). The plan is to avoid spending more than 28 percent of the gross income on costs that pertain to housing and no more than 36 percent on all expenses and debts. Sheridan has a median income of about $48,350 for people who own homes. Based on that number, a maximum of $1,128 should be spent on expenses related to housing. Renters have a slightly different median income, which is $45,184. Based on this average, renters should spend no more than $1,054 on all rental costs if they want to maintain a non-impoverished standard of living.

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	Sheridan	National avg.	Difference
Haircut	$26.81	$24.26	10.5%
Beauty Salon	$50.45	$45.56	10.7%
Toothpaste	$3.70	$3.70	0.1%
Shampoo	$1.27	$1.28	1.1%
Movie	$14.70	$12.13	21.1%
Bowling	$21.40	$18.00	18.9%

Groceries

Item	Sheridan	National avg.	Difference
Ground Beef	$5.23	$5.84	10.4%
Fried Chicken	$1.40	$1.57	11.2%
Milk	$4.74	$4.67	1.4%
Potatoes	$4.30	$4.93	12.9%
Pizza	$12.87	$12.09	6.5%
Beer	$10.67	$10.41	2.5%

Health Care

Item	Sheridan	National avg.	Difference
Optometrist	$121.38	$125.68	3.4%
Doctor	$116.64	$135.78	14.1%
Dentist	$126.27	$113.29	11.5%
Ibuprofen	$10.88	$10.65	2.1%
Lipitor	$447.94	$468.60	4.4%

Housing

Item	Sheridan	National avg.	Difference
Home Price	$262,300.00	$184,700.00	42.0%
Avg. Mortgage Payment	$3,151.90	$2,346.69	34.3%
Apartment Rent	$1,212.00	$949.00	27.7%

Transportation

Item	Sheridan	National avg.	Difference
Gasoline	$3.67	$3.46	5.9%
Tire Balancing	$60.05	$59.92	0.2%

Utilities

Item	Sheridan	National avg.	Difference
All Electricity	$145.02	$193.99	25.2%
Phone	$194.36	$192.25	1.1%

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.
Glendale CDP, CO	78	102	2.3%
Lakeside, CO	6	85	14.8%
Federal Heights, CO	13,537	91	9.4%
North Washington, CO	663	95	4.5%
Derby, CO	9,156	106	5.9%
Sheridan, CO	6,072	113	12.9%

Cities with similar population

City	Population	Cost of Living Index	National Avg.
Laie, HI	6,071	209	109.2%
Pontotoc, MS	6,070	84	15.7%
East Farmingdale, NY	6,074	144	44.5%
El Granada, CA	6,069	251	151.0%
Sainte-Martine, QC	6,075	n/a
Sheridan, CO	6,072	113	12.9%

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 Sheridan, CO