F
48%
Overall NAT. AVG.
3%
Goods & Services NAT. AVG.
167%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
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 Steamboat Springs Colorado National
Cost of living148111100
Goods & Services97104100
Groceries103101100
Health care101100100
Housing267134100
Transportation95105100
Utilities8891100

An Overview of Cost of Living in Steamboat Springs, CO

Are you thinking about relocating, but curious about the potential cost of living in Steamboat Springs? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Steamboat Springs stands at 148, making it 48% higher than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.

The cost of living in Steamboat Springs 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, Steamboat Springs 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 Steamboat Springs 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 167.3% 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 Steamboat Springs?

Nobody knows their city better than the people who actually live there. So, we asked 6 local residents how they would rate the cost of living in Steamboat Springs and this is how they responded. 0% of people said that the cost of living was affordable, with prices decreasing, while 100% of people said that the cost of living was very expensive and prices continue to rise.

Is Steamboat Springs Affordable?

Is Steamboat Springs an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in Steamboat Springs is 217% higher than the national average, while the average monthly rent prices are 51.4% higher than average. The affordability of any location can also be influenced by median income levels. Steamboat Springs has a median household income of $74,351, which is 34.4% higher than the national average.

What Factors can Influence the Cost of Living in Steamboat Springs?

Transportation: If public transportation is limited or not available, residents may need to own and maintain vehicles, which can add to the cost of living. Gas, insurance, regular maintenance and potentially lease or finance payments will all need to be paid on a monthly basis. In Steamboat Springs, the transportation index is 4.6% lower than the national average.

Subsidies: Some cities and states may extend government subsidies or aid programs aimed at reducing the cost of living for their residents. These initiatives encompass diverse forms of support, including 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 farm subsidies. Regions with limited subsidy provisions may witness an increase in their overall cost of living.

Healthcare: Healthcare costs and insurance premiums can undergo substantial fluctuations based on the city or state of residence. Elements such as the availability of healthcare facilities, out-of-pocket costs for medical consultations, dental expenses, prescription medication charges and specialized medical care fees all contribute to variations in the cost of living. In Steamboat Springs, healthcare costs are 0.7% higher than the national average.

Where is the Data From?

The Steamboat Springs cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. Published on a quarterly basis, it compiles data from more than 300 independent researchers, encompassing over 60 goods and services. These items have been meticulously selected to represent various consumer expenditure categories, in 6 categories. Weightings assigned to cost differentials draw from government survey data tracking spending patterns among professional and executive households. While the C2ER index excludes data on sales or income tax rates, AreaVibes incorporates tax rates into the overall cost of living score for each region.

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Cost Of Living Quick Facts

  • The cost of living in Steamboat Springs is 33% higher than the Colorado average
  • The cost of living in Steamboat Springs is 48% higher than the national average
  • Steamboat Springs housing is 167% 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

Most Affordable Places to Live in and Around Steamboat Springs

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Compare Steamboat Springs, CO Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      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$81,975$6,831$1,913$2,459
      Renters$64,004$5,334$1,493$1,920
      To approximate the cost of living and the housing affordability in Steamboat Springs, CO, we can look at the percentage of income that is available to be spent on monthly housing, otherwise known as the debt-to-income ratio (DTI). To stay on the safe side, a consumer should not spend more than 28% of his or her gross income on housing-related expenses and costs and not more than 36% of income on all expenses and debts. Homeowners in Steamboat Springs have a median income of $81,975. Therefore, the amount that a consumer should spend on housing costs should be no more than $1,913 per month to avoid calamity and poverty. The renters in the city have an income of about $64,004, which would make their monthly maximum allowable rental costs $1,493.

      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 Steamboat Springs National avg. Difference
      Haircut $28.78$24.2618.6%
      Beauty Salon $39.16$45.5614.1%
      Toothpaste $3.92$3.705.8%
      Shampoo $1.17$1.288.6%
      Movie $11.19$12.137.7%
      Bowling $13.22$18.0026.5%

      Groceries

      Item Steamboat Springs National avg. Difference
      Ground Beef $5.39$5.847.7%
      Fried Chicken $1.32$1.5716.1%
      Milk $4.74$4.671.5%
      Potatoes $4.20$4.9314.9%
      Pizza $12.79$12.095.8%
      Beer $9.97$10.414.2%

      Health Care

      Item Steamboat Springs National avg. Difference
      Optometrist $165.17$125.6831.4%
      Doctor $123.46$135.789.1%
      Dentist $113.42$113.290.1%
      Ibuprofen $11.13$10.654.5%
      Lipitor $494.61$468.605.6%

      Housing

      Item Steamboat Springs National avg. Difference
      Home Price $585,500.00$184,700.00217.0%
      Avg. Mortgage Payment $2,017.79$2,346.6914.0%
      Apartment Rent $1,437.00$949.0051.4%

      Transportation

      Item Steamboat Springs National avg. Difference
      Gasoline $3.36$3.462.9%
      Tire Balancing $54.73$59.928.7%

      Utilities

      Item Steamboat Springs National avg. Difference
      All Electricity $158.34$193.9918.4%
      Phone $187.74$192.252.3%
      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.
      Oak Creek, CO778990.5%
      Steamboat Springs, CO13,04814847.8%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Annapolis Neck, MD13,04916564.8%
      Trenton, OH13,046973.2%
      Jupiter Farms, FL13,04512929.3%
      Fort Lewis, WA13,04513635.7%
      Sarasota Springs, FL13,0531109.9%
      Steamboat Springs, CO13,04814847.8%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.