Colorado Springs is a medium city located in Colorado with a metropolitan area population of 431,834. A couple could live a moderate lifestyle in Colorado Springs on a budget of $3,636 per month, or $43,626 per year.
Cost of Living in Colorado Springs, Colorado
As noted above, the cost of living in Colorado Springs, Colorado is $3,636 per month for a couple living a moderate lifestyle. This budget consists of $2,071 for housing related costs, $777 for food, and $788 for other costs, all of which will be broken down below.
- A one-bedroom apartment in the city center of Colorado Springs is estimated to cost $1,779
- Basic utilities including electricity, water, and gas will run about $200
- High-speed internet averages $91
- Typical grocery costs of $535 per month include things like bread, eggs, milk, cheese, rice, chicken breast, bottled water, fruits, and vegetables
- Alcohol including beer and wine for moderate home consumption costs about $119
- Frequent coffees in a neighborhood café are estimated to be about $123
- Meals out are estimated to be $463 per month, including 4 meals in mid-range restaurants and 8 in inexpensive restaurants
- Transportation costs of $158 for public transport passes and occasional taxis
- Fitness center memberships of $108
- Cinema tickets of $60 include several outings for international releases
Note that Colorado Springs, Colorado is a somewhat walkable city with a Walk Score of 74/100, which means you may need a car if you are living in the city center and you will probably need to use public transportation frequently.
Amount of Money Needed to Retire in Colorado Springs, Colorado
Many people searching the internet for the cost of living in Colorado Springs, Colorado are doing so to see if and when they can quit their jobs and retire. A popular and easy way to calculate your retirement number is using the 4% Rule.
The 4% Rule estimates that a person(s) could withdraw 4% of their retirement nest egg and never run out of money. Using this calculation, a couple would need an investment portfolio of $1,090,650 to live a moderate lifestyle in Colorado Springs, Colorado.
Annual expenses of $43,626 ÷ 4% = $1,090,650 portfolio needed.
Of course, everyone’s financial situation is different, and the above calculation could change based on any other sources of passive income and social security income.
Overall, the cost of living in Colorado Springs, Colorado is affordable coming in at $3,636 for a couple living a moderate lifestyle. Those seeking to retire could do so comfortably with a retirement portfolio of $1,090,650.