doxoINSIGHTS » Where Colorado’s Household Expenses are the Highest in 2022

Where Colorado’s Household Expenses are the Highest in 2022

How does living in the Centennial State affect your wallet? doxo breaks down key insights about the state’s household expenses, with a close eye to how bills differ in towns and cities. On average, Colorado’s household expenses, doxo’s data reveals, are $2,251 per month.

doxo’s data also has infographics for cities and towns across Colorado, breaking down localized bill pay data figures as well. The state-wide rankings for most and least expensive cities provide insight into cost of living in Colorado and how it changes according to location.

The data sheds light on Colorado’s cost of living through other metrics, too. For example, the “percent of household income” data point shows what percentage of household income local residents spend on bills. doxo’s data also indicates how much more or less expensive specific cities are than the national and state average.

Colorado residents pay $2,251 in household bills a month

The average Colorado household pays $2,251 a month for the 10 most common household bills. This figure takes into account the 10 most common household bills, which are:Mortgage; Rent; Auto Loan; Utilities (electric, gas, water & sewer, and waste & recycling); Auto Insurance; Cable & Internet & Phone, Health Insurance (consumer paid portion); Mobile Phone; Alarm & Security; and Life Insurance.

Colorado residents, overall, pay relatively high household bill expenses: the state ranks 11th out of 50 states in terms of average monthly spending. Slightly more expensive than Colorado is New Hampshire, where residents pay $2,256 a month on average; slightly more affordable is Virginia, where residents pay $2,229.

The most expensive state for household expenses is Hawaii, where residents pay a whopping $2,911 per month. The most affordable state, meanwhile, is West Virginia, where residents pay $1,452 per month.

Colorado’s household expenses, on average, are 12.4% higher than the national average of $2,003.

Absolute dollar amounts don’t tell the full story, however. The “percentage of household income” metric provides a more proportional look at bill spending in a particular location. Colorado households spend 38% of their income on household expenses, which is higher than some states where households pay costlier expenses on average. For example, New Jersey is the 3rd most expensive state, at $2,610 on average per household per month, but this accounts for only 36% of local income.

Annually, Colorado residents pay $53 billion in household bills. See more data about bill pay in Colorado by clicking on the infographic link below.

Data: doxoINSIGHTS’ bill pay infographic about Colorado

• Average Bill Cost per HH: $2,251 per month
• State Bill Pay Market Size: $53 billion
• doxoINSIGHTS State Rank: 11 out of 50
• Percent of HHI Used for Bills: 38%
• Difference from the National Average: 12.4% higher

Housing costs drive Colorado’s high expenses

The average Colorado’s household pays $2,251 in the 10 most common household bills per month. The higher-than-average rent and mortgage prices drive the expenses as high as they are, with both being significantly more than the national average. The average mortgage payment in Colorado is $1,586, and average rent is $1,273, compared to the national average mortgage bill of $1,368 and rent bill of $1,129. This makes Colorado’s mortgage costs 16% higher than the national average, and rent costs 13% higher than the national average.

Life insurance is also an area in which Colorado’s residents spend more than the national average. The average household in the state pays $106 a month for mobile bills, compared to the national average of $82, making the costs 28% higher than the national average. Health insurance is also much higher in Colorado than in the US at large: Coloradans pay $179 per month on health insurance, compared to the national average of $123.

Note: Health Insurance and Life Insurance expenses do not account for payments made by employers on behalf of employees. These just include out-of-pocket expenses. Also, the state and national bill totals take into account the percentage of households that pay a bill.

Average Colorado Household Bill Spending

Parker is the most expensive area for Colorado’s household bills

Residents of Parker pay the highest household bills in the state of Colorado, at an average of $2,965 per month. Erie comes in second in the rankings, with residents paying an average of $2,936 on household expenses. Monument is the third most expensive area in the state, with residents spending $2,898 on household bills.

Interestingly, residents who live in one of the 10 most expensive localities in Colorado generally spend a lower percentage of their household income on bills than Coloradans do on average. For example, Parker residents spend 31% of household income on bills, while Coloradans on average spend 38% on household expenses.

Access detailed infographics about each city or town by clicking on the hyperlinks in the “City” column in the tables below. You can also browse doxoINSIGHTS’ regional bill comparison database to see infographics about more than 4,200 cities and towns across all 50 states in the US.

10 Most Expensive Colorado Cities for Household Bills

*Household Bill Pay Expense averages shown above reflect the ten most common bills paid, including housing (rent/mortgage).

Cortez is the most affordable place in Colorado for household bills

Out of 48 cities and towns, Cortez is the most affordable place in Colorado, with residents paying $1,411 on average for household bills. Household bills account for 39% of local income in Cortez. In fact, most of the areas on the list below spend between 40 and 50% of their income on household bills; a markedly higher number than those on the “10 most expensive” list, which generally spend around 30% of their income on the bills.

Delta comes in at the second most affordable town or city in Colorado, with residents paying $1,603 per month on average.

Also on the list of 10 least expensive cities in Colorado are Canon City ($1,619 per month), Montrose ($1,633 per month), and Sterling ($1,809 per month).

10 Most Affordable Colorado Cities for Household Bills

In the wake of the rise of remote work, some individuals may be deciding whether to move from a more expensive city to a less expensive one. doxoINSIGHTS can be a valuable resource for consumers seeking to make key decisions like this, allowing them to compare Colorado’s household expenses against average bills in different cities and states across the country. They can also use doxoINSIGHTS’ regional bill comparison database to compare average costs for over 900 towns and cities across the country.