Safe Rate Local

Cost of Living in Colorado Springs

Is it better to rent or buy in Colorado Springs? Explore median costs, utility estimates, and run the numbers on your own budget to see how far your income goes.

← Back to Colorado Springs Hub

Rent vs. Buy Affordability Calculator

Adjust the sliders to match your scenario. We recommend keeping total housing costs under 40% of your gross income.

$100,141
$1,852/mo

Median in area: $1,852

$481,411

Median in area: $481,411

$96,282

If you Rent

🔑
$2,056 /mo
Base Rent$1,852
Est. Utilities$204
% of Income24.6%
Pre-tax Residual$6,289

If you Buy

🏠
$2,936 /mo
P&I (6.5%)$2,434
Taxes & Ins$298
Est. Utilities$204
% of Income35.2%
Pre-tax Residual$5,409

Cost of Living FAQs

Is it cheaper to rent or buy in Colorado Springs?›

Based on median housing data, renting is currently more affordable on a monthly basis in Colorado Springs. The estimated all-in monthly cost for renting is $2,056, while owning a median-priced home with a 20% down payment is roughly $2,936 per month (a difference of $880).

How much do utilities cost in Colorado Springs?›

The average monthly utility cost (electricity and natural gas) for a typical home in Colorado Springs is approximately $204. This estimate uses local utility rate schedules combined with median energy consumption profiles.

What is a good salary to live comfortably in Colorado Springs?›

To comfortably afford the median rent and utilities in Colorado Springs without exceeding the recommended 30% housing-to-income threshold, a household should earn a gross salary of approximately $82,240 per year.