Cost of Living in Broomfield, CO

An Overview of Cost of Living in Broomfield, CO

Understanding the cost of living in Broomfield can help future residents assess whether their current financial situation aligns with the expenses they will encounter. It enables them to plan for potential changes in their budget and lifestyle. The Broomfield cost of living index is 137, which is 37% higher than the national average. The cost of living index is calculated by taking into account multiple categories, which encompass both the cost of everyday expenditures and larger expenses as well.

The cost of living in Broomfield 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, Broomfield falls into this category, which may not be suitable for those seeking an economically favorable living environment.

Housing costs are a major factor in the Broomfield cost of living index, and they often eat up a big chunk of your take-home pay. Unfortunately, in this area, housing expenses for both homeownership and rentals were 124.9% higher than what's typical in an average city. That includes the prices of homes and rents, as well as mortgage rates and insurance.

What Do Locals Say About the Cost of Living in Broomfield?

When it comes to knowing a city, its residents are the experts. We conducted a survey with 13 locals to understand their opinions on the cost of living in Broomfield. The results indicated that 38% found it reasonably priced with decreasing prices of goods and services, while 62% viewed it as quite expensive, with increasing prices.

Is Broomfield Affordable?

Is Broomfield affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in Broomfield, the median home price is 144% higher than the national average and monthly rent prices are 80.3% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Broomfield boasting a median household income of $101,206, 82.9% higher than the national average.

What Factors can Influence the Cost of Living in Broomfield?

Groceries: The costs associated with groceries have witnessed substantial increases over the past 2-3 years. In select markets, food prices have escalated by more than 20% during this timeframe, whereas others have seen more restrained upticks. The variances in food expenses can exert a considerable influence on the overall cost of living in a given locale. In Broomfield, the groceries index is 4.1% lower than the national average.

Utilities: As with the prices of anything else, utility costs can exhibit significant variations, contingent on factors like climate, energy source availability, geographic location and state regulations. The expenses associated with electricity, water, heating, and waste disposal can fluctuate, either upward or downward, depending on the particular city or state. In Broomfield, the utilities index registers 11.8% lower than the national average.

Housing: Elevated demand for housing within coveted locales has the propensity to escalate both property values and rental rates, thereby serving as a primary catalyst for an augmented cost of living. Conversely, areas witnessing diminished housing demand, particularly within less desirable environs, often experience an inversely proportional effect, leading to price reductions and subsequently contributing to a more modest cost of living. In Broomfield, the housing index is 124.9% higher than the national average.

Where is the Data From?

The cost of living in Broomfield, presented above is derived from the C2ER cost of living index, offering a practical method for assessing living cost disparities in urban areas. Published quarterly, this index compiles data from more than 300 independent researchers, encompassing over 60 goods and services in 6 categories. The weightings assigned to cost variances are informed by government survey data tracking the expenditure patterns of professional and executive households. It should be noted that the C2ER index does not include data on sales or income tax rates, however, AreaVibes incorporates tax rates into the overall cost of living score for each area.