In a recent report by CNBC, Colorado has been highlighted as one of the most expensive states to live in for 2024, earning a grade of ‘F’ for its cost of living. The state shares the fifth-place rank with Montana on CNBC’s list of the ten most expensive states in the US.
The report assessed various factors, including the prices of common goods and services, housing affordability, and the cost of insurance, to determine the rankings. One of the most significant findings was that Colorado homeowners face the highest insurance premiums in the nation for median-priced homes. Homeowners in Colorado pay an average of $2,650 per year for insurance on a median-priced home, largely due to risks associated with hail and wildfires. In comparison, California homeowners pay $2,124 annually for similar coverage, despite higher average home prices in the state.
On a brighter note, the report did find that local energy bills in Colorado are significantly cheaper than in other states on the list. The average monthly energy bill in Colorado is $145.02, the lowest among the top ten most expensive states.
Despite the high cost of home insurance, the lower energy costs offer some relief to residents. However, the overall high cost of living remains a challenge for many Coloradans.
For more details, you can find the full CNBC report here.
Key Findings:
- Cost of Living Grade: F (Score: 10 out of 50)
- Home Insurance Premiums: $2,650 per year for a median-priced home
- Energy Bills: $145.02 per month on average
Colorado’s position on this list underscores the financial challenges faced by residents, particularly regarding housing and insurance costs.