Mar

2025

Cost of Living in Colorado

By Dana Jennings Jelter | mortgage | Comments Off

Cost of Living in Colorado

Q: What’s the Average Cost of Living in Colorado?

According to 2020 data from the Bureau of Economic Analysis , the average total personal consumption cost in Colorado is $46,642 per year. This is what the average spending looks like across a variety of categories.

What’s the Average Cost of Living in Colorado?

Average Cost of Living in Colorado: $63,781 per year

Take a closer look at your budget before you decide to move to Colorado. MERIC data gathered in 2024 found that Colorado tied with Idaho and Puerto Rico for the 32nd best cost-of-living in the country. The neighboring state of Nebraska (No. 18) would be a better fit for those looking to save on living expenses. Kansas (No. 3) is an even bigger bargain. What does the Colorado cost of living look like? According to data from the Bureau of Economic Analysis, the average total personal consumption cost in Colorado is $63,781 per year. This is what the average spending looks like across a variety of categories.

Category	Average Annual Per-Capita Cost in Colorado
Housing and Utilities	$12,600
Health Care	$8,415
Food and Beverages (nonrestaurant)	$4,922
Gasoline and Energy Goods	$1,383
All Other Personal Expenditures	$36,462

Housing Costs in Colorado

Average Housing Costs in Colorado: $1,496 to $2,732 per month

Colorado is home to more than 2.6 million housing units, which means you’ll have plenty of options. The big question is, can you afford rent or a mortgage in Colorado? Zillow reported Colorado’s typical home price as $543,106 in December 2024.

How much you’ll pay for housing will depend on if you’re renting or buying and how large your rental is. Here’s what those prices look like according to census data:

• Median monthly mortgage cost: $2,231

• Median studio rent: $1,496

• Median one-bedroom rent: $1,546

• Median two-bedroom rent: $1,810

• Median three-bedroom rent: $2,083

• Median four-bedroom rent: $2,305

• Median five-bedroom (or more) rent: $2,732

• Median gross rent: $1,771

Recommended: Denver Housing Market: Trends & Prices

Because prices can vary so much throughout the state, take a look at the typical home price in some of Colorado’s major cities, sourced from Zillow in December 2024:

Colorado City	Typical Home Price
Denver	$578,381
Colorado Springs	$454,606
Fort Collins	$550,481
Greeley	$497,199
Boulder	$728,257
Pueblo	$284,051
Grand Junction	$406,092
Glenwood Springs	$913,075
Durango	$656,343
Edwards	$1,333,925
Montrose	$465,443
Cañon City	$333,850
Breckenridge	$960,807
Fort Morgan	$337,997
Steamboat Springs	$1,096,318
Sterling	$245,944
Craig	$284,107

Utility Costs in Colorado

Average Utility Costs in Colorado: $296 per month

It can get bone-chilling in Colorado, so you need to budget enough to keep the heat pumping in the winter. Here’s what the average utility spending looks like.

Utility	Average Colorado Bill
Electricity	$95
Natural Gas	$47
Cable & Internet	$110
Water	$44

Sources: U.S. Energy Information Administration, Electric Sales, Revenue, and Average Price; Statista.com, Average monthly residential utility costs in the United States, by state; DoxoInsights, U.S. Cable & Internet Market Size and Household Spending Report; and Rentcafe.com, What Is the Average Water Bill?

Groceries & Food

Average Grocery & Food Costs in Colorado: $410 per person, per month

We all need to eat, so it’s fair to wonder how much you should expect to spend on food in Colorado.

The Bureau of Economic Analysis estimates Colorado’s average annual nonrestaurant food cost per person to be $4,922, or about $410 per month. For a family of four, the grocery bill could be about $1,641 per month.

Where you live will play a role in how much you spend on food. The Council for Community and Economic Research ranks food costs in major cities. These are the rankings for grocery costs for 2024.

Colorado City	Grocery Items Index
Denver	101.3
Colorado Springs	101.9
Pueblo	98.3
Grand Junction	101.4

Transportation

Average Transportation Costs in Colorado: $9,550 to $17,771 per year

Daily commutes, weekend ski trips with the family, and getting from place to place all cost money. How much you’ll spend on transportation in Colorado depends greatly on how many working adults are in your family and how many children you have.

This basic breakdown from MIT’s Living Wage Calculator data as of February 2025 gives you an idea of what you might spend on transportation.

Family Makeup	Average Annual Transportation Cost
One adult, no children	$9,550
Two working adults, no children	$11,053
Two working adults, three children	$17,771

Health Care

Average Health Care Costs in Colorado: $8,415 per person, per year

Colorado residents spend an average of $8,415 a year on health care, according to the Bureau of Economic Analysis Personal Consumption Expenditures by State report.

Of course that average can vary, depending on individuals’ coverage and needs.

Child Care

Average Child Care Costs in Colorado: $1,000 to $1,446 or more per child, per month

Child care can really eat up your budget, no matter where you live. The Colorado Child Care Assistance Program helps families who need child care so they can work, search for employment, or go through employment training in order to become self-sufficient.

These are the average child care costs you can expect to encounter in Texas, according to data from costofchildcare.org .

Type of Child Care	Average Cost Per Month, Per Child
Infant Classroom	$1,446
Toddler Classroom	$1,191
Preschooler Classroom	$1,000
Home-Based Family Child Care	$1,190

Taxes

Tax Rate in Colorado: 4.40%

No matter what state we live in, we all follow the same format when it comes to federal income taxes. However, states have different state income tax rates (if any) and varying ways of calculating how much is owed.

In Colorado, calculating how much you owe is simple, as Colorado has a flat income tax of 4.40%, according to the Tax Foundation’s State Individual Income Tax Rates and Brackets for 2025. Utah, a neighbor, also has a flat income tax rate: 4.55% as of 2025.

Miscellaneous Costs

If, as the Bureau of Economic Analysis estimates, other personal consumption expenditures (outside of the necessities like housing, transportation, and health care) total $36,462 a year, this is where some of that spending may be going (costs are accurate as of February 2025):

• If you want to practice rock climbing safely indoors before heading outside, check out the Boulder Rock Club, a popular local rock climbing gym: $28 for your first visit or $91 monthly membership for adults

• The Glenwood Caverns Adventure Park in Glenwood Springs offers a wide variety of family fun: $35 for a gondola ride to the top of the mountain ($30 online); $55 for a gondola ride and cave tours ($50 online).

• For a fun and educational family day in Denver, stop by the Denver Museum of Nature and Science: Youth tickets (ages 3-18) are $20.95, adult tickets are $25.95, and senior tickets are $22.95.

• Or catch a live concert at Red Rocks Park and Amphitheatre in Morrison, Colorado. This unique outdoor venue opened in 1941 and has been designated a National Historic Landmark. Admission is free to the 738 acre park for visitors from sunrise to sunset (on nonevent days). You can also grab a ticket to a concert (starting around $40, depending on the artist), to sunrise yoga ($19), or even to a movie ($20) “on the rocks.

How Much Money Do You Need to Live Comfortably in Colorado?

How obtainable it is to live comfortably in a specific state will depend greatly on your family size and other factors. That said, don’t expect to get off easy in Colorado.

Colorado rose slightly to the 41st spot in the 2024 U.S. News & World Report’s Affordability Rankings, which compare the average cost of living in each state with the average household income. Colorado fared much better in the previously mentioned MERIC study, where the state ranked 32nd.

What City Has the Lowest Cost of Living in Colorado?

Looking for an affordable place to live in Colorado? Take some time getting to know the two major cities with lower cost of living from the Council for Community and Economic Research’s Cost of Living Index for 2024.

Pueblo

The most affordable major city in Colorado is Pueblo, with a cost-of-living index of just 92.7. Enjoy strolls on the stunning Riverwalk, and take a break to enjoy one of the many local cafes or breweries.

Colorado Springs

With a cost-of-living index of 101.9, Colorado Springs is the third most affordable major city in Colorado. This city is a nature lover’s dream, and there is no shortage of hiking opportunities to help you blow off steam after work, perhaps at the nearby Peterson Space Force Base. On the weekends, enjoy some family time at the local zoo, museums, and parks. Colorado Springs is home to more than 60 attractions, so there’s no shortage of fun to be had!

SoFi Home Loans

Nature lovers will appreciate all the hiking, skiing, rafting, and biking Colorado affords. The cost of living in Colorado may be relatively steep, but it’s easy to see why you might want to move there and enjoy all that fresh mountain air.

Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.

SoFi Mortgages: simple, smart, and so affordable.

View your rate

Photo credit: iStock/miroslav_1

SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

‡Up to $9,500 cash back: HomeStory Rewards is offered by HomeStory Real Estate Services, a licensed real estate broker. HomeStory Real Estate Services is not affiliated with SoFi Bank, N.A. (SoFi). SoFi is not responsible for the program provided by HomeStory Real Estate Services. Obtaining a mortgage from SoFi is optional and not required to participate in the program offered by HomeStory Real Estate Services. The borrower may arrange for financing with any lender. Rebate amount based on home sale price, see table for details.

Qualifying for the reward requires using a real estate agent that participates in HomeStory’s broker to broker agreement to complete the real estate buy and/or sell transaction. You retain the right to negotiate buyer and or seller representation agreements. Upon successful close of the transaction, the Real Estate Agent pays a fee to HomeStory Real Estate Services. All Agents have been independently vetted by HomeStory to meet performance expectations required to participate in the program. If you are currently working with a REALTOR®, please disregard this notice. It is not our intention to solicit the offerings of other REALTORS®. A reward is not available where prohibited by state law, including Alaska, Iowa, Louisiana and Missouri. A reduced agent commission may be available for sellers in lieu of the reward in Mississippi, New Jersey, Oklahoma, and Oregon and should be discussed with the agent upon enrollment. No reward will be available for buyers in Mississippi, Oklahoma, and Oregon. A commission credit may be available for buyers in lieu of the reward in New Jersey and must be discussed with the agent upon enrollment and included in a Buyer Agency Agreement with Rebate Provision. Rewards in Kansas and Tennessee are required to be delivered by gift card.

HomeStory will issue the reward using the payment option you select and will be sent to the client enrolled in the program within 45 days of HomeStory Real Estate Services receipt of settlement statements and any other documentation reasonably required to calculate the applicable reward amount. Real estate agent fees and commissions still apply. Short sale transactions do not qualify for the reward. Depending on state regulations highlighted above, reward amount is based on sale price of the home purchased and/or sold and cannot exceed $9,500 per buy or sell transaction. Employer-sponsored relocations may preclude participation in the reward program offering. SoFi is not responsible for the reward.

SoFi Bank, N.A. (NMLS #696891) does not perform any activity that is or could be construed as unlicensed real estate activity, and SoFi is not licensed as a real estate broker. Agents of SoFi are not authorized to perform real estate activity.

If your property is currently listed with a REALTOR®, please disregard this notice. It is not our intention to solicit the offerings of other REALTORS®.

Reward is valid for 18 months from date of enrollment. After 18 months, you must re-enroll to be eligible for a reward.

SoFi loans subject to credit approval. Offer subject to change or cancellation without notice.

The trademarks, logos and names of other companies, products and services are the property of their respective owners.

SOHL-Q125-150

Mar

2025

February 2025 Market Lookback

By Mario Ismailanji | | Comments Off

Any hopes that the volatility of late January would dissipate were dashed in February. Uncertainty surrounding domestic and international political headlines weighed on consumer confidence, with inflation expectations surging in response to the administration’s tariff threats. Individual investor sentiment, meanwhile, turned the most bearish it has been since September 2022. Growing economic fears pushed yields markedly lower, with Treasurys and Investment Grade bonds both returning over 2% in their best month since July.

Macro

• Unemployment declined from 4.1% to 4.0% in January, below expectations.

• The January Consumer Price Index rose 0.5% m/m and 3.0% y/y, both notably above expectations.

• January retail sales declined 0.9% m/m, below all forecasts, as a seasonally cold month weighed on spending habits.

• The Conference Board’s Consumer Confidence Index declined to 98.3 in February, driven by trade uncertainty and inflation fears.

• The National Association of Homebuilders’ measure of homebuilder sentiment fell from an index value of 47 to 42 (neutral = 50), as present sales and future expectations both worsened.

• The Japanese Yen appreciated from 155 to 151 versus the U.S. Dollar, its strongest level since the beginning of December.

Equities

• Consumer Staples outperformed Consumer Discretionary by 15.0 percentage points, the most since April 2022 and the second-largest outperformance on record.

• According to the American Association of Individual Investors, bearish investors outnumbered bullish investors by 41.2 percentage points, the widest such gap since September 2022.

• While forward 12-month earnings expectations rose 0.5% in February, the forward P/E ratio contracted by 1.9%.

• Buoyed by expectations for greater defense spending, European stocks outperformed U.S. stocks by 4.8 percentage points, the most since December 2022 and a continuation of the prior month’s relative strength.

Fixed Income

• Treasury yields fell 20-35 basis points in February, with longer-term yields declining more sharply on economic growth fears.

• Nearly 80% of the decline in the 10-year yield was driven by lower real (i.e. inflation-adjusted) yields, while the rest was driven by lower inflation expectations.

• The spread between U.S. and Japanese 10-year yields fell from 3.30% to 2.84%, the narrowest level since September 13, driven in part by the Bank of Japan’s rate hiking cycle.

Ongoing Geopolitical Uncertainty

February marked the first full month of the new presidency, and not only did the uncertainty of the first days of the administration continue, it intensified. A chief reason why is that the sometimes-unpredictable policy shifts that characterized the previous Trump administration are back.

Any one of the rapidly evolving developments on Department of Government Efficiency (DOGE) cuts, fluctuating tariff threats, or major foreign policy shifts (e.g. a possible ceasefire between Russia and Ukraine) would be enough to muddy the trajectory of the economy. Altogether, however, they could ensure a market environment of persistently elevated volatility.

Market performance in 2025 has been telling so far: European and international markets more broadly have demonstrated remarkable resilience and returns given the geopolitical backdrop, while U.S. markets have underperformed. Reasons why are complex, but one factor has been expectations for higher fiscal spending (i.e. defense) from European governments.

This all stands in stark contrast to the initial post-election market narrative, when investors believed widespread deregulation and accelerated domestic growth would position the U.S. favorably.

Vibes Affect Reality

There can often be a disconnect between financial market movements and the broader economy, but that was clearly not the case this past month. The ongoing media headlines and market volatility began to bleed through to consumers and businesses alike.

Sentiment metrics have deteriorated in recent months, with The Conference Board’s data showing consumer confidence at four-year lows and trending downward. Additionally, the steady drumbeat of tariff news has also pushed inflation expectations higher.

Corporate America isn’t unscathed in all of this: Russell 3000 transcript mentions of tariffs have skyrocketed. Businesses often plan out quarters – if not years – in advance, so when there’s little visibility on fundamental aspects such as input costs, companies often adopt a cautious stance.

If sustained, this environment of diminished certainty could impact economic growth, and higher costs could compress corporate profit margins. And while in the past the Federal Reserve was there to save the economy, inflation risks suggest that the central bank will be slow to lower interest rates this time. All of these factors result in a challenging combination for economic stability—one that could hurt investor returns.

View PDF

Performance data quoted represents past performance. Past performance does not guarantee future results. Market returns will fluctuate, and current performance may be lower or higher than the standardized performance data quoted.

photo credit: iStock/phototechno

Mar

2025

CK SoFi Everyday Cash Rewards Credit Card

By Dana Paltao | Uncategorized | Comments Off

{/* CK CC Everday Cash Reward 7/16/24*/}
{/* https://www.sofi.com/credit-card/ck-ecr-15tt200/ */}

{/* Hero */}

New! SoFi Everyday
Cash Rewards Credit Card

Earn up to 3% cash back rewards toward your money goals.

Plus, get 0% Intro APR for 15 months² and $200 when you spend $1,000 in 90 days.³

Apply now

See Pricing, Terms & Conditions

^*
See Rewards Details

{/* 0% Intro APR for 15 months and $200 */}

0% Intro APR for 15 months and $200? Yes, please.

Get 0% Intro APR on balance transfers and purchases for 15 months.² After 15 months, your APR will change to 18.74% to 29.24% based on your credit worthiness. Balance transfers must be completed within 60 days of account opening. Plus, earn $200 for spending $1,000 within 90 days.³

Apply now

{/* Your cash back rewards are as simple as 3-2-1. */}

Your cash back rewards
are as simple as 3-2-1.

Up to 3% cash back rewards¹ ^*

Earn unlimited 3% cash back rewards on all things dining (including takeout and delivery apps), 2% at grocery stores and online grocery delivery, and 1% on all other eligible purchases.
Fewer restrictions

Enjoy no limits or caps on earnings, or minimum to redeem your cash back rewards.
Earn toward your money goals

Redeem as statement credit—or toward saving, investing, and paying down eligible SoFi debt.^*

Apply now

{/* Fewer fees. More benefits */}

Fewer fees.
More benefits.

No annual fee^†

You read that right, pay no annual fee. Period.

No foreign transaction fees

Don’t worry about credit statement shock from international surcharges.

Zero Fraud Liability⁴

Don’t worry about paying for fraudulent transactions thanks to Zero Fraud Liability.

Mastercard World Benefits⁴

Enjoy monthly $5 credits for Lyft, free 2-day shipping from ShopRunner, and more.

ID Theft Protection⁵

Your identity is safe with us thanks to enhanced security.

SoFi Travel rewards⁶

Earn 3% cash back rewards when you book trips through SoFi Travel.

{/* Consider this your credit card cheat sheet */}

Consider this your
credit card cheat sheet.

See more articles

{/*FAQs*/}

FAQs

Will applying to a SoFi Credit Card impact my credit score?

The initial SoFi credit card application is a soft credit pull, which will bring no impact to your credit score if you get declined. However if you’re accepted – we will run a hard pull which may impact your credit score.

How do I earn cash back rewards?

You will earn unlimited 3% cash back rewards on a wide variety of dining out and dining in options:

Dining out includes a wide variety of categories like restaurants, cafes, bars, lounges, fast food chains, and bakeries. Dining in includes food delivery platforms like DoorDash and UberEats.

You will earn unlimited 2% cash back rewards on everyday grocery shopping at a wide variety of grocery stores, online grocery delivery, and convenience stores nationwide.

You will earn unlimited 1% cash back on all other purchases. This is automatically applied to every purchase you make – whether you swipe, dip, tap, or pay online. See more details at https://www.sofi.com/card/rewards?cardType=h

What are the requirements to get a SoFi credit card?

To be eligible for a SoFi credit card, you must be at least 18 years old (or the legal age required by your state of residence), have a physical U.S. mailing address, and possess a valid Social Security number. The SoFi Everyday Cash Rewards card is designed for those with good to excellent credit.

How do I get started applying for a SoFi credit card online?

If you’re not currently a SoFi member, the Apply Now button above will prompt you to create a SoFi account. If you are already a member, you’ll be asked to log in before applying. In either case, your online application can be completed in less than 2 minutes!

How can I redeem the cash back rewards on my credit card?

You can redeem rewards as statement credits or distribute them in other SoFi products including SoFi Checking & Savings, Invest, and eligible SoFi loan payment products.

How do ID Theft Protection and Zero Fraud Liability work?

At SoFi, the protection of our members is of the utmost importance. Click here to learn more about how we protect you against identity theft and fraud.

See all FAQs

Mar

2025

Best Affordable Places to Live in Oregon

By Annie Luc | Uncategorized | Comments Off

Best Affordable Places to Live in Oregon in 2025

Oregon is nirvana for nature lovers; it has mountains, forests, and beautiful coastlines. Because it’s such a desirable place to live, typical house prices may be higher than those in other parts of the nation. The overall cost of living in Oregon is about 5% higher than the national average. The state has one of the highest individual income tax burdens (although it does not have a general sales tax). With this list of the best affordable places to put down roots in Oregon, you may decide it’s the place for you.

Best Places to Live in Oregon

If you like tranquility and the outdoors, Oregon has amazing places to live. It also has towns that combine an urban feel with the beauty of nature because the mountains or coast are never too far away. Here’s a look at the best living the state has to offer.

Get matched with a local
real estate agent and earn up to
$9,500^‡ cash back when you close.

Pair up with a local real estate agent through HomeStory and unlock up to
$9,500 cash back at closing.^‡ Average cash back received is $1,700.

Connect with an agent

💡 Quick Tip: You deserve a more zen mortgage loan. When you buy a home, SoFi offers a guarantee that your loan will close on time. Backed by a $10,000 credit.‡

Best Affordable Places to Live in Oregon

The factors used to determine the best affordable places to live in Oregon include the cost-of-living composite index, which factors in the cost of housing, utilities, grocery items, transportation, health care, and goods and services. Here are five towns to consider.

1. Coos Bay

Coos Bay, Oregon

Photo credit: iStock/mdurson

Coos Bay is one of the more affordable towns in Oregon. Food, utilities, and the cost of living overall won’t break the bank. House prices are also reasonable, and the median listing price for a home is still nicely below $400,000. This town is renowned for its numerous food festivals held annually, including celebrations of seafood, blackberries, cranberries, and other local foods. First-time homebuyer programs in Oregon are a good resource to explore if you’re interested in living here or anywhere in the state.

Population: 15,595

Median Household Income: $55,292

Cost of Living: 94% of U.S. average

Average Rent Price: $2,300/month

Home Price-to-Income Ratio: 5.7

2. Baker City

Baker City, Oregon

Photo credit: iStock/peeterv

Baker City is one of the cheapest places to live in the state; it stacks up favorably vs. the cost of living in Oregon as a whole. It is located in the northwestern corner of the state and is known for the Elkhorn Mountains, Anthony Lakes Ski Area, and the Eagle Cap Wilderness Area. Median home prices in this area average around $170,000. This town has a low price-to-income ratio compared to the rest of the state, which could be a good thing if you are a first-time homebuyer.

Population: 10,225

Median Household Income: $58,125

Cost of Living: 85% of U.S. average

Average Rent Price: $950

Home Price-to-Income Ratio: 4.4

3. Dallas

Dallas, Oregon

Photo credit: Flickr/Jimmy Emerson, DVM , Creative Commons Attribution-NonCommercial-NoDerivs 2.0 Generic

Dallas is located in the Willamette Valley — a wine region known for its pinots. It’s located a little more than an hour by car from Portland. Locals enjoy visiting the Baskett Slough National Wildlife Refuge, dropping into a movie at the historic Fox Theatre, or hitting the Blackrock Mountain Bike Association’s trail system. The cost of living here is lower than the national average, and it’s an affordable city in comparison to other parts of Oregon.

Population: 17,644

Median Household Income: $65,647

Cost of Living: 92% of U.S. average

Average Rent Price: $1,750/month

Home Price-to-Income Ratio: 7.0

💡 Quick Tip: Not to be confused with prequalification, preapproval involves a longer application, documentation, and hard credit pulls. Ideally, you want to keep your applications for preapproval to within the same 14- to 45-day period, since many hard credit pulls outside the given time period can adversely affect your credit score, which in turn affects the mortgage terms you’ll be offered.

Best Places to Live in Oregon for Families

Curious about the best places to live in Oregon for families? These are three top options based on overall affordability, housing costs, as well as family-friendly amenities, outdoor activities, and parks.

1. Beaverton

Beaverton, Oregon

Photo credit: Flickr/Tracy Lee Carroll , Creative Commons Attribution-NonCommercial-NoDerivs 2.0 Generic

Beaverton is only seven miles from Portland. It has 90 parks, 30 miles of hiking trails, and 25 miles of bike paths for families that love the outdoors. Parents looking at Beaverton will appreciate that the area’s schools receive high ratings and Anthem College and Portland Community College offer local higher education opportunities. Are you about to start home shopping and hitting the open houses? Visit a home loan help center to be prepared.

Population: 96,945

Median Household Income: $94,279

Cost of Living: 114% of U.S. average

Average Rent Price: $1,924/month

Home Price-to-Income Ratio: 5.7

2. Ashland

Ashland, Oregon

Photo credit: iStock/4nadia

This town has rich culture and appeals to families that love the arts. Ashland is known for the annual Oregon Shakespeare Festival. Parents considering a move to Ashland will enjoy learning that the public school system is excellent, and there is a vibrant job market in tourism, health care, and higher education.

Population: 21,061

Median Household Income: $71,782

Cost of Living: 103% of U.S. average

Average Rent Price: $1,700/month

Home Price-to-Income Ratio: 7.4

3. Bend

Bend, Oregon

Photo credit: iStock/DC_Colombia

Like most of Oregon, Bend has plenty of outdoor attractions. This town also has a solid job market in sectors such as retail and hospitality. Families are drawn here in part because the public schools are highly rated. Oregon State University-Cascades and Central Oregon Community College offer higher education options. The home price-to-income ratio is higher than in some other Oregon cities, something to keep in mind as you embark on the mortgage preapproval or prequalification process. Getting preapproved can help you move quickly when you find a desirable property that suits your budget.

Population: 104,557

Median Household Income: $88,792

Cost of Living: 109% of U.S. average

Average Rent Price: $2,400

Home Price-to-Income Ratio: 8.2

Recommended: Tips for Qualifying for a Mortgage

Best Places to Live in Oregon for Young Adults

For young adults, these places to live in Oregon, all located in the western part of the state, have healthy job markets, a relatively low cost of living, and plenty of options for eating out and entertainment.

1. Portland

Portland, Oregon

Photo credit: iStock/Shunyu Fan

Downtown Portland is buzzing with a large student population. There are cultural events throughout the year and a wide range of great dining options. Young adults often rent in Portland, and modern studios and one-bedroom apartments are not difficult to find. Although the overall cost of living is higher than in many other Oregon cities, job opportunities, household income levels, and home values pull Portland into the top spot on our list.

Population: 630,498

Median Household Income: $88,792

Cost of Living: 120% of U.S. average

Average Rent Price: $1,750/month

Home Price-to-Income Ratio: 5.9

2. Salem

Salem, Oregon

Photo credit: iStock/KingWu

Salem is the state capital, a city that’s within reach of mountains but has plenty to keep you busy in town. Popular events occur throughout the year in Salem, such as the World Beat Festival and the Salem Saturday Market.

Population: 177,432

Median Household Income: $71,900

Cost of Living: 99% of U.S. average

Average Rent Price: $1,450/month

Home Price-to-Income Ratio: 5.9

3. Eugene

Eugene, Oregon

Photo credit: iStock/halbergman

Performing arts lovers can enjoy such cultural attractions as the Eugene Symphony, Eugene Opera, Eugene Ballet, Mozart Players, Eugene Concert Choir, Willamette Repertory Theatre, Oregon Bach Festival, and The Shedd Institute for the Arts. Eugene is also the home of the University of Oregon.

Population: 177,899

Median Household Income: $63,836

Cost of Living: 109% of U.S. average

Average Rent Price: $1,795/month

Home Price-to-Income Ratio: 7.2

Recommended: Guide to Cost of Living by State

Best Places to Live in Oregon for Retirees

When ranking the best places to live in Oregon for retirees, key priorities were entertainment, such as art and culture, the cost of living, and the availability of health care.

1. Brookings

Brookings, Oregon

Photo credit: iStock/benedek

Brookings is an old logging town in the Southwestern part of Oregon. It has beaches, forests, a temperate climate, and plenty of festivals and other events to attend. These features can make it a wonderful spot for retirees. The price of homes is around average for the state.

Population: 6,672

Median Household Income: $73,384

Cost of Living: 101% of U.S. average

Average Rent Price: $1,900/month

Home Price-to-Income Ratio: 6.6

2. Ontario

Ontario, Oregon

Photo credit: Flickr/Jimmy Emerson, DVM , Creative Commons Attribution-NonCommercial-NoDerivs 2.0 Generic

Ontario is located in the far eastern side of the state in the Western Treasure Valley on the border of Oregon and Idaho. In addition to the natural splendor that Oregon is known for (mountains, craters, and more), this town has well-regarded health care facilities nearby (including in Boise, Idaho, which is less than an hour away). It also offers an array of restaurants to satisfy foodies.

Population: 11,866

Median Household Income: $43,887

Cost of Living: 95% of U.S. average

Average Rent Price: $1,125

Home Price-to-Income Ratio: 6.4

3. Hood River

Hood River, Oregon

Photo credit: iStock/Strekoza2

Hood River is a small town about an hour east of Portland, and it may be a terrific place to retire. It is close to Mount Hood and hiking trails and hosts the Blossom Festival and Harvest Fest. There is easy access to quality health care, which makes it appealing to retirees.

Population: 8,346

Median Household Income: $77,975

Cost of Living: 105% of U.S. average

Average Rent Price: $2,000/month

Home Price-to-Income Ratio: 8.9

Best Places to Live in Oregon Near the Beach

Many of Oregon’s seaside towns offer culture, great food, and access to the Pacific Ocean. Here are three that are especially worth looking at because they are among the state’s most affordable spots.

1. Astoria

Astoria, Oregon

Photo credit: iStock/Ed Jackson

Astoria is an old fishing town on the northern coast of Oregon. It has a rich history, a popular craft beer and food scene, and sea lions hang out at one end of the town.

Population: 9,986

Median Household Income: $70,043

Cost of Living: 105% of U.S. average

Average Rent Price: $1,500

Home Price-to-Income Ratio: 6.6

2. Lincoln City

Lincoln City, Oregon

Photo credit: iStock/Dee

Lincoln City is a seven-mile stretch of beach on the central Oregon coast. The locale has lovely hikes with beach views. It is a wildlife sanctuary, however, and hunting, camping, bicycles, and dogs are not allowed. Consider different types of mortgages if you are thinking of buying here.

Population: 10,007

Median Household Income: $56,322

Cost of Living: 108% of U.S. average

Average Rent Price: $1,950

Home Price-to-Income Ratio: 8.5

3. Newport

Newport, Oregon

Photo credit: iStock/halbergman

Newport is also on the central Oregon coast. The Oregon Coast Aquarium is here, as are two of Oregon’s most prominent historical lighthouses, and the Rogue Brewery. All of this can make it one of the great places to live in Oregon by the beach.

Population: 10,489

Median Household Income: $57,213

Cost of Living: 107% of U.S. average

Average Rent Price: $2,400

Home Price-to-Income Ratio: 8.0

The Takeaway

Oregon is the perfect state for the active nature-lover. It’s a state known for its natural beauty, beaches, history, and culture. The state is slightly less affordable than other states in the United States. However, there are quiet towns, such as Cannon Beach, that are affordable for those demanding fewer urban amenities, as well as great places for single professionals, families, and retirees.

SoFi Mortgages: simple, smart, and so affordable.

View your rate

Browse Other States

Best Affordable Places to Live in the U.S.

Best Affordable Places to Live in Pennsylvania

Best Affordable Places to Live in Texas

FAQ

Where is the most affordable place to live in Oregon?

Baker City is one of the most affordable places to live in Oregon. The cost of living here is 15% lower than the national average. Housing costs are also lower. The median home value is $254,935.

Where is the least expensive place to live on the Oregon coast?

Astoria is one of the least expensive coastal towns. Other good choices are Lincoln City and Newport.

Where is the cheapest place to retire in Oregon?

Brookings is a good choice for those looking to retire in Oregon on a budget. The climate is temperate and there are both beaches and forests to explore.

SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

SOHL-Q125-116

Mar

2025

Cost of Living in California

By Dana Jennings Jelter | mortgage | Comments Off

Cost of Living in California

What’s the Average Cost of Living in California?

Average Cost of Living in California: $64,835 per year

If you have California beaches on your mind, make sure you take a close look at your monthly budget.

California is the fourth most expensive state in the country, according to MERIC data. The only U.S. places that cost more are Hawaii, Washington, D.C., and Massachusetts. What is the cost of living in California? According to 2024 data from the Bureau of Economic Analysis, the annual average cost of living in California is $64,835. Based on that number, it would cost $5,403 per month to live in California. Here is how that breaks down by major spending categories.

Category	Average Annual Per-Capita Cost in California
Housing and Utilities	$12,188
Health Care	$10,373
Food and Beverages (nonrestaurant)	$4,708
Gasoline and Energy Goods	$1,320
All Other Personal Expenditures	$36,245

Housing Costs in California

Average Housing Costs in California: $1,599 to $3,082 per month

You’re going to be hard pressed to rent or buy a place for less than $1,000 a month in California, despite the fact that the state has over 14.7 million housing units. Zillow put the median sale price of California homes at $773,263 in December 2024, compared with a U.S. median existing-home sale price of $355,328 in January 2025.

Here’s what housing costs look like on a monthly basis, according to data from the U.S. Census Bureau:

• Median monthly mortgage cost: $2,865

• Median studio rent: $1,599

• Median one-bedroom rent: $1,742

• Median two-bedroom rent: $2,062

• Median three-bedroom rent: $2,304

• Median four-bedroom rent: $2,790

• Median five-bedroom (or more) rent: $3,082

• Median gross rent: $1,992

Home prices can vary greatly throughout this state. These are the typical home prices in 20 major California cities, according to Zillow, in December 2024.

California City	Typical Home Price
Los Angeles (LA Housing Market Trends)	$949,787
San Francisco (SF Housing Market Trends)	$1,133,023
Riverside	$582,674
San Diego (SD Housing Market Trends)	$935,237
Sacramento (Sacramento Housing Market Trends)	$574,156
San Jose (San Jose Housing Market Trends)	$1,587,073
Fresno	$397,168
Bakersfield	$355,699
Oxnard	$867,649
Stockton	$537,036
Modesto	$463,860
Santa Rosa	$793,794
Visalia	$347,172
Vallejo	583,542
Santa Maria	$967,801
Salinas	$832,770
San Luis Obispo	$884,681
Merced	$411,638
Santa Cruz	$1,134,675
Chico	$389,439

Utility Costs in California

Average Utility Costs in California: $390 per month

Utilities can add up fast, especially when you add cable and internet bills.

Utility	Average California Bill
Electricity	$145
Natural Gas	$34
Cable & Internet	$117
Water	$94

Groceries & Food

Average Grocery & Food Costs in California: $392 per person, per month

You gotta eat. How much should you plan to spend on food in California?

The Bureau of Economic Analysis estimates that California’s average annual nonrestaurant food cost per person is $4,708. That equates to $392 per person, per month. The average family of four could end up spending $1,568 per month on groceries.

Where you live in California can have an impact on food pricing. The Council for Community and Economic Research, which ranks the food costs in major American cities, shared the cost of groceries in California cities as of 2024, from lowest to highest.

California City	Grocery Items Index
Bakersfield	102.4
Redding	105.7
Sacramento	106.9
Los Angeles	109.3
Orange County	109.9
San Diego	111.1
San Jose	115.0
Oakland	117.2
San Francisco	123.6

Transportation

Average Transportation Costs in California: $10,607 to $19,738 per year

From San Diego all the way up to Sacramento, California is notorious for its bad traffic, so prepare to spend a lot of time in the car. How much will all that commuting time cost you?

How many children you have and how many working adults are in your family can all affect how much transportation will cost you in California. The following results from MIT’s Living Wage Calculator, with data from 2024, can give you a general idea of what to expect cost-wise.

Family Makeup	Average Annual Transportation Cost
One adult, no children	$10,607
Two working adults, no children	$12,276
Two working adults, three children	$19,738

Health Care

Average Health Care Costs in California: $10,373 per person, per year

According to the Bureau of Economic Analysis Personal Consumption Expenditures by State report, the average annual cost of health care per Californian is $10,373.

Of course, your specific health care needs and your coverage also play a large role in how much health care will cost you each year.

Child Care

Average Child-Care Costs in California: $990 to $1,785 or more per child, per month

It’s no secret that child care is one of the larger monthly expenses. In the state of California, what you can expect to spend depends on the age of your child and if you choose to have home-based family care or not.

Good to know: By the 2025-26 school year, the state plans free universal pre-K for all 4-year-olds.

These are the average child care costs you can expect in California, per data from costofchildcare.org.

Type of Child Care	Average Cost Per Month, Per Child
Infant Classroom	$1,785
Toddler Classroom	$1,388
Preschooler Classroom	$990
Home-Based Family Child Care	$1,269

Taxes

Highest Marginal Tax Rate in California: 13.3%

California residents are used to paying a hefty tax bill. State income taxes can go as high as 13.3% for those at the top of the graduated-rate income scale.

That is the highest state income tax rate in the country, as noted by the Tax Foundation’s State Individual Income Tax Rates and Brackets for 2025. Of course, most earners still need to pay federal income taxes.

If you’re looking for somewhere to live that doesn’t charge any state income tax, consider Florida, Tennessee, Texas, South Dakota, Wyoming, Nevada, Washington, or Alaska.

Miscellaneous Costs

It’s obviously important to have an understanding of what the essentials (food, rent, utilities, etc.) will cost you, but we don’t just purchase essentials. What would the fun in that be?

The Bureau of Economic Analysis estimates that additional personal expenditures per Californian come out to $36,245 per year.

Let’s take a closer look at what you might spend some of that money on (costs are as of February 2025):

• Tickets for one day at Disneyland: $103 or more for adults, depending on day and ticket type

• Annual family membership for the Monterey Bay Aquarium: $295

• A day at the beach: Starting at $0 at beaches with free parking

• A world famous Pink’s Hot Dog in Los Angeles: $7.50 for one chili cheese dog with mustard and onions

How Much Money Do You Need to Live Comfortably in California?

What it means to live “comfortably” is hard to nail down, and your definition will depend on your personal standards. Keeping that in mind, when it comes to living in California comfortably, U.S. News & World Report’s Affordability Rankings, place the Golden State as the least-affordable state. Ouch.

It turns out that having beautiful weather almost every day of the year comes at a price. MERIC also listed California as one of the most expensive states to live in, so take a close look at your budget before moving to California and choose your housing accordingly.

What Cities Have Low Cost of Living in California?

To help you find one of the more affordable areas to live in California, we’ve reviewed the Council for Community and Economic Research’s Cost of Living Index for 2024 to find three cities where cost of living is least likely to break the bank.

Bakersfield

With a cost-of-living index of 111.7, you’re most likely to find relative affordability in Bakersfield. Nature lovers will appreciate having close proximity to whitewater rafting and the aquatic center, as well as the ability to join local hiking clubs. Zillow reported a median home sale price of $389,732 in early 2025.

Redding

Known as the “trails capital of California,” Redding is an outdoorsy person’s dream, with a sea of green, leafy trees in spring and summer (and beautiful fall colors in autumn). As the second-most-affordable city in California, Redding comes in just after the leader with a score of 110.5. According to Zillow, the median sale price for a home in Redding is $383,801 as of early 2025.

Sacramento

Just south of Redding is Sacramento. It’s the third-most-affordable city in California, with a cost-of-living index of 128.8. If you’re looking for a big-city feel without a big-city price, Sacramento may be the place for you. With more than 1.5 million residents in Sacramento County as of 2021, you’re sure to make a new friend or two. There are also more than 30,000 employer establishments here for when you’re ready to look for a new job. Zillow showed a median home sale price of $476,699 in early 2025.

Helpful Resources for Future California Residents

California First-Time Home Buyer Guide

California Foreclosure Rate

California Student Loan & Scholarship Information

SoFi Home Loans

From beaches to deserts to mountains, California has it all. Because the Golden State has so much to offer, the cost of living in California is relatively high. Still, you may be wooed by the West Coast to put down roots.

SoFi Mortgages: simple, smart, and so affordable.

View your rate

Photo credit: iStock/DutcherAerials

SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.

SOHL-Q125-151

SoFi Blog

Tips and news—for your financial moves.

Cost of Living in Colorado

On this page:

On this page:

Get matched with a local real estate agent and earn up to $9,500‡ cash back when you close.

What’s the Average Cost of Living in Colorado?

Average Cost of Living in Colorado: $63,781 per year

Housing Costs in Colorado

Utility Costs in Colorado

Groceries & Food

Transportation

Health Care

Child Care

Taxes

Miscellaneous Costs

How Much Money Do You Need to Live Comfortably in Colorado?

What City Has the Lowest Cost of Living in Colorado?

Pueblo

Colorado Springs

SoFi Home Loans

Macro

Equities

Fixed Income

Ongoing Geopolitical Uncertainty

Vibes Affect Reality

0% Intro APR for 15 months and $200? Yes, please.

Your cash back rewards are as simple as 3-2-1.

Up to 3% cash back rewards1*

Fewer restrictions

Earn toward your money goals

Fewer fees. More benefits.

Consider this yourcredit card cheat sheet.

FAQs

Best Affordable Places to Live in Oregon in 2025

On this page:

On this page:

Best Places to Live in Oregon

Get matched with a local real estate agent and earn up to $9,500‡ cash back when you close.

Best Affordable Places to Live in Oregon

1. Coos Bay

2. Baker City

3. Dallas

Best Places to Live in Oregon for Families

1. Beaverton

2. Ashland

3. Bend

Best Places to Live in Oregon for Young Adults

1. Portland

2. Salem

3. Eugene

Best Places to Live in Oregon for Retirees

1. Brookings

2. Ontario

3. Hood River

Best Places to Live in Oregon Near the Beach

1. Astoria

2. Lincoln City

3. Newport

The Takeaway

Browse Other States

FAQ

Where is the most affordable place to live in Oregon?

Where is the least expensive place to live on the Oregon coast?

Where is the cheapest place to retire in Oregon?

Cost of Living in California

On this page:

On this page:

Get matched with a local real estate agent and earn up to $9,500‡ cash back when you close.

What’s the Average Cost of Living in California?

Average Cost of Living in California: $64,835 per year

Housing Costs in California

Utility Costs in California

Groceries & Food

Transportation

Health Care

Child Care

Taxes

Miscellaneous Costs

How Much Money Do You Need to Live Comfortably in California?

Tips and news—
for your financial moves.

Get matched with a local
real estate agent and earn up to
$9,500^‡ cash back when you close.

Your cash back rewards
are as simple as 3-2-1.

Up to 3% cash back rewards¹ ^*

Fewer fees.
More benefits.

Consider this your
credit card cheat sheet.

Get matched with a local
real estate agent and earn up to
$9,500^‡ cash back when you close.

Get matched with a local
real estate agent and earn up to
$9,500^‡ cash back when you close.