What are the cons of living in Colorado? (2023)

Why do people move away from Colorado?

Monthly rent prices are up in Colorado 21.95% year over year. The cost of living in Colorado is 17% higher than the national average. There are a record low number of homes available in the Denver metro area. Denver housing is more unaffordable for middle class than nearly any US metro.

Colorado has attracted many new residents who are drawn to the high quality of life in the state. The combination of job opportunities, beautiful weather, scenic views and a culture of wellness has proved irresistible to the Americans who have flocked to the state.

Colorado makes it easy to live off the grid and go green. The lifestyle here is much more health-centric and offers easy access to recycling and solar power. Everyone who lives here enjoys being active and it's easy to get outside daily!

How does Colorado's tax code compare? Colorado has a flat 4.55 percent state individual income tax rate. Colorado has a 4.55 percent corporate income tax rate. There are jurisdictions that collect local income taxes.

Real Estate and Housing

Renting in Colorado is also high, with most individuals paying around $1,360 for a one-bedroom apartment and $2,501 for a house. In the most expensive areas, you should expect to spend up to $2,100 for a one-bedroom apartment monthly.

The state with the most new residents in 2022 is Texas, with 294,036 people moving in. The state that has lost the most residents in 2022 is New York, where -88,648 have left the state.

Net inbound and outbound migration

Montana and Idaho had the highest inbound migration, while New York and California had the highest outbound.

DENVER — Today, Governor Polis and the Department of Labor and Employment (CDLE) Division of Labor Standards and Statistics (DLSS) announced an increase to Colorado's minimum wage, which is currently $12.56 per hour for 2022, and will increase to $13.65 per hour in 2023, an 8.68% increase.

Diversity and Race

Colorado is becoming a more diverse place, but much of that diversity is centered in the state's major metropolitan areas. Arapahoe, Denver, and Adams counties (in that order) are the most diverse in the entire state.

What do I need to know about living in Colorado?

Endless Adventure

Even life-long residents can agree that in Colorado, there are always new experiences to be had. Between world-class destinations and services for hiking, camping, rock climbing, white water rafting, fishing, skiing, snowboarding, and more, it's impossible to ignore the possibility of adventure.

To many, Colorado is a fairly exotic destination. The mountains are picturesque, the weather is great, and the people are generally friendly, but the state often seems far from reach.

Skyrocketing rent is a matter of inventory and demand. Denver and the Front Range are stuck in a lack-of-inventory issue, Moye said. “You just have so many people, especially young people, who want to move here, that we just don't have enough apartments and townhomes and rentals to cover them,” she said.

Colorado is full of friendly residents with inclusive, progressive mindsets. Both the cities and mountains are family-friendly and full of activities and art. It will be hard for you not to talk about how friendly everyone is after visiting.

Summer daily maximum temperatures are often 95°F or above, and 100°F temperatures have been observed at all plain stations.

Job Opportunities in Denver

One of the top reasons to move to Denver is the amazing economy. For starters, the average income in Denver is about $57,700. However, with the expected growth of the city, wages may increase. The job market in Denver is amazing because of all the new sectors.

Pro: Proximity to the mountains. Con: High altitude. Pro: Booming economy and job market. Con: High cost of living.

How much of my paycheck goes to taxes in Colorado?

Colorado has some of the lowest residential property taxes in the country, with an average effective rate of just 0.49%. That gives the state the third-lowest rate in the U.S. It's also well below the national average of 1.07%. Not in Colorado?

Colorado. State Taxes on Social Security: For beneficiaries younger than 65, up to $20,000 of Social Security benefits can be excluded, along with other retirement income. Anything over that amount is subject to Colorado tax if it's also taxed by the federal government.

Currently, Democrats control both the House and the Senate. The 64th Colorado General Assembly was the first to be controlled by the Democrats in forty years, as the Republican Party traditionally held control of the state government.