Places in Colorado where residents have the most spending power

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The notion of smart assetis the eighth year study of the places with the most purchasing power It couldn’t be simpler: the site measures the income of local residents against the cost of living in every county in the United States to determine where the money is going the furthest – and the statistics for Colorado contain many surprises.

The counties with the greatest purchasing power vary from extremely affluent areas to those at the opposite end of the spectrum. And while Denver secures a spot in the top 10 for purchasing power, it’s the only county in the metro area to do so — though a few others make a difference when the angle shifts to category. of per capita income. Meanwhile, the cost of living is most affordable in some of Colorado’s poorest counties.

To determine its purchasing power, cost of living and income per capita indices, SmartAsset’s number calculators used two different parameters for a household with one adult and no dependents: the first looks at the cost of the basic living in each location, while the second reflects typical expenses of someone earning the county’s median income. (Sources include Federal Government Economic Analysis Officethe MIT Living Wage Studyand the Bureau of Labor Statistics, with most data updated to 2020.) These numbers were then combined using a weighted average to determine how close per capita income and minimum subsistence income were to each other. other after subtracting taxes. This allowed analysts to calculate purchasing power in each county as a percentage of per capita income.

Pitkin County, home to Aspen, was Colorado’s top earner in spending power, thanks to the huge gap between the cost of living (estimated at just over $68,000) and income per capita (a whopping $155,067). But in the second and third installments were two communities with very low incomes: San Miguel County, in the southwest of the state, and Routt County. Next is Denver, where the cost of living is estimated at just north of $50,000 and the per capita income is around $85,000.

The counties with the lowest cost of living tend to be in the eastern plains and southeast corner of the state: none of them exceed $40,000 in cost of living, but income there was also low. The per capita income index, meanwhile, is more mixed: Pitkin County tops the list again, but this time Denver is joined by Boulder, Douglas and Jefferson counties among the top ten finishers.

The conclusions of the study are admittedly narrow, as they focus entirely on financial statistics and do not take into account factors such as educational institutions, cultural facilities and recreational opportunities. But at a time when the cost of living is rising across the board, these statistics provide new insights into how far dollars and cents have traveled in the state.

Here are the top ten counties in Colorado ranked by purchasing power, cost of living, and per capita income:

purchasing power

1. Pitkin County
Cost of living: $68,892
Income per capita: $155,067
Purchasing power — Index: 64.90%

2. San Miguel County
Cost of living: $51,799
Income per capita: $93,954
Purchasing power — Index: 46.74%

3. Routt County
Cost of living: $49,546
Income per capita: $85,836
Purchasing power — Index: 43.37%

4. Denver County
Cost of living: $50,436
Income per capita: $85,411
Purchasing power — Index: 41.75%

5. Eagle County
Cost of living: $52,764
Income per capita: $87,872
Purchasing power — Index: 40.58%

6. Kiowa County
Cost of living: $40,149
Income per capita: $166,839
Purchasing power — Index: 40.55%

7. Mineral County
Cost of living: $44,711
Income per capita: $73,101
Purchasing power — Index: 39.32%

8. Ouray County
Cost of living: $43,613
Income per capita: $67,263
Purchasing power — Index: 35.47%

9. Jackson County
Cost of living: $40,536
Income per capita: $62,008
Purchasing power — Index: 34.94%

10. Summit County
Cost of living: $51,141
Income per capita: $77,754
Purchasing power — Index: 34.56%

Cost of life

1. Crowley County
Cost of living: $30,284
Income per capita: $23,751
Cost of living — Index: 95.46%

2. Conejos County
Cost of living: $35,328
Income per capita: $39,847
Cost of living — Index: 87.23%

3. Custer County
Cost of living: $35,398
Income per capita: $45,691
Cost of living — Index: 87.12%

4. County of Costilla
Cost of living: $35,284
Income per capita: $38,430
Cost of living — Index: 86.93%

5. Fremont County
Cost of living: $35,571
Income per capita: $38,952
Cost of living — Index: 86.84%

6. Morgan County
Cost of living: $35,8893
Income per capita: $48,701
Cost of living — Index: 86.31%

7. Prowers County
Cost of living: $35,942
Income per capita: $41,990
Cost of living — Index: 86.23%

8. Saguache County
Cost of living: $36,128
Income per capita: $40,032
Cost of living — Index: 85.93%

9. Alamosa County
Cost of living: $36,170
Income per capita: $42,974
Cost of living — Index: 85.86%

10. Bent County
Cost of living: $36,272
Income per capita: $33,591
Cost of living — Index: 85.70%

per capita income

1. Pitkin County
Cost of living: $68,892
Income per capita: $155,067
Income per capita — Index: 67.14%

2. San Miguel County
Cost of living: $51,799
Income per capita: $93,954
Income per capita — Index: 36.51%

3. Eagle County
Cost of living: $52,764
Income per capita: $87,872
Income per capita — Index: 33.47%

4. Routt County
Cost of living: $49,546
Income per capita: $85,836
Income per capita — Index: 32.45%

5. Denver County
Cost of living: $50,436
Income per capita: $85,411
Income per capita — Index: 32.23%

6. Boulder County
Cost of living: $54,110
Income per capita: $79,649
Income per capita — Index: 29.35%

7. Douglas County
Cost of living: $56,755
Income per capita: $78,980
Income per capita — Index: 29.01%

8. Summit County
Cost of living: $51,141
Income per capita: $77,754
Income per capita — Index: 28.40%

9. Mineral County
Cost of living: $44,711
Income per capita: $73,101
Income per capita — Index: 26.06%

10. Jefferson County
Cost of living: $48,024
Income per capita: $68,829
Income per capita — Index: 23.92%

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