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Arvada, Colorado is a suburb of Denver that offers a mix of urban and rural living and has a diverse economy that includes both traditional and emerging industries. Over the past years, the city has rapidly grown with its exciting attractions, thriving job market, outstanding schools, family-friendly amenities, beautiful parks, and high quality of life.
However, along with excellent amenities and opportunities is a high cost of living. Although still an affordable city, the cost of living in Arvada, Colorado is generally slightly above the national average.
The cost of living is the amount of money required to sustain a certain standard of living in a particular place. If you’re considering a move to Arvada, it is essential to understand the cost of living in this area. Let us walk you through the crucial things you should know about living costs in Arvada, Colorado.
Knowing the cost of living in Arvada is essential in making a well-informed decision about relocating to the area and achieving financial stability and security. And to help you with that, this article will provide a comprehensive guide to the cost of living in Arvada, Colorado.
Why is it Important to Know the Cost of Living
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Before we dive into different factors concerning the cost of living in Arvada, Colorado, let’s understand first why you should know the cost of living in a particular area, especially if you are planning to relocate.
Understanding the cost of living in Arvada will help you determine if the area is affordable for your budget and if it aligns with your financial goals and aspirations. The city’s cost of living includes housing, utilities, transportation, groceries, healthcare, and other daily expenses.
By researching these costs, you can better understand how much money to earn or save to maintain your current lifestyle or achieve your desired lifestyle in Arvada.
For example, if you are relocating to the area for work, knowing the cost of living can help you negotiate your salary or benefits package to ensure you can cover your expenses and have a comfortable life in your desired neighborhood.
In addition, understanding the cost of living can also help you plan for the future. It can help you create a budget and savings plan and make informed decisions about major purchases or investments.
Cost of Living Index in Arvada, Colorado
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The cost of living index is a measure that indicates the overall cost of maintaining a certain standard of living in a particular geographic location. It usually uses a benchmark of 100 for the US average.
If the index for a specific location, such as Arvada, is below 100, the cost of living in that location is lower than the national average. Conversely, if the index is above 100, it suggests that the cost of living in that location is higher than the national average.
The cost of living index considers various expenses to estimate the overall cost of living in a particular area and can be used to compare the cost of living between different cities, states, or countries.
The overall cost of living in Arvada, Colorado scores 131.7, which is higher than Colorado’s overall cost of living index of 120.5. Compared to Colorado’s general cost index, some factors scored high, and some were lower.
For instance, factors higher than the average cost of living index in Colorado are grocery with an index of 101.6, housing with 191.1, transportation with 117.2, and miscellaneous with 155.2.
Meanwhile, Arvada’s healthcare and utilities generally cost lower than Colorado’s overall COL index. Healthcare has a cost of living index of 83.6, lower than Colorado’s overall score of 83.8, while utilities score at 95.3, lower than Colorado, which has 98.4.
Arvada Colorado Living Expenses Guide
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As Arvada is located within the Denver Metropolitan area, the cost of living in Arvada Colorado is 28% higher than the national average. However, when compared to the city of Denver, Arvada is 0.7% less expensive. However, this may seem like a small percentage, but residents of Arvada can enjoy notable savings in certain factors, such as housing, compared to those living in Denver.
The cost of living for a single adult in Arvada, including housing, food, child care, transportation, health care, taxes, and other necessary expenses, amounts to roughly $41,822 per year, which is higher than the cost of living in Colorado amounting to $40,026 per year, and the national average of $38,433 per year. Let us look at the factors contributing to Arvada, CO cost of living.
Housing
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Like many cities in Colorado, housing costs in Arvada are on the rise. Housing in Arvada is 40% more expensive than the national average but 7.4% more affordable than Denver’s. The median home price in Arvada is currently around $500,000. However, it’s important to note that this price includes various housing options, from single-family homes to condos and townhomes.
Rentals are also rising in Arvada, with the average monthly rent for a one-bedroom apartment hovering around $1,446. However, some affordable options are still available, particularly if you’re willing to live outside the city center.
Utilities
The cost of Arvada utilities is roughly in line with the national average. The average monthly bill for one person is $111, while the average monthly bill for families is around $200. But it is important to note that the cost for the city of Arvada utilities can vary depending on the size of the home and usage habits.
Transportation
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Arvada is a car-dependent city, and most residents rely on their own vehicles to get around. Gas prices in Arvada are currently around $3.40 per gallon, roughly in line with the national average.
However, suppose you’re looking to take public transportation. In that case, options are available, including the RTD bus system and the G-Line light rail, which runs through Arvada and provides access to Denver.
Food
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Grocery costs in Arvada are roughly in line with the national average, although prices can vary depending on where you shop. Arvada has grocery prices that are 6% lower than the national average.
For instance, a loaf of bread has an average cost of $3.66, a carton of eggs is $2.12, and a gallon of milk is $2.29. Plenty of options are available if you are looking to eat out, from casual diners to upscale restaurants. The average meal cost at a mid-range restaurant is around $15-30 per person, although this can vary depending on the type of cuisine and location.
Healthcare
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Arvada is home to several hospitals and medical centers, including Lutheran Medical Center and SCL Health. The cost of healthcare in Arvada is 1% lower than the national average, but costs can vary depending on your insurance coverage.
Entertainment
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Arvada has a thriving arts and culture scene, with plenty of options for entertainment. The city has several museums, galleries, parks, and outdoor recreational areas. Arvada movie tickets typically cost around $12 per person, while admission to museums and other attractions can range from $5 to $20.
What is the Job Market Like in Arvada Colorado
When considering living in Arvada, CO, the job market is also one of the most crucial factors aside from the cost of living. Arvada stands out from many other places in the state regarding employment prospects.
In recent years, the job market in Arvada has been characterized by a high demand for skilled workers in various industries. Denver has a 7% unemployment rate, making Arvada a more attractive option for those seeking work in the Denver Metropolitan area.
A diverse mix of industries, including healthcare, education, manufacturing, retail, and technology, characterizes Arvada’s job market. According to studies, the unemployment rate in Arvada was 3.9% as of January 2022, which is slightly lower than the national average of 4.2%.
Moreover, Arvada is projected to see a tremendous increase in job opportunities soon, with an estimated job growth rate of 45.79%.
Wrap Up
In conclusion, Arvada, Colorado is a growing city with much development potential. Although it has many exciting attractions, a thriving job market, outstanding schools, family-friendly amenities, beautiful parks, and high quality of life, the city’s cost of living is generally slightly above the national average.
Arvada’s cost of living index is 131.7, which is higher than Colorado’s overall cost index of 120.5. Housing, transportation, and miscellaneous expenses are the most expensive factors affecting Arvada’s living cost. However, some areas, such as utilities, food, and health care, are lower than the state or national averages.
Overall, the cost of living in Arvada, Colorado, is 28% higher compared to the US average but 0.7% less expensive compared to Denver. Understanding the cost of living in Arvada is essential if you are considering transferring to the area, as it will help you to plan and prepare financially.
Understanding the cost of living in Arvada will allow you to make informed decisions about relocation plans, such as setting a realistic budget, identifying areas where to save money, and comparing the cost of living in Arvada to other locations you may be considering.
If you have questions or need more information about the latest cost of living in Arvada, Colorado, please do not hesitate to call me at 303-351-2280 or email me at gmccanncolorado@gmail.com.
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Frequently Asked Questions
What is the cost of living in Arvada Colorado?
The overall cost of living in Arvada Colorado is 131.7, which is higher than the national average. A single adult’s living cost in Arvada amounts to $41,822 per year.
Is Arvada Colorado a safe place to live?
Overall, Arvada, Colorado is considered a relatively safe place to live. According to crime data, the crime rate in Arvada is lower than the national average.
What would be the ideal budget for someone moving to Arvada, Colorado?
The ideal budget for someone moving to Arvada, Colorado, would depend on various factors such as income, lifestyle, and housing preferences. Generally, we recommend a monthly budget of at least $3,000 for an individual and $5,500 for a family of four to live comfortably in Arvada.
What is the most expensive part of living in Arvada, Colorado?
Housing is the most expensive part of living in Arvada, Colorado. The median home price in Arvada is around $500,000, and the average monthly rent for a one-bedroom apartment is around $1,400.
Can you recommend any neighborhoods in Arvada, Colorado that are more affordable?
Some affordable neighborhoods in Arvada, Colorado, include Grace Place, Alta Vista, and Arvada Plaza. These neighborhoods offer a lower cost of living, relatively affordable housing, and access to amenities such as parks, schools, and shopping centers.
Are there significant differences between living in Arvada, Colorado, and other nearby suburbs?
There may be differences in the cost of living and lifestyle between Arvada and nearby suburbs such as Westminster, Broomfield, and Thornton.
However, the differences may not be significant, depending on individual preferences and needs. Arvada is known for its small-town charm, excellent schools, and proximity to outdoor activities such as hiking and skiing, which may appeal to some people.
