What is the average salary in Colorado?

Summary

How much money do you need to live in Colorado?

The sheer size of Colorado makes it difficult to define a ‘good’ salary. The Centennial State is home to some cities with a high cost of living, yet earnings can vary depending on location and industry. Whether you already live in Colorado or are thinking of making the move, it can be helpful to establish what the financial landscape looks like. A good place to begin is considering the average income in Colorado.

Numerous sources rank Colorado as one of the most expensive states in the country to live in. According to the Missouri Economic Research and Information Center, Colorado is ranked sixth highest for the cost of living. You can check out the details of the cost of living in Colorado here.

However, Colorado also boasts a strong economy, with a diverse range of industries and growing job opportunities. These opportunities and the earning potential they offer are enough incentives for many people to move to the state.

What is the average salary in Colorado by city?

City living is often more expensive than living in more rural areas, but it’s also where the money is. Colorado’s cities can vary massively in average salary; cities like Highlands Ranch and Centennial command above $90,000, while Pueblo’s average sits below $35,000. 

The average income in Colorado by city — or any other geographical metric — is an important consideration when calculating wealth. However, this shouldn’t be your only concern when assessing your earning potential in a new location. It’s also important to consider the type of jobs that people do to earn above or below this average bracket and to factor in the number of people living in a household. That said, it’s a good way of establishing which place offers opportunities for good remuneration. 

The US Census Bureau’s latest American Community Survey has calculated the average earnings for the 20 largest cities in Colorado, which you can find ranked below. 

What is the average salary in Colorado by county?

Reviewing average salaries in Colorado by city is not necessarily an adequate metric for average salaries across the state since it’s focused solely on urban areas.

It’s best to compare these figures with the average salary in Colorado by county, as this will take areas outside the main cities into account and offer a wider scope of salary ranges. 

The same survey from the US Census Bureau gives further insight this way, with the average household income calculated for each county.

What is the average salary in Colorado by age?

Along with occupation and location, age is an important factor to consider when looking at the average salary in Colorado. Workers with greater seniority earn more than those with less experience. When senior workers retire, they’ll experience a dip in income, as they’ll be reliant on IRAs, 401(k)s, and other forms of set income.

According to the U.S. Census Bureau, the median income in Colorado for householders under 25 years old is $38,851.

Householders aged 25 to 44 years old have a median income of $79,428, those aged 45 to 64 years old have a median income of $88,694, and those 65 and older have a median income of $52,423.

What is a ‘good’ salary in Colorado?

The median income in Colorado is $78,174.

Defining ‘good’ relies on all sorts of variable factors, and you should include these in your considerations. The metropolitan areas of Boulder, Denver, and Fort Collins typically have higher average salaries than the state average. The industries that tend to pay the highest salaries in Colorado are finance, healthcare, technology, and engineering.

What are the highest-paying jobs in Colorado?

Average salaries for various sectors and job roles can vary massively across the state, so it’s absolutely something to consider when looking at salaries by location. Job type arguably is one of the most influential factors when it comes to higher-than-average annual salaries in Colorado.

SoFi Learn has calculated a comprehensive list of the best-paid jobs in Colorado, which you can also find below.

What is the average salary in Colorado by hour?

If we use the average American work year of 1,801 hours per year — at 37.5 hours a week — then the average salary in Colorado by hour is $43.38.

What is the upper-class salary in Colorado?

The upper-class average income in Colorado per year is $61,446 a year. This is the equivalent of $5,120 per month or $1,181 per week.

What is the average salary in Colorado by education level?

The average salary in Colorado by education level is $48,951 for those with less than a high school diploma and $84,202 for those with a bachelor's degree. This makes for a $35,251 gap.

What is the average salary in Colorado by gender?

In Colorado, the average salary by gender is approximately $48,258 for women and $60,334 for men. On average, women earn 20% less than men.

What is a good starting salary in Colorado?

The average starting salary in Colorado is $34,045 per year. You can consider this or higher a good starting salary.

Speak to a financial advisor

You should make the best possible use of your hard-earned salary, and this begins with understanding your options and drawing up a financial plan aligned with your circumstances and your goals.

Let us match you with a regulated advisor who can offer expert financial advice and help you navigate through the possibilities.