What is the average salary in Colorado?

1 min readLast updated June 18, 2024by Kate Morgan

Learn about the average salaries and highest-paying counties in Colorado.

Summary

  • The average salary in Colorado is $78,127.38 per year or $43.38 per hour.

  • According to the U.S. Census Bureau, the median household income in Colorado is $87,598.

  • Of the 10 biggest cities in Colorado, Arvada has the highest median income at over $100,000.

  • A financial advisor can create a financial plan so you can do more with your money. Speak to a fiduciary advisor today via Unbiased.

How much money do you need to live in Colorado?

Numerous sources rank Colorado as one of the most expensive states in the country to live in.

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According to the Missouri Economic Research and Information Center, Colorado ranks 32nd in a table of states with the lowest average cost of living for the first quarter of 2024.

The state has a higher cost of living than its neighbors to the north, south, and east, with Wyoming, Kansas, and New Mexico ranking better. This means you’ll need more money to live comfortably here.

You can check out the details of the cost of living in Colorado here.

Whether you already live in Colorado or are thinking of making a 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.

Colorado 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.

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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.

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What is the media income in Colorado by city?

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 US Census Bureau’s latest American Community Survey has calculated the average earnings for the 10 largest cities in Colorado, which you can find ranked below:

CityMedian household income
Denver $85,853
Colorado Springs $79,026
Aurora $78,685
Fort Collins $78,977
Lakewood $82,786
Thornton $95,064
Arvada $106,014
Westminster $90,651
Greeley $65,525
Pueblo $52,794

What is the median income 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 the five largest counties in the state:

CountyMedian household income
El Paso $82,748
Denver $85,853
Arapahoe $92,292
Jefferson $103,167
Adams $86,297

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 $87,598.

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.

OccupationAnnual mean wage
Management $138,148
Business & Financial Operations $84,198
Computer & Mathematical $119,872
Architecture & Engineering $105,770
Life, Physical, & Social Science $91,100
Community & Social Service $58,272
Legal $117,935
Education, Training, & Library $64,168
Arts, Design, Entertainment, Sports, & Media $69,625
Healthcare Practitioners & Technical $105,245
Healthcare Support $33,159
Protective Service $52,280
Food Preparation & Serving Related $31,993
Building & Grounds Cleaning & Maintenance $37,461
Personal Care & Service $34,047
Sales & Related $38,049
Office & Administrative Support $46,994
Farming, Fishing, & Forestry $31,169
Construction & Extraction $62,681
Installation, Maintenance, & Repair $58,497
Production $40,168
Transportation & Material Moving $37,578

What is the average salary in Colorado by the 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 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 a higher starting salary.

The bottom line

Your money should always be working hard for you.

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

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Content writer

Kate Morgan

Kate has written for leading publications and blue chip companies over the last 20 years.

Want to make your salary go further?

A financial advisor can help you develop a financial plan to meet your goals.