Knowing the cost of utilities in an area is important, especially if you are trying to stick to a budget. When the cost of living in an area is higher than the average, keeping utility costs under control becomes a priority. Colorado Springs has become a hot real estate market, and prices have risen to well above the national average. These prices include the cost of utilities.
Cost of Living
According to the Gazette, Colorado Springs is currently among the hottest real estate markets in the country. Ranked 12th in the country for speed of home sales, Colorado Springs homes are seeing double digit increases in their prices and bidding wars in some areas. While this is great for people selling homes, the cost of living in Colorado Springs is rapidly becoming too much for many people. Research shows that Colorado Springs is almost ten percent higher than the average U.S. city; with rent for a small two-bedroom apartment coming in close to $1100/monthly for the area and the median Springs home price rising to over 260K.
Utility costs in Colorado Springs are above the national average. Utilities (including gas, electric, water, and garbage) average around $176/monthly for a 900 square foot apartment. Consider that the average single family home is over 2500 square feet, and you can see where utility bills become overwhelming in the Colorado Springs area. Depending on the time of year, utilities can also fluctuate wildly. A harsh winter can make gas and electric costs several times more than they are in the milder summer and autumn months. If your home has an old furnace that is working too hard, drafty windows, or inadequate insulation, your electric and gas bills may rise even higher than the average.
Crunching all of these numbers means that most people in Colorado Springs, whether they rent or own their home, are cutting it pretty close. The median household income in Colorado Springs is right around 54K/year. Average rent and utilities would eat almost 30% of this income, leaving a very tight budget for food, transportation, child care, and other necessities.
If you find yourself struggling with rising housing costs and overwhelming utility bills, Energy Resource Center can help. We have several energy assistance programs that can help with bills, particularly in the cold winter months. We also provide home-energy audits to qualified homeowners and renters, which can help pinpoint areas within a home that can make it much more energy-efficient. This audit and accompanying improvements to the home can provide substantial savings and relief with your monthly utility bills. From water efficiency to light bulbs we can help. ERC installs Philips LED light bulbs in as many homes as we can to help cut the cost of the bill. Philips donated 28,000 light bulbs to ERC to help light Colorado efficiently.
ERC provides assistance to thousands of families with numerous programs. If your utility bills have you in a bind, contact us to see how we can help you with long-term improvements!