COLORADO SPRINGS, Colo. (KOAA) — Colorado is the third most expensive state in the nation, according to the Colorado Chamber of Commerce's "Colorado Scorecard," which ranked the Centennial State 47th in cost of living.
Housing is the primary driver of that ranking, according to data from the US Bureau of Economic Analysis price parities shared by University of Colorado Colorado Springs Economic Forum Director Bill Craighead. While Colorado tracks near similar states on costs like utilities and goods, housing costs are well above average.
BEA data shows Colorado ranking 12th in cost of living based on its price parities charts.
"In terms of affordability and someone looking for a home, costs have improved moderately," Craighead said.
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Residents in Colorado Springs say they feel the financial pressure.
"Recently… it's definitely been gas prices. And groceries too," said resident John Pridgen.
Pridgen lives in eastern Colorado Springs. While his rent stayed flat, he says other costs have gone up.
"I think year over year, it was slightly lower than the offer I had," Pridgen said.
Jason Herbert, who recently moved to Colorado Springs, says the burden falls hardest on working people.
"It's so expensive for so many working-class people like me and the people I work with," Herbert said.
"I definitely feel the pinch," Herbert said.
Craighead says Colorado's cost of living situation may be starting to improve, but increasing housing supply remains a central challenge — particularly in eastern Colorado Springs, where two potential solutions are being discussed: building up and building out.
"Thinking about ways to make it easier to increase the supply," Craighead said.
Craighead says the east side of Colorado Springs is one area where supply could grow, but future development faces resistance.
"More supply means more building. A lot of the current homeowners don't want to see stuff changing where they live," Craighead said.
One example of the tension over new development is the Flats at Sand Creek, a housing complex in eastern Colorado Springs near Carefree and Pony Tracks. Neighbors have contested the project, arguing it could harm traffic safety and overcrowd an otherwise suburban area.
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