Colorado Springs is an ideal retirement destination for its mild four-season climate, boasting nearly 300 days of sunshine and easy access to snow-covered ski resorts. Nestled amid stunning mountain vistas, including the iconic Pikes Peak, it offers abundant outdoor opportunities with parks and hiking trails. The city’s rich cultural scene features museums, galleries, and theaters, while top-notch healthcare facilities like Penrose-St. Francis and UCHealth Memorial ensure peace of mind. Seniors can enjoy various activities, from golf and fitness centers to vibrant events like the Colorado Balloon Classic and Pikes Peak International Hill Climb, making Colorado Springs a well-rounded retirement haven.
Cost of living in Colorado Springs
The cost of living in Colorado Springs is 6% lower than the national average, which means that retirees can stretch their retirement savings further. This is especially true for housing costs, which are 2% lower than the national average.
Here are some specific examples of how retirees can save money in Colorado Springs:
- Housing: The median home price in Colorado Springs is $497,808, lower than the national median of $428,700. Retirees can also find affordable apartments and condos in the city.
- Utilities: Utilities in Colorado Springs are slightly higher than the national average but still affordable. For example, the average monthly electric bill is $183.19, and the average monthly gas bill is $197.07.
- Groceries: Groceries in Colorado Springs are slightly lower than the national average. For example, the average price of a gallon of milk is $3.84, and the average price of a loaf of bread is $2.41.
- Transportation: Transportation costs in Colorado Springs are slightly higher than the national average but remain affordable. For example, the average monthly cost of gas is $3.42 per gallon.
- Healthcare: Healthcare costs in Colorado Springs are slightly higher than the national average, but there are ways to save money, such as using a Medicare Advantage plan or enrolling in a health insurance exchange.
In addition to the lower cost of living, Colorado also offers significant tax relief for retirees. For instance, retirees can deduct up to $24,000 of their retirement income from their state taxes. Colorado also has some of the lowest property taxes in the country.
Overall, Colorado Springs is a relatively affordable place to retire, with cost savings in housing, utilities, groceries, transportation, and healthcare. The state’s tax relief for retirees further enhances its appeal, allowing retirees to enjoy a comfortable lifestyle and financial security.
19 reasons why Colorado Springs is a good place to retire
- Four-season weather: Colorado Springs experiences a mild climate with four distinct seasons.
- Beautiful surroundings: The city is surrounded by mountains and natural beauty.
- Sophisticated culture: Colorado Springs boasts a rich history and culture inspired by its majestic mountain surroundings.
- Exceptional healthcare facilities: The city offers outstanding healthcare facilities.
- Variety of senior activities: Colorado Springs provides a range of activities for seniors, including golf courses, fitness centers, and senior centers.
- Low cost of living: The cost of living in Colorado Springs is 6% lower than the national average, with housing expenses 2% lower than the national average.
- Tax relief for retirees: Colorado offers significant tax relief for retirees, including a large deduction on all retirement income and some of the lowest property taxes in the country. Food and medicine are exempt from sales tax.
- Friendly community: Colorado Springs has a friendly community with a small-town feel.
- Abundance of outdoor recreation: Opportunities for outdoor activities like hiking, biking, and skiing are plentiful.
- Ample job opportunities: The city is adding over 7,000 jobs annually, and tourism is growing.
- Beautiful parks: Colorado Springs boasts many beautiful parks, including Garden of the Gods and Palmer Park.
- Great restaurants: There is a variety of excellent restaurants, including many farm-to-table options.
- Craft beer scene: Colorado Springs has a thriving craft beer scene with numerous local breweries.
- Proximity to Denver: The city is only about an hour’s drive from Denver, offering even more cultural and recreational opportunities.
- Manitou Incline: The Manitou Incline is a popular hiking trail with stunning views.
- Pikes Peak: Pikes Peak, one of the most famous mountains in the United States, offers breathtaking views.
- Beautiful views: Colorado Springs provides beautiful mountain and natural surroundings views.
- Rich history: The city has a rich history, including its role in the gold rush and the founding of the United States Air Force Academy.
- Thriving arts community: Colorado Springs features a thriving arts community with many museums, galleries, and theaters.
Community in Colorado Springs
- Friendly and Welcoming: Colorado Springs is known for its friendly and welcoming community, characterized by a small-town feel.
- Sense of Community: Residents of Colorado Springs share a strong sense of connection and community spirit.
- Community Events: The city hosts numerous community events, including festivals, fairs, and sports/recreation activities, fostering a sense of togetherness.
- Civic Engagement: The city actively encourages civic engagement, offering opportunities for residents to participate in local organizations and city committees.
- Collaborative Environment: Civic engagement and involvement in local organizations have created a collaborative and supportive atmosphere in the city.
- Economic Growth: Colorado Springs’ growing economy and tourism industry contribute to a more collaborative and supportive environment as businesses and organizations support each other.
Supportive Community Actions:
- Volunteerism: Residents find volunteering chances in soup kitchens, shelters, and parks.
- Community Events: The city’s diverse lineup of events, including festivals, fairs, and concerts, brings residents together to celebrate their community.
- Civic Engagement: Civic-minded residents can actively participate by serving on city committees and volunteering for local organizations, fostering a sense of shared responsibility.
- Business Collaboration: Colorado Springs businesses collaborate, boosting community vibrancy and inclusivity.
Through these actions, the community in Colorado Springs creates a welcoming and supportive environment, where residents feel connected and valued.
Popular neighborhoods for retirees in Colorado Springs
Colorado Springs boasts several retiree-friendly neighborhoods, each with its unique appeal:
- The Broadmoor: Situated in the southwest, this affluent neighborhood is celebrated for its historic and modern mansions. Homes dating back to the 1920s-1940s, manicured lawns, and low crime rates characterize The Broadmoor.
- Old Colorado City: Located just west of downtown, this historic district features charming Victorian homes, eclectic shops, and restaurants. It’s a popular spot for both tourists and locals.
- Cheyenne Mountain: In the southwest, this neighborhood offers breathtaking mountain views and proximity to Cheyenne Mountain State Park, attracting retirees who relish outdoor activities like hiking and biking.
- Briargate: Nestled in the northern part of the city, Briargate is known for its well-maintained homes, top-notch schools, and easy access to shopping and dining, making it an appealing choice for retirees seeking convenience.
- Northgate: Also in the northern region, Northgate stands out for its newer homes, excellent schools, and proximity to amenities, making it an attractive option for retirees.
Most affordable neighborhoods for retirees in Colorado Springs
Here’s a summary of various neighborhoods in Colorado Springs that provide retirees with diverse housing options and convenient amenities:
- Briargate: This large master-planned community offers a range of housing choices, including apartments, condos, and single-family homes. With a median home price of $283,838, it provides affordable options within Colorado Springs.
- Northeast Colorado Springs: Known for its diversity, this neighborhood offers various housing options, from single-family homes to apartments, with a median home price of $325,000.
- Northgate: A newer neighborhood, Northgate features apartments, condos, and single-family homes, providing retirees with different choices. The median home price here is $340,000.
- Northwest Colorado Springs: This tranquil neighborhood offers a mix of single-family homes and apartments, with a median home price of $350,000.
- Old Colorado City: Rich in history, this neighborhood presents a variety of housing options, including single-family homes, condos, and apartments. The median home price in Old Colorado City is $400,000.
These neighborhoods are well-situated, providing retirees with access to parks, shopping, restaurants, and transportation options. Additionally, they offer proximity to some of Colorado Springs’ most renowned attractions, including Pikes Peak, the Garden of the Gods, and the Air Force Academy, making them attractive choices for retirees looking for an active and vibrant retirement lifestyle.
In conclusion, Colorado Springs emerges as an excellent retirement destination for a multitude of compelling reasons. Its mild four-season climate, breathtaking natural surroundings, rich cultural scene, and exceptional healthcare facilities offer retirees a high quality of life. Moreover, the city’s affordability, generous tax benefits, and diverse neighborhoods cater to a range of preferences and budgets. With a friendly and supportive community, countless outdoor activities, and an array of cultural and recreational opportunities, Colorado Springs undoubtedly stands as a top choice for retirees seeking a fulfilling and comfortable retirement experience.