Moving to the Centennial State? Informative Stats About the Median Income in Colorado

When thinking about moving to another state or country, there are many factors one must consider—from having loved ones near and living in a good neighborhood to career opportunities and earning a solid income.

So do you fancy a move and have your eyes set on the Centennial state? Or just want to learn more about the financial situation in Colorado? Then, stick with us. We’ll cover all the key details about the median income in Colorado, its population, and how they’re handling the US inflation.

Let’s dive in with some:

Essential Facts About Colorado’s Median Income (Editor’s Choice):

• Colorado has the 12th highest average income and the 11th highest median income in the States.
• The 2020 real median household income in Colorado was $82,611. The 2022 median number was $72,331.
• The 2020 Colorado income per capita was $39,545.
• In April 2022, its unemployment rate was 3.1%.
• The 2020 average income for Colorado households was $100,933.
• 80108 is the wealthiest zip code in the state.

2022 Median Colorado Income Stats

To get the complete picture of this state’s financial situation, we must first analyze some important factors that (in)directly affect its income. We’ll start with some crucial info about its population. Do you know how many people live in Colorado?

1. Currently, 5,610,349 people live in Colorado.

(Source: Data Commons)

Its population of over 5.5 million population makes it the 21st most populated state.

It’s right up there with Maryland but much lower on the list than New Jersey. MD and NJ are the states with the most significant median household earnings, making them useful for any and all income comparisons.

2. Colorado has the 11th-highest median and the 12th-highest average household income by state.

(Source: World Population Review)

Colorado is a rather expensive state to live in. But the good news is its median income compared by state also fares pretty high on the list. The same goes for the average earnings of Coloradan residents.

Its median and mean numbers differ, with about $25,000 in favor of the latter. In the end, the Centennial state is still in the top 15 list, meaning its residents manage to bring in the big bucks.

Median Household Income in Colorado

Of all the statistics about Colorado’s income, these ones make it stand out the most:

3. In 2020, Colorado’s real median household income was $82,611 (inflation-adjusted dollars).

(Source: FRED)

So despite everything that’s been going on in the world, Colorado has consistently been doing pretty well. Take into account that its 2019 median income was $73,404 and that it has even managed to keep its unemployment rates pretty low.

4. If not accounting for inflation, the 2022 number stands at $72,331.

(Source: World Population Review)

Yes, a lot has happened recently. The real good news is that all this didn’t damage Colorado’s income that heavily. Unfortunately, more specific info, such as the average income for a family of 4, is currently unknown.

However, if we do get our hands on such, we’ll be sure to let you know first.

5. In contrast, the 2020 average household income in Colorado was $100,933.

(Source: Income by Zip Code)

Colorado can indeed boast about its affluent households. Additionally, their average income is considerably higher than their median counterpart.

All this isn’t surprising at all, especially when you consider that 9.6% of Coloradan households are high-income—they make more than $200,000 a year, which counts as their average household income and shifts the balance in the overall number.

Median Income per Capita in Colorado

Colorado’s income per capita may not be as impressive as its mean and median numbers, but it still holds the standard pretty high.

We’ll start by learning more about the average salaries and personal incomes and later shift towards the factors preventing the Switzerland of America from going into the top 10 wealthiest states.

6. The average salary in Colorado is $63,026.

(Source: ZipRecruiter)

If you’re bad at math, don’t worry, we got you. That equals $30.3 per hour, $1,212 per week, and $5,252 per month.

Colorado’s lifestyle may not be cheap, yet it still boasts the 16th-highest average job salary. However, the average income in the US is still a bit higher at $66,665.

7. Colorado’s 2020 income per capita was $39,545.

(Source: U.S. Census Bureau)

Unfortunately, there’s no definite way to tell if this has been affected by the pandemic or not. Still, when we consider the Colorado population, we can conclude this number isn’t that low.

8. The 2020 individual median income in Colorado was $36,900.

(Source: Data Commons)

It’s apparent that salaries do tend to vary significantly in this Western state. Its median individual income is an excellent reflection of that, as it’s nearly half of the country’s average one.

Some good news is that incomes in both Colorado and the US, in general, have been on an upward trend for the last several years. Just consider that the median income in the US was $31,100 in 2019. This a good point to compare and contrast with today’s number and their growth tendency.

Median Colorado Income Demographics

Time we got into the specifics: let’s review some interesting stats about the people who make Colorado come to life.

9. In April 2022, about 3.1 million Coloradans were listed as employed.

(Source: Data Commons)

The drastic fall because of the pandemic are now a thing of the past. These numbers started going back up, now nearing an all-time high. Surely, this will affect the median US income for a single person in 2022 in a largely positive way.

Fun fact: The March 2022 number was the aforementioned high (3,110,000 employed Coloradans). However, given how the unemployment rate is rapidly dropping, this record will probably break soon enough.

10. Colorado’s unemployment rate in April 2022 was 3.1%.

(Source: Data Commons)

Granted, it had been lower before the pandemic hit. It was at only 2.2% in September 2019, which is likely the lowest unemployment rate in the state’s history. Fortunately for the Colorado median income, it’s not that much higher now.

In February 2020, it was at 3%, but it soared to 11.8% before long. Just a few months later, it fell to around 6% and continued to do so afterward.

Fast forward two years, and the February 2022 rate was at 4%. It has been steadily dropping for three months now, so it’s logical to expect it to continue the same trend.

11. 80108 is the richest Colorado zip code.

(Source: Income by Zip Code)

It belongs to a Colorado municipality called Castle Pines. Places associated with this zip code have mean earnings of $191,820 altogether. Their median household income is also pretty high at $157,119. To be more precise, the Castle Pines’ one is at $178,036, while Castle Pines Village’s is at $225,278.

The population of this Colorado zip code is just 22,612. What’s even more impressive is that 37.7% of its households are high-earning. Data about the average family income was not mentioned, but the one about the average household income was. It boasts numbers reaching $191,820 and ones going up to $276,668 when it only includes The Village.

Wrap Up

Now that you know all about the median income in Colorado, you can make some big decisions. Move there? Or somewhere else? Just visit it periodically? There’s so much to like about the Centennial state and much to consider when making such paramount life choices.

Just remember this—it’s important to feel fulfilled and in place, wherever in the world you are!