Cost of Living in Timnath, Colorado
Timnath is a town in Larimer County, Colorado, with a population of 2,922. The total cost of housing, food, child care, transportation, health care, taxes, and other necessities for a single adult in Timnath is $38,725 a year — less than the annual cost of living for Colorado of $40,026 and roughly in line with the national figure of $38,433.
Using cost of living data from the nonprofift think tank Economic Policy Institute, 24/7 Wall St. estimated the cost of living in Timnath and over 29,000 other cities and towns in the US.
Housing Costs in Timnath, Colorado
Housing is one of the largest components of cost of living. In Timnath, the median home value is $484,100, greater than the national median home value of $204,900.
Renting is a sometimes lower cost alternative to homeownership. In Timnath, some 7.40% of occupied homes are rented, less than the 36.2% national renter rate. The typical renter in Timnath spends $1,242 a month on housing, less than the $1,023 national median monthly rent.
In addition to home value, one of the largest determinants of housing affordability is area income. While nationwide the price of a typical U.S. home is 3.4 times the $60,293 U.S. median household income, housing affordability ratios range from approximately 1.0 in the least expensive cities to more than 10.0 in the country's most expensive markets. In Timnath, the median household income is $126,940, 3.8 times the median home value.
Transportation Costs in Timnath, Colorado
Transportation can also be a significant component of cost of living. In Timnath, 84.00% of commuters drive to work, compared to 85.5% of commuters nationwide. An estimated 86.80% of workers commute to jobs outside of Timnath, a larger share than the 43.7% share of commuters nationwide who live and work in different cities. The average commute in Timnath is 34.5 minutes long, compared to the 26.6-minute average commute nationwide. Taking into account the cost of gas, as well as public transit and car maintenance, the EPI estimates that a single person in Timnath spends $10,251 a year on transportation, about the same as the national average of $9,760.
Health Care Costs in Timnath, Colorado
Out-of-pocket health care costs and insurance premiums — assuming at least a basic level of health insurance coverage — are closely in line with the national average in Timnath and also in line with what they are across Colorado as a whole.
For a single adult living in the area, average health care costs come out to $4,129 per year, compared to an average of $4,081 across Colorado and $4,266 nationwide.
Child care Costs in Timnath, Colorado
For families with children, child care adds thousands of dollars to overall annual spending. In Timnath, the average annual cost of child care for two children — one 4 year old and one 8 year old — is $17,677, about $400 less than the comparable average of $18,193 across all of Colorado. Meanwhile, across the U.S. as a whole, childcare expenses for two children averages $15,853 per year.
Food Costs in Timnath, Colorado
In Timnath, a single adult spends an average of $3,335 on food annually, and a family of four spends $9,632 on average. For context, average annual food expenditure across Colorado and the U.S., respectively, are $3,332 and $3,240 for a single adult, and $9,624 and $9,354 for a family of four. These estimates are calculated for a nutritionally adequate diet of food purchased at a grocery store for at-home preparation.
Taxes in Timnath, Colorado
Few expenses vary as much from city to city and town to town as taxes. Accounting for state and federal income taxes, as well as Social Security contributions and Medicare payroll taxes, the average adult working in Timnath, Colorado pays $6,707 annually — closely in line with the statewide average of $7,011.
It is important to note that these calculations do not include other common taxes such as property, sales, and excise taxes. Accounting for these taxes, while excluding taxes levied at the federal level, Timnath residents live in a state with a low average tax burden. Per capita state tax collections in Colorado total $2,599 per year, compared to the $3,151 average across all states.
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