Top 8 Most Expensive Cities in Colorado: Where to Find Luxury Living

Colorado Most Expensive Cities

Are you considering moving to Colorado and want to learn about its costliest areas? Whether you’re targeting or avoiding Colorado’s high-dollar cities, learning a bit about why places like Aspen and Cherry Hills are so costly will help you get a lay of the land. From quaint communities to world-famous skiing destinations, let’s explore the most expensive cities in Colorado!

Key Considerations

  • Housing is the primary factor driving high costs of living in the most expensive cities in Colorado, with some areas having median housing values of over $2 million.
  • Expensive cities in Colorado, like Aspen and Mountain Village, offer luxury amenities and lifestyles, attracting homebuyers despite their high living costs compared to other areas.
  • Even smaller towns like Pagosa Springs and historical towns like Durango have high living expenses, with costs including housing, healthcare, and transportation contributing to their rankings as expensive places to live.

Colorado's Priciest Cities: A Comprehensive Breakdown

While Colorado’s majesty is undeniable, the price to enjoy its splendor can be steep. From the busy streets of Denver to the snow-capped peaks of Aspen, the Centennial State boasts some of the most sought-after zip codes in the nation. But what drives the high cost of living in these areas? Housing stands as the most significant factor in the cost of living in Colorado, with home prices reaching heights that can challenge even the well-off.

Add to that the elevated transportation expenses, and it becomes clear why these Colorado cities have the highest cost among the most expensive places to call home.

Cherry Hills Village

Nestled within the affluent suburbs of Denver is Cherry Hills Village. The community boasts homes ranging from just under $3 million to upwards of $15 million. These opulent estates are the pinnacle of Colorado real estate. 

The allure of Cherry Hills Village is not solely in its grand estates but in its privacy and prestige. It’s a haven where captains of industry and high-profile individuals can retreat from the hustle of metro life. The neighborhood exudes an air of tranquility and exclusivity that’s hard to find elsewhere, even among the most expensive cities.

Yet, it is not just the homes that are grandiose. Cherry Hills Village offers local amenities that include country clubs, equestrian trails, and impeccable landscapes. It’s a place that redefines the very essence of upscale suburban living.

Aspen

Reasons to Live in Aspen, CO

Aspen is synonymous with luxury, and its real estate market is as lofty as the surrounding peaks. Homes in this chic mountain town can hit an astonishing $67 million, with studio condos even reaching a list price of $900,000. 

This is a realm where the wealthy come to play and stay, and the prices reflect the demand for opulence and exclusivity. Aspen is one of Colorado’s best ski towns, offering a lifestyle that commands a premium and is sought after by ski enthusiasts and celebrities alike.

Compared to sunny California cities like San Diego, Aspen’s overall living costs are nearly 30% higher, with housing costs skyrocketing over 50% above. These figures paint a picture of a community that’s not just expensive but extraordinarily so. 

This is a city where the term "expensive" is taken to new heights—yet it remains in high demand. Aspen’s charm lies in its ability to offer an unparalleled mountain experience, combining natural beauty, world-class skiing, and upscale amenities that justify its spot among the most expensive places to live in Colorado.

Mountain Village

Mountain Village, connected to neighboring Telluride by a gondola, stands as a beacon of luxury living at high altitudes. This prestigious enclave has seen its median home prices ascend sharply, mirroring its position as a premier real estate market. The town’s properties eclipse the national average, with luxury ski-in/ski-out homes that are the epitome of mountain opulence. Here, residents enjoy an array of upscale shops, fine dining, and exclusive resort services.

While Mountain Village is only around 55 miles from Historic Downtown Durango as the crow flies, the Rocky Mountains rarely allow for straight-line roadways, and the trek between the two is around 120 miles. The town is a 200-mile drive southwest of Aspen, but it’s only 60 miles from the town of Dolores in Montezuma County.

The town’s appeal is further magnified by its hosting of high-profile events that draw a glamorous crowd, solidifying its status as a playground for the wealthy. Residents often cite the unique lifestyle offerings, such as ample ski slopes and golf courses, as justification for the high cost of living. It’s a place where the price tag reflects not just a home but a lifestyle that is both envied and emulated.

Despite the lofty home prices, the real estate market in Mountain Village continues to flourish, with a consistent demand from buyers seeking luxury mountain homes. The town’s high-end market is sustained by those who find value in the experiences and amenities that only a place like this can provide.

Bow Mar

Away from the ski slopes and nestled in a tranquil setting is Bow Mar, a neighborhood that boasts homes ranging from around $1 million to well over $5 million. The town, located just over 10 miles from Downtown Denver, showcases a unique charm that appeals to those seeking a quaint yet upscale living experience

This neighborhood may not have the name recognition as other Denver suburbs like Cherry Hills Village, Castle Pines, or Lone Tree, but it holds its own.

The residents of Bow Mar enjoy a more subdued version of luxury, one that is deeply rooted in the community’s history and picturesque environment. It’s a place where the past meets the present, and the desire for a high quality of life is reflected in the homes and the people who inhabit them.

Edwards

Edwards is another gem amongst Colorado’s most expensive cities, where high housing costs merge with the expense of leisure and hospitality to create a living index on the upper end of the scale. Scenic mountain views act as a backdrop to a lifestyle that, while expensive, is irresistible to many. Whether it’s the awe-inspiring vistas, proximity to some of Colorado’s best national parks, or high-end amenities, Edwards encapsulates the essence of a highly sought-after place to live.

Located less than 15 miles west of Vail, the area’s natural beauty is a significant draw for residents and visitors alike, enhancing the quality of life for those who can afford the premium. This is a community that’s not just sought after for its amenities but also for the lifestyle it offers—one of tranquility, beauty, and privacy. The high costs associated with living in Edwards are viewed by many as a fair exchange for the unparalleled mountain living experience it provides.

Despite the high price tag that comes with living in Edwards, the community remains in high demand, coveted for its blend of natural allure and luxurious living. It’s a place where the mountain views come at a significant cost, but for those who call it home, the price is well worth it.

Durango

Durango, with a population of roughly 20,000, is a historic town in Southwest Colorado where the arts flourish and living costs are steep. It’s a place where Western heritage is preserved through museums and historic attractions, showcasing a rich tapestry of the past. The thriving arts scene is evident, with a dozen galleries gracing the downtown area, adding cultural depth to the community.

Durango's top neighborhoods cater to diverse lifestyles, including a historic Downtown area combining Old West heritage with a modern metro vibe. There are also popular golf communities such as Dalton Ranch

These varied real estate offerings contribute to Durango’s status as one of the more expensive places to live in Colorado. Real estate here ranges from $250,000 condos to $10-plus million luxury estates

Pagosa Springs

Reasons to Live in Pagosa Springs, CO

Pagosa Springs, a quaint town in Archuleta County with a population of just over 11,000, faces a high cost of living influenced by housing costs, healthcare expenses, and area income. Homes in Pagosa Springs begin at around $215,000 for studio condos and skyrocket to well over $10 million. Though small, Pagosa Springs grapples with affordability issues that rival larger, more well-known expensive cities.

Area income is a critical determinant of housing affordability in the Pagosa Springs metro area. Healthcare costs in Pagosa Springs are notably higher than the Colorado and national averages, impacting residents' overall cost of living. While childcare costs are less than the state average, they remain a significant expense for households with kids living in the town.

Breckenridge

Breckenridge, once a humble prospecting town, has evolved into a bustling resort destination. The town’s transition has brought a surge in population and housing costs, with Breckenridge’s most expensive neighborhoods offering luxury homes that contribute to its rank as one of the most expensive towns in America.

The dream of owning a home in Breckenridge can be a stretch for median-income earners. A survey has starkly highlighted the disparity between the median income and the affordability of renting or owning a home here. Still, the wonderful skiing, natural beauty, and proximity to some of Colorado’s best camping and outdoor recreation have cemented the demand for its exorbitant real estate.

The financial challenge is evident in the numbers. Homes in Breckenridge typically range from around $460,000 for a new construction townhouse to over $15 million. Rent also ranges widely, with options from about $3,000 to $10,000 per month. 

Breckenridge’s high living costs reflect its status as a premier location, with the town’s growth and popularity carrying a hefty price tag for residents.

Costly Colorado: Worth the Price Tags?

From the upscale enclaves of Cherry Hills Village to the snowy slopes of Aspen, the high-altitude haven of Mountain Village to the charming streets of the Durango area, Colorado’s most expensive cities reveal a spectrum of luxury living, cultural richness, and scenic grandeur that comes with a significant cost. Each city offers a unique blend of lifestyle and amenities that, while financially demanding, are undeniably captivating.

If you're ready to move to Colorado, call Colorado Property Group of RE/MAX with Durango Homes for Sale at (970) 946-0601 to reach a local real estate agent who can help you find your dream home.

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