Five Western Colorado Towns Rated Wealthiest in Colorado
Colorado is a pricey place to live, but these 25 cities and towns are considered the richest in the state.
HomeSnacks ranked Colorado's richest places in 2021, but, it's important to note that there are three key factors taken into consideration, not just income. HomeSnacks looked at all 78 places in Colorado that have a population greater than 5,000 people to determine which locations are the richest.
The first key factor HomeSnacks studied was each city or town's poverty level — meaning what percentage of the population is receiving federal aid for necessities like housing, food, healthcare, utilities, and more.
The second factor HomeSnacks used was the unemployment rate. The U.S. Bureau of Labor Statistics defines this as the number of unemployed people 'as a percentage of the labor force,' which is the total of unemployed and employed people.
Lastly, of course, is the median household income. By definition, that's the average income (for persons over the age of 15) in one household over the span of 12 months.
'Median household income is the most digestible way to understand how rich a place really is,' HomeSnacks said. 'The unemployment rate tries to capture the prospects for more people to become rich. If more people are employed, the richer the future looks.'
Using those three factors, HomeSnacks gave each Colorado location a 'rich score.' And with Vail and Aspen at the bottom, this list of the 25 wealthiest places in Colorado may actually surprise you.
Fort Collins ranked 63 on HomeSnacks' list. You can see the city's most expensive neighborhoods, below.