Hey guys, what’s going on? If you don’t know me already, my name is Christian Morrison and I am a local real estate agent here in the Rapid City, South Dakota/Black Hills area. I created this YouTube channel just to walk everyone through what it’s like living in Rapid City, different topics, so yeah if you are looking at moving here or have any questions about the area, feel free to give me a call or text, or the best way to get a hold of me is to click the link below where it says schedule a call with me, it will block out a 15 minute slot on my calendar and we can chat about whatever you want to chat about.
Alright now that that is out of the way, let's get into what we are talking about today. Now I’ve done a couple of cost of living type videos in Rapid City, you can go back and look at those. This one I am doing for an area that one, I have actually lived in or not in, but really close to, and also an area that is really popular here for people moving from. That area is Colorado Springs, CO. Now I am thinking about doing a lot of these comparison videos because they are actually pretty interesting and from what I have seen the numbers are actually really accurate, as far as cost of living here anyways, I guess I don't know about these other areas. But the cost of living here is very accurate. The website I am using is bankrate.com, so we are going to go through some of the top differences, positive and negative, cost of living wise, between Colorado Springs and Rapid City.
Now taking the average income, what I am using is $50,000/year, I guess it could be household or personal, I guess whatever you want to compare that to, $50,000/ year as an income. Overall, if you are living in Colorado Springs on $50,000/year, and you move to Rapid City, you can make 11.4% less and have the same lifestyle basically. Sorry 11.04%, basically just 11% lower, in Rapid City vs Colorado Springs. So in essence you can make $44,481 a year and make the same lifestyle, however you could actually make less than that technically, and if you are making $44,000, you could live a little bit better life style than you could on $50,000 in Colorado Springs because, ding ding ding! No state income tax here, Colorado does have state income tax, and we do not. Now I didn’t look deeply into this, but I did a quick Google search, and it looks like Colorado’s income tax is 4.4% per year. So you would be saving 4.4% per year automatically by moving here. Now there is one thing I don’t know, and I didn’t see it on here, I don’t know if this number calculates on bankrate income tax difference, but if it does not, then you are looking at really its 15% lower cost of living, if you take that into consideration.
Now let’s go over some of the ones, some of them surprised me, by being more expensive here, and other ones are a little bit cheaper, which make sense to me, than Colorado Springs. Now looking at this list here, this is a whole list of stuff, groceries, a lot of things are more expensive here. 64% more expensive for potatoes, 51% for whole milk, 107% more for frying chicken, kind of interesting. Little bit cheaper on sausage, 35% more expensive for coffee, that blows my mind, 35% is a lot more on coffee, I should start buying my coffee from Colorado, jeez. Peaches 27% cheaper, facial tissue 33% cheaper, cooking oil is 48% more, frozen meals, 27% more, frozen corn is 85% more, I think we have more corn than all of Colorado, so I don’t why that is more expensive here. When you go into housing costs, everything is cheaper here, and I think, these numbers are definitely accurate for Rapid City, I don’t know if they are exactly accurate for Colorado Springs, but rent is about $500/month cheaper here, 26%, home prices are $110,000-113,000 cheaper here which $353,000 for the average, I don’t know if they are using average or median but $353,000 average is correct, the average cost here. Total energy is a little bit cheaper here as well. Overall your housing is going to be cheaper here, in Rapid City vs. Colorado Springs, by about 25%. Utility cost, they just have phone on here, 2% cheaper, basically the same thing. Tire balance is more expensive, gasoline is 7% cheaper, so $3.32, that's exactly what it is right now, so this must be updated very frequently. Optometrist visit, 16% more expensive here. Doctor’s visits are cheaper 17%, dentist visit, cheaper. Ibuprofen, cheaper. Boom, gotta have that. Prescription drugs, this is a big one, 43% cheaper, blows my mind. So if you have any kind of prescriptions that you have to take or need to take for your health, they are cheaper here. Now miscellaneous costs, there are a bunch of random things on here, haircuts are cheaper, beauty salons are cheaper, toothpaste and shampoo are more, who knew. Dry cleaning is cheaper, men’s dress shirts are 44% cheaper, kind of a random thing to have on here. Boy jeans, 32% cheaper, women’s slacks 40%, washer repair 28%. Newspapers, I got bad news for you, newspapers are 65% more here, sorry, it’s unfortunate. I don’t know who is buying newspapers, I actually read them once in a while, I’m not going to lie. Movies are 17% cheaper, yoga is 8% more, there is a pretty big yoga scene here so I can believe that. This next one breaks my heart. 1% more expensive on tennis balls. I am a tennis player, guess I gotta get my tennis balls in Colorado! Veterinary services are 19% cheaper here, and beer is 1% more expensive here, wine is 9% more expensive. So the overall consensus is that it is cheaper to live in Rapid City, either 11 or 15% depending on if they calculate income tax on this, I don’t think they do, but 15% is a pretty big difference, if you are making the same amount of money or if you are making 15% less, you can basically live the same way. Now I actually was surprised by some of the things that were more expensive in Rapid City vs Colorado Springs, but overall cheaper to live here, and obviously I am an advocate for Rapid City, so if it were my choice, I would live here, only about a 7 hour drive, so if you want to check out the area you can drive up here and check out the area.
Alright guys, thanks for watching again, if you have any questions, thinking about moving to Rapid City, anything like that, or if you already live here and want to chat about anything, hit the link below to schedule a call with me and we will do just that. See you guys in the next one, peace!