The year was 2002 – ‘How You Remind Me’ by Nickelback was at the top of the charts and the first Spider-Man film was released. The population of Colorado was around 4.5 million (estimated at 5.85 million in 2022) and wildfires were on the minds of many – both the Hayman Fire and the Missionary Ridge fire burned that year.

Life in Colorado in 2002 was quite a bit cheaper, too. For example, it’s estimated that $20 of purchasing power in Denver in 2002 would be the equivalent of about $30 spent in 2021 – roughly on par with the shift seen nationwide.

Rent costs are another big place where change has been seen over the past 20 years.

According to an article from the Denver Gazette, the average rent for a Denver apartment was just $800 in 2002. In Q4 of 2021, it was $1,709. In Pueblo, one of the cheaper Colorado cities to rent in, rent was around $460 per month in 2002, with a one-bedroom rental now costing about $836.

In terms of home purchases, a big change has been seen, as well.

In 2002, median single-family home price in the Denver metro was around $220,000. In 2022, that median price is around $635,000.

A big cost uptick can also be seen when it comes to outdoor recreation, specifically when looking at the price of season ski passes over time.

According to Ski Magazine, a season pass during the 2001-2002 slopesport season was significantly cheaper compared to prices today. Unlimited skiing at Breckenridge, Keystone, and Arapahoe Basin via the Buddy Pass cost just $249, with 10 Vail or Beaver Creek days added for an additional $70. Unlimited skiing at Copper Mountain and Winter Park cost $349. Many season passes at individual resorts were priced under $300.

For the upcoming season, the Epic Local Pass, offering unlimited access to Breckenridge, Keystone, and Crested Butte, is currently priced at $626 and the Ikon Pass, offering unlimited access to Steamboat, Winter Park, Copper Mountain, and Eldora, costs $1,179. Even the cheapest season passes at most resorts are likely to cost around $500 to $600. Long gone are the days of unlimited multi-resort passes costing less than $399.

Sure – Colorado’s skiing atmosphere is much different compared to that of twenty ago, with more amenities, more terrain, and better technology. That being said, this price increase can’t be ignored – season pass costs have likely doubled for many skiers on the mountain over the past 20 years.

While the cost of living the coveted ‘Colorado lifestyle’ has increased, local income has gone up, too.

In 2002, the median household income in Colorado was $48,282. In 2021, it was $77,127, according to World Population Review. Colorado’s minimum wage has also increased, from $5.15 per hour or $2.13 for tipped employees in 2002 to $12.56 per hour or $9.54 per hour for tipped employees in 2022.

While income has gone up overall, the median household income increase of 60 percent is less than the price increase noted in some of the aforementioned examples. Denver apartment rentals have increased by 114 percent. Ski pass prices have doubled in some cases and entering the Denver housing market can be nearly three times as expensive.

What does an increased cost of living mean for Colorado? And could this limit the state’s future growth? Do you feel as if increasing prices have impacted you? Let us know your thoughts on the topic in the comment section below.

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