The average home renter over the age of 65 in Colorado Springs needs to bring in $20,148 a year in order to meet all of his or her expenses. That figure rises to $30,276 for couples, according to the Elder Economic Security Standard Index, released last week.
The index uses an average rental price of $612 for a one-bedroom apartment for both single seniors and couples.
Colorado Springs seniors pay slightly less than those statewide, where the average is $716.
Housing accounts for the greatest expense for all seniors in Colorado Springs, except those who who own their homes outright. In that case, housing expenses rank just below out-of-pocket medical expenses. The average housing expense for a senior homeowner with no mortgage is $327 in Colorado Springs. That’s slightly lower than the state average of $369.
Out-of-pocket healthcare in Colorado Springs, which includes premiums and deductibles, account for $375 a month on average.
Senior homeowners still paying a mortgage need to generate the greatest income, according to the report prepared by Wider Opportunities for Women and the Gerontology Institute at the University of Massachusetts Boston.
Senior homeowners still covering mortgages pay an average of $1,183 a month in Colorado Springs, slightly less than the $1,252 that seniors pay statewide.
Single senior homeowners still paying a mortgage in Colorado Springs have to earn at least $27,000 a year. Couples need to generate $37,128, according to the report.
Next to housing, healthcare is the greatest expense for seniors, followed by food, miscellaneous and transportation.