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Beautiful Estes Park, Colorado
Beckons to Retirees Seeking Outdoor Lifestyle in Mountain Setting
Cost of Living: Above the National Average
| The cost-of-living in Estes Park ranks above
the national average by about 20% to 25%, primarily
because it is a beautiful place to live, is touristy and
rather isolated. Gasoline is 10 to 12 cents higher
per gallon than in Denver (where it is already expensive)
and utilities are higher, but the primary culprit for the
higher costs is housing. The median home price is
$300,000; the average price is closer to $440,000 and most
housing is relatively new. Estes is growing,
but much of it is surrounded by national forest and usable
land is not plentiful outside of the town limits, driving
existing real estate prices higher. At any one
time, only 350 to 450 homes are for
sale. |
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The housing available in Estes
Park is primarily condos, town homes and single
family homes; manufactured homes are few. Small condos with
one bedroom, one bath and 650 square feet can be found for
$135,000, but these are on the rustic side. Nicer units of
similar size run in from the mid-$200,000s to around $300,000. Luxury
units with 1,500 square feet begin in the mid-$300,000s.
Small, modest, 2 bedroom single-family homes in the woods can be
found for $200,000, but these generally need fixing-up and are
really for lone wolf types. Comfortable, modern ranch-style
and bi-level homes with 2 to 3 bedrooms start in the $350,000
range and can easily reach the mid-$400,000s. More
luxurious mountain homes start at around $500,000. |
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Fall River Village Communities is the only
manufactured/mobile home community in Estes Park. It is not
age-restricted, and at this writing, no homes were for
sale. There are a lot of vacation rental properties
(long-term leases start in the $550 per week range), but we were
unable to find any apartments for rent. This really is a
destination for homebuyers. Property
taxes are assessed on a percentage of the property's actual value
and work out to roughly .0045 of a property's market value.
A homestead exemption for qualifying
seniors 65 and above is available. It allows 50% (up
to a maximum reduction of $100,000) in actual value of a primary
residence to be exempt. The person must have owned and
lived in the home for at least 10 years.
Full time Colorado
residents age 65 or better or who are disabled may also qualify
for the Property Tax/Rent/Heat Rebate and/or the Property Tax
Deferral. Qualified applicants can receive a rebate of up to
$600 of the property tax and $192 of their heating expenses paid
during the year, either directly or as part of their rent payments.
Taxpayers
55-64 years old can exclude a total of $20,000 for Social Security
and qualified retirement income. Those 65 and above can
exclude up to $24,000. All out-of-state government pensions
qualify for the pension exemption.
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