One of the top issues on the minds of Colorado voters this election is the cost of living, with about 15% in our Voter Voices survey saying they intend to focus first on the economy as they mark their ballots.
Coloradans are concerned about the price of housing, groceries, gas, utility bills and everything else it takes to keep households running. That鈥檚 not shocking considering that the average household has spent $34,194 more since 2020 due to inflation, according to
鈥淭hat鈥檚 the cost of higher education tuition,鈥� said Kelly Caufield, the institute鈥檚 executive director. 鈥淎ll Coloradans should care about the economy and the cost of living here.鈥�
While economists say inflation is 鈥渃ooling,鈥� Coloradans are still of the past few years. The average rent for a one-bedroom apartment is about $2,000 in Denver. The average price of a home in Colorado is now above $540,000. Food prices in Colorado and across the country rose 25% from 2019 to 2023.
John Stenmark, a Gunnison County resident who responded to our survey, said cost of living is his top concern this election, just ahead of national security and the environment. He did his own math to find out how much more he and his wife are spending now compared to 2021 鈥� 19% more on the gas and electric bill, 20% on groceries, 48% on property taxes and 101% more on homeowners insurance.
鈥淲e鈥檙e retired and fortunate to own our home and so are insulated from the crazy increase in housing costs in the county,鈥� Stenmark said in a follow-up email after the Voter Voices survey. 鈥淢y heart bleeds for the working families who are earning an honest living and struggle to find reasonably-priced rentals. And, for these folks, buying a place simply is not going to happen.鈥�
So if your top concern is the high price of living in Colorado, how should you vote? A large part of that answer depends on which economic policies you believe will work and how those policies match up with your other priorities. Here鈥檚 what to watch for on your ballot.
State ballot measures to collect more tax dollars
The top tax measures on the November ballot are regional and local, including some so-called 鈥渄e-Brucing鈥� measures that would remove entities from the tax limits set under the Taxpayer Bill of Rights. TABOR was authored by former state representative Douglas Bruce.
They all put less money in people鈥檚 pockets, but, and this is the key question for voters, propose to do so for the greater good.
One measure, 7A, would allow RTD 鈥� the Regional Transportation District 鈥� to keep spending about $50 million to $60 million a year above the TABOR cap instead of refunding that amount to millions of people who made retail purchases in the eight-county RTD taxing district. If it passes, RTD could keep all of its sales tax revenue permanently.
TABOR exemptions for RTD that were passed in the 1990s are scheduled to expire this year, and the transportation authority has seen its ridership drop since the pandemic while its operating budget is increasing. RTD had an operating budget in 2014 of $477 million, an amount that has grown to more than $1 billion.
In Jefferson and Arapahoe counties, voters are being asked to allow their county governments to keep more tax dollars than is allowed under the TABOR.
Jefferson County commissioners are asking for a permanent increase in county revenue, which would be about $30.5 million this year. That鈥檚 4% of the county鈥檚 $781 million budget, which would go toward roads, bridges, mental health care, public safety and other functions. Voters have rejected this proposal twice before.
A similar measure in Arapahoe County would allow the county to collect an additional $74 million annually, or 14% of total revenue.
Sales tax increases
Denver voters have two measures on their ballots that propose raising sales taxes and would give the city the highest tax rate in the Front Range (rising above Boulder鈥檚 9.05%).
One is an affordable housing sales tax, proposed by the Denver City Council and Mayor Mike Johnston. The 0.5% tax would generate an estimated $100 million that the city says would fund 45,000 housing units beginning next year.
The second measure would raise sales taxes 0.34% in the city to raise $70 million in annual revenue for Denver Health, which has seen its cost of caring for people without insurance double since 2017. The hospital system says it provided about $136 million last year in care without compensation.
Denver voters must decide whether increasing access to housing and health care outweighs what is effectively a cost-of-living increase for Denver residents. The Denver Health initiative would cost residents about 3 cents on every $10 shopping purchase, excluding food, medicine, diapers and feminine hygiene products.
Other ballot measures that could lead to increased spending
Even ballot measures that don鈥檛 seem to be about cost of living are related. Two statewide measures force voters to consider whether it鈥檚 worth potentially paying more in taxes for public safety and educational choice.
would enshrine school choice in the state constitution, opening the door, critics say, to taking money from public education to fund private school. The proposal comes after school-choice groups have failed in the past to pass voucher programs that would allow parents to get tax refunds to help pay for private school, and after a voucher program in Douglas County School District was struck down by the courts. It鈥檚 supported by Advance Colorado, a conservative action committee.
Proposition 130 would spend a one-time $350 million in state funds on law enforcement, including for recruiting, training, salaries and death benefits for officers鈥� families. Proponents are hoping that the cost of the 鈥淏ack the Blue鈥� measure will be overshadowed by people鈥檚 concerns about crime.
Unlike most ballot questions proposing to spend money, it doesn鈥檛 authorize any new taxes or borrowing. That means state lawmakers would have to decide how to find the $350 million.
Presidential race
Both presidential candidates are touting economic proposals intended to decrease the burden on taxpayers.
Former President Donald Trump is proposing to end taxes on Social Security benefits and on tips for hospitality workers. He鈥檚 also vowed to offer incentives to foreign companies that relocate manufacturing to the United States and hire American workers. And he wants to impose tariffs on other countries that trade with the United States, including a on vehicles imported from Mexico.
Vice President Kamala Harris said she also supports ending taxes on tips for restaurant workers. She has called for expanding the to $6,000 from $2,000 for parents, and raising the minimum wage. Colorado's minimum wage is $14.42 per hour and will rise to $14.81 on Jan. 1, but the federal minimum wage has been $7.25 per hour since 2009. Harris also is pitching tax breaks for small business owners and first-time homebuyers.
Congressional races
Candidates running to represent Colorado in Congress all say the economy is a top issue, but have different ideas about how to rein in the cost of living.
Congress can affect the cost of living with policies on taxes, industry regulations that decrease jobs and social services programs that provide food and housing assistance.
For example, in Colorado鈥檚 highly competitive 8th District, which includes Greeley, Brighton, Commerce City and Thornton, incumbent Yadira Caraveo, a Thornton Democrat, and challenger Gabe Evans, a Republican state representative from Fort Lupton, both say they want to support workers and create more affordable housing. But they .
Evans said he wants to reduce regulations that lead to job losses, including in the oil and gas industry. Caraveo was a prime sponsor of a 2019 law passed by the Colorado legislature, , which rewrote the state鈥檚 oil and gas regulations to prioritize public health and the environment.
Caraveo said she wants to use grant money and tax incentives to entice developers to build more affordable housing. Evans said he would try to encourage more housing construction by reducing 鈥渆xcessive鈥� regulations and building codes.
Caraveo is touting her work on transparency on hospital prices and drug costs, including setting a price cap on insulin.She introduced the Lowering CAR Insurance Act, which would require the federal government to conduct an annual report on the car insurance industry and provide recommendations on lower costs. Caraveo is also a supporter of the Low-Income Household Water Assistance Program Establishment Act, which would assist working families in paying their water bills.
Evans said he would cut punitive regulations, excessive government red tape and 鈥渆mpower American energy and agriculture again.鈥� He would also extend Trump tax cuts.
State candidates/legislators
During a special session this summer, Colorado lawmakers s that legislative analysts said would have cut taxes by $2.4 billion, throttled their future growth and risked the state's ability to fund K-12 schools and other public services.
Lawmakers instead agreed to cut taxes in 2025 by $769 million -- the fourth round of tax cuts in less than a year. Colorado now has a $900 million budget hole.
To close the budget gap, the state will either have to cut spending or dip into its reserves, which under state law are required to set aside 15% of general fund spending.
Lawmakers in the next few years will have to make key decisions on how to fund K-12 education, which will receive less local funding because of property tax cuts. They also have to deal with unexpected Medicaid costs, after the state Department of Health Care Policy and Financing overspent on the low-income health care program by as much as $154 million last budget year.
In terms of housing costs, lawmakers have power to pass wide-ranging legislation that can affect the availability of housing. Recent examples involve the state government for projects and overriding local policies.
A passed this year, for example, requires 31 local governments to change their zoning laws to allow more housing units along major bus and rail corridors. It requires local governments to zone for at least 40 units per acre within a quarter mile of bus stops and a half mile of rail stations. Another allows people who live in metropolitan planning organizations to build accessory dwelling units or 鈥済ranny flats鈥� on their properties. The law blocked many existing local regulations that prohibit ADUs.