Silverton, Colorado is a great place to call home. With affordable rent prices such as $900 for two bedrooms, it's an attractive choice for those who want to live comfortably without breaking the bank. Additionally, grocery costs are slightly higher than average in Silverton due to its location in the mountains. The Grocery Cost Index is 106 compared to the US average of 100.
Silverton is a small mountain town with an economy based primarily on tourism and outdoor-related activities. Skiing, fishing, camping and hiking are popular activities in the area as well as attractions like the Durango Silverton Narrow Gauge Railroad which offers scenic tours all year long. There are numerous restaurants in town and outfitters providing equipment rentals for visitors who want to get out and explore the stunning natural surroundings of the area. In addition, there are several locally owned businesses that offer products and services such as art galleries, craft shops, jewelry stores and more.
Silverton has an unemployment rate of 5.2%. The US average is 6.0%.
Silverton has seen the job market decrease by -4.2% over the last year. Future job growth over the next ten years is predicted to be 49.4%, which is higher than the US average of 33.5%.
Tax Rates for Silverton
- The Sales Tax Rate for Silverton is 10.4%. The US average is 7.3%.
- The Income Tax Rate for Silverton is 4.6%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Silverton
- The average income of a Silverton resident is $25,135 a year. The US average is $28,555 a year.
- The Median household income of a Silverton resident is $64,167 a year. The US average is $69,021 a year.