Media organization CNBC recently released a report that highlighted the 10 ‘most expensive’ states to live in for 2024. Colorado made the cut to be included.

In order to make their determination, CNBC looked at factors like the prices of common goods and services, housing affordability, and the cost of insurance.

Colorado ultimately tied Montana for the fifth-place rank on the list of most expensive states.

Colorado’s cost of living score was a 10 out of 50, which landed it an ‘F’ on CNBC’s grading scale. The publication pointed out the insurance premiums for Colorado homeowners are the highest nationwide when looking at the cost to insure a median-priced home. Hail and wildfire risk are key factors behind the high price to insure a home in the Centennial State with homeowners shelling out $2,650 per year on a median-priced home. To put that number in perspective, California’s cost of insurance for a median-priced home is $2,124 annually, with homes in California being much more expensive on average.

While home insurance was determined to be very expensive in Colorado, local energy bills were significantly cheaper than other spots on the ‘top 10’ list. A monthly energy bill in Colorado costs just $145.02 on average, which was the lowest on the CNBC list of the ‘top 10’ most expensive states.

Find the full CNBC report here.