Centennial, CO vs. Lakewood, CO: Cost of Living Comparison (2025)
This article provides a cost of living comparison: Centennial vs Lakewood. It is perfect for families relocating, professionals choosing between job offers, or anyone comparing the real-life cost of Centennial vs Lakewood in 2025.
1. Housing Costs
Housing is often the biggest factor in cost of living. Here’s how Centennial and Lakewood compare for typical options:
| Housing Type | Centennial | Lakewood |
|---|---|---|
| Median 2BR Apartment Rent | $1,850 | $2,100 |
| Median 3BR Home Price | $550,000 | $625,000 |
🏆 Winner: Centennial. Rent and home prices tend to be 10-15% lower in Centennial compared to Lakewood.
2. Utilities and Energy Costs
Utility costs are fairly similar between the two cities. Expect to pay around $180/month for a 2BR apartment in either location. Centennial residents may save slightly on summer cooling thanks to the city’s higher elevation.
🏆 Winner: Centennial, but only by a small margin. Utility costs are comparable.
3. Groceries and Daily Expenses
Grocery costs and everyday items like gas tend to be similar between Centennial and Lakewood. Budget around $400/month per adult for groceries, household items, and incidentals in either city. Restaurant prices are nearly identical.
🏆 Winner: Tie. There is no significant cost difference for groceries and daily expenses.
4. Taxes and Fees
Sales tax is 8.0% in Centennial and 8.5% in Lakewood. Property taxes on a $500K home would be around $2,200/year in Centennial or $2,500/year in Lakewood. In Centennial, HOA fees often include landscaping and trash, while Lakewood has more public services.
🏆 Winner: Centennial. The lower sales and property tax rates add up to noticeable savings for Centennial residents.
5. Cost Summary Table
| Category | Centennial | Lakewood |
|---|---|---|
| Housing (3BR) | $2,500 | $2,800 |
| Utilities | $180 | $185 |
| Groceries | $400 | $400 |
| Transportation | $60 | $75 |
| Taxes | $185 | $210 |
| Misc | $200 | $200 |
| Estimated Monthly Total | $3,525 | $3,870 |
Note: Totals are based on gross monthly income (pre-tax) for a 3BR home. Actual budgets vary.
6. Lifestyle Fit
Centennial offers more space for the money, with larger homes and yards. Lakewood has better walkability and public transit. Commutes to Denver are 5-10 minutes shorter from Lakewood.
Centennial is better for: Families, home offices, outdoor space
Lakewood is better for: Singles, walkable neighborhoods, city access
7. FAQ
- Is Centennial more affordable than Lakewood? Yes, Centennial has a lower overall cost of living, mainly due to cheaper housing.
- Which city has lower rent? Centennial rents are about 10-15% lower than Lakewood.
- Where is it cheaper to buy a home? Home prices are roughly 12% less expensive in Centennial.
8. Conclusion
Centennial offers a lower cost of living overall, especially for housing. It’s great for families who want more space on a budget. Lakewood is pricier but offers more urban amenities and shorter commutes. Compare your monthly budget in Centennial or check the full Centennial cost of living guide for more details.