The low cost of living in Pueblo means minimum wage workers there fare relatively better than their counterparts in most other cites, according to a new study.

SmartAsset.com compared minimum wage and cost of living numbers from 161 U.S. cities. They found that Pueblo has the eighth-highest "real" minimum wage in the country.

Economist Kevin Duncan with Colorado State University in Pueblo says the annual adjustment in the state minimum wage is based on the cost of living in Denver, Boulder and Greeley.

"So some areas that have a lower cost of living -- the purchasing power of that minimum wage will disproportionately increase," he said.

Colorado’s minimum wage is $8.31 an hour. In Pueblo, that translates into an adjusted wage of $9.71 an hour, according to the study.