From hot springs to the scenic rides and slopes of the Colorado mountains, Denver is amongst the fastest growing cities in Colorado, USA. If you’re looking to move there soon, you also need to consider the cost of living in Denver.
Denver also serves as the best destination for holidays. This is because of how close it is to the Rocky Mountain National Park. This park houses lots of interesting landmarks, historic attractions, and individuals can ski or perform other recreational activities.
Living in Denver has pros as much as cons. This article will discuss the cost of living you can expect if you decide to move to Denver.
Cost of Living in Denver
Below is the estimated amount of money you’re expected to spend on your basic needs in Denver.
Being able to afford good housing is one of the biggest challenges of moving to a new state or city. As more tech companies discover Denver, more engineers will gain highly paid employment opportunities.
In the end, the price of housing and rent in the different parts of Denver will most likely go higher. This is because of the increase in income within the city.
Over the last five (5) years, the rents of housing in Denver have gone up by up to 18%. However, there’s also been a slight reduction in the last twelve months.
Ideally, the cost of living in Denver is averagely at $1,748, which puts it above the national average amount of $1,101.
House rents in Denver have gotten more expensive by 5.84%. This wasn’t the case as of last year; so you must brace yourself to spend more money on rent.
Alternatively, you can also get houses at cheaper rates depending on the location you settle in.
Because of the present climate in Denver, residents aren’t required to spend heavily on utility bills.
A 2015 report by the Energy Resource Center mentioned that residents pay an average of $78 each month. This amount is way less than the national average electricity bill of $107 every month.
Ultimately, the monthly cost for basic utilities like water, electricity, cooling, heating, garbage, etc, will cost about $207.98 on average.
If however, the utilities include internet bills, the cost may total up to an average of $63.52. That will make it $271.50 monthly.
3. Fitness and Entertainment
Denver is most convenient for walking, biking, hiking, and achieving other outdoor recreation activities.
Residents can spend a huge part of their day at the city park; playing golf, experiencing the zoo, or exploring the city’s landscape. The gym is also available for a monthly membership fee of $48.51 on average.
For entertainment, a new movie at the cinema can cost you about $21.50/per ticket. This excludes the popcorn and drinks you may request at the cinema.
However, if you can’t afford the blockbuster movies, you’re in luck. That’s because there are tons of awesome attractions that you can experience at no cost in Denver.
Biking and Hiking seem to be the order of the day in Denver. Still, residents sometimes see the n|d to use other means of transportation.
While living in Denver, you will notice that different prices are pegged to the transit systems; the prices are dependent on your preferences.
For example, local service requires a monthly fee of $114. Move up to regional service and start paying $200. At the point of airport service, rides are often merged with regional service passes.
Denver residents will pay $2.77 per gallon of gas if they drive. This amount is a little below that of the national average; $2.86.
Since you now know the average pay for housing and utility costs in Denver, the food is what comes next.
First, a single adult who cooks indoors may end up spending an annual fee of about $3,792 on food. Eating out will see you spend around $15.76 for each meal. The prices depend on the type of restaurant.
While there may be slight differences in the prices of meals in Denver, you can pay an average of $34 daily. Depending on the spending habits of past travelers, each person’s food can cost $13.
According to Numbeo, having a three-course meal date at an average Denver restaurant will cost around $60. Going by this report, you will see that the cost is higher than the average US meal cost ($50) by $10.
When calculating the cost of living in Denver, you should also factor healthcare into your monthly estimated budgets.
Usually, most Denver residents are overly conscious of their health. As a result, they tend to engage in exercises and other health-conscious activities. But then, everyone needs the help of medical professionals at some point.
Health Care Cost Institute in 2016, presented a study stating that a resident can pay 13% higher than the US median on healthcare.
How Much Do You Need to Earn in Denver?
If you will be living in Denver, you must understand the average amount you must earn to maintain your standard of living.
Ideally, you should be earning at least $62,928 yearly or $30.25 hourly. This will ensure that you can rent a decent one-bedroom flat in Denver. At this rate, you need to also think of how to save up a part of your salary and not spend everything on rent.
When you compare to other cities in the US, the general cost of living in Denver is quite fair, especially for newcomers.
Moving to a city such as Denver means that you need to make changes in your finances. In this case, hiring a financial advisor may be the next step to making better decisions.