For the first time, the Mile High City ranks in the country’s top five least affordable cities. This is after cities such as Miami, Los Angeles, San Diego, and San Francisco. This has been summed up in reference to parameters such as the ratio of home sale price to median household income, quality of life, entertainment, food, and transportation, to name a few.
However, the city has a lot to offer in terms of recreational activities, such as hot springs, mountain views, and hiking trails, among other outdoor recreation activities. This has also contributed to the high cost of living in Denver, Colorado. Though this kind of environment favors people who love outdoor adventures, you might need to consult an experienced realtor for insights into competitive markets and desirable homes in Denver, Colorado.
Housing is one of the major parameters that influence how expensive the cost of living will be in a particular city or country. According to Best Places, the cost of living in Denver is 128.7, Colorado has 121.1, while the country is at 100. But the good thing is that housing prices in Denver fall on a broad range which can suit people with different wages.
Healthcare has also attributed to the high cost of living in the Mile High City. This is because Denver’s healthcare costs are approximately 6% higher than the national average. Residing in Denver also comes along with hefty federal, state, and city taxes. Tax Rates reveal that Colorado state tax accounts for 4.63% of one’s salary across people of all wages. In addition, you will be charged a monthly flat of $5.75 if you have a salary exceeding $500.
Nonetheless, although Denver has a relatively expensive cost of living, there are numerous factors that may lure to residing in the city. First, the city ranks as one with the highest salaries in the country. The median monthly salary after taxes is $4,396. There are also numerous free outdoor amenities, such as entertainment, gym and watersport activities, which can enhance affordability in Denver.
Utilities in Denver may allow you to live a comfortable life in the city, especially on heating costs. The Mile High city has cold weather, which saves on heating bills. Hence, the average monthly bills account for $156.76, 6% lower than the nation’s average.
Food is also quite affordable in the city as it has an average grocery bill of 2% lower than the nation’s average. In addition, people who love eating out can get various affordable options, as the average dinner meal price for one person is $15.
There is no need to own a car in Denver as there is easily accessible and cheap public transportation. For just $114, you will get a monthly pass for local transportation, while $200 will grant you an upgraded pass for regional transit or travels to the airport. This has been aided by the fact that Denver gas prices are 6% lower than the nation’s average.
Denver is known for its entertainment and recreational activities. There are limitless options for free entertainment, which can save you a few dollars. In addition, there are other entertainment options such as sports, the City Park Summer Jazz Series, and Colorado Music Hall of Fame, to name a few.
Bottom Line
Denver is the capital city and the most populated city in Colorado. It is also a prominent recreational city, making it one of the least affordable cities. However, there are numerous factors that you can rely on to simplify your life in Denver, such as high salaries, free entertainment amenities, cheap transport, and affordable food, among others.
This is the best time to purchase a house in Denver, as projections indicate that the prices are rising exponentially. Nonetheless, you can always consult Denver Dyllan to get better market insights and homes that work best for your budget. Visit the website today to explore more housing options and get enlightened on the best markets.