If you are moving to Denver, you might wonder how the Denver cost of living compares to the current city in which you live. Maybe you are part of the ever-increasing population that has the luxury of choosing what city in which you’d like to call home and Denver’s temperate climate, endless outdoor activities, and vibrant urban lifestyle have caught your attention. Whether you are already on your way or still weighing your options, a key question to answer should be, how far does your dollar go in Denver? Take a peek at how the Mile High City’s cost of living compares to other major cities by examining some of the main expenses below:
Compare Denver Monthly Rental Costs
While average monthly rent costs in Chicago, LA and Seattle are around $1500, and in New York they are close to $3000 – rental prices in the center of Denver average at about $1100 per month. Keep in mind, if you want granite or marble countertops, stainless steel appliances, and hardwood floors you will likely pay more. (Follow this link to see current apartments for rent in Denver and their prices.)
Compare Denver Home Purchase Price
Home ownership in major U.S. cities comes with a hefty price tag. Want to purchase a home in LA? Prepare to pay over $500k. In New York, home ownership puts you solidly into seven figures. In Denver? The average home price is in the mid-300s. This comparison is somewhat skewed because it doesn’t take into account the property tax rate differences which can make the city by city comparison of the cost of owning a home very different from purchasing a home . For example, in 2013, the approximate property tax rate for a house in Denver was .6%. A homeowner in Los Angeles would pay roughly 1.1%. And a homeowner in Dallas, TX would pay 2.5% (but they wouldn’t be paying state income tax). While those numbers seems small they make a big difference in dollar terms. On a home that is $300,000, your annual taxes would be: Denver: $1,800, Los Angeles: $3,300, Dallas: $7,500.
Denver Utility Costs Compared
Energy prices continue to rise (and vary) state to state. In New York, Chicago and Seattle the standard monthly gas, electricity, water and trash costs will require approximately $150, in Denver and LA they are approximately $120. Keep in mind there is a huge variance on this cost depending on your personal definition of “room temperature.”
Denver’s Monthly Fitness Costs Compared
Monthly fitness costs around the U.S. are relatively uniform – between $45 and $50, but if you want to live in New York expect your fitness plan to cost close to $100 monthly. (We’re talking basic gym membership, here. This doesn’t include personal training and specialized group fitness classes).
Denver’s Average Monthly Salary (After Taxes) Compared
There is the old adage that although living in a particular place may be more costly, the salaries make up for these higher expenses. The city statistics, however, are proving this false. Although the cost of living in cities such as Chicago, LA and Seattle are considerably higher than that of Denver – Denver’s average monthly salary is almost identical to these metropolitan areas.
The conclusion? In Denver you get more, pay less and earn the same amount in comparison to many major U.S. cities. The Denver cost of living comparison is only part why Denver consistently ranks among the top cities to live in the US. Add in some of the world class amenities in and around Denver and it’s hard to believe that the cost of living has been driven up further.
Want to move here? Contact a ULR Real Estate Agent in Denver to help you with your move.
We used www.numbeo.com for city statistics.