Denver is the capital and most populous city of Colorado and the state’s consolidated city and county. It had a population of 715,522 at the last United States census. It is the fifth most populated state capital in the United States and the 19th most populous city.
The city is located on the western edge of the High Plains, just east of the Front Range of the Rocky Mountains, in the South Platte River Valley. Denver is nicknamed “The Mile-High City” because its official elevation is exactly one mile (5,280 feet or 1,609 meters) above sea level.
This blog post will provide you with all the information you need to know about living here.
Cost of Living Index in Denver, Colorado
In Denver, Colorado, the cost of living is 28.7 percent higher than the national average. This makes daily life difficult for the average person. You’ll pay somewhat less for groceries, housing, and other needs than in other parts of Colorado or the United States.
Your actual costs will vary depending on your specific demands and lifestyle. The cost of living index in Denver compares to the national average as follows:
Note: The national average = 100
Cost of Living
Median Home Cost
Housing Costs in Denver, Colorado
The median home value in Denver is $534,100. This is substantially higher than the state average of $488,600 in Colorado. In addition, home prices are greater than the national median of $291,700 in Denver.
If you want to buy a home in Denver, get recommendations from a professional realtor to locate one that meets your requirements while remaining within your budget. The cost of renting in Denver isn’t much less than buying. The city’s average apartment rent is $1,838, higher than the national average of $1,101.
Transportation Costs in Denver, Colorado
Transportation is another key consideration while determining living expenses in Denver. If you are an independent adult in Denver, expect to spend at least $4,900 every year on transportation.
The cost of transportation for a family of four with two adults and one child is $ 11,186 per year. If you opt for public transportation, expect to spend about $114 monthly on a pass or $3 each trip.
You should expect to spend a little more on auto maintenance in the winter since you’ll need all-season tires to traverse the mountain ranges.
Health Care Costs in Denver, Colorado
The expenses may differ depending on the individual’s health status, thus making determining the real healthcare expenditures in each city challenging. Fortunately, there are a few indicators to show where Denver compares to national averages.
Healthcare costs in Denver are lower than the national average. On average, a typical doctor’s appointment costs $111.77. In this city, dental visits cost an extra $6.
In the Mile High City, pet care is expensive. Prescription drugs cost $469.10 per year on average. Despite its reputation as a pet-friendly metropolis, vet Services in Mile High City are somewhat more costly than in other cities in Mile High City.
Groceries in Denver Colorado
This is one of the few areas in Denver where you may save money since the national average for food is around $3,900 per year. You’ll spend approximately $3,792 each year on food if you have all of your meals from scratch as a typical grownup living alone.
Here are some examples of typical grocery costs:
- $3.19 for a gallon of milk
- $2.45 for a dozen eggs
- $0.67 per pound of bananas
- $5.84 per pound of round beef
Denver is a wonderful place to visit if you enjoy eating out. For one individual, a normal meal costs $15. The total cost for two people, including appetizers and desserts, is approximately $66.23.
Taxes in Denver Colorado
Taxes have a significant impact on a community’s affordability. The income tax rate in Colorado is 4.55 percent, plus $5.75 per month for individuals earning over $500.
The sales tax in Denver is 4.81 percent, but when combined with state and transit taxes and the cultural and scientific budget, it rises to 8.81 percent. You will pay $88.10 in taxes if you spend $1,000 on a shopping trip at the 16th Street Mall.
Another Colorado-only tax is the marijuana tax. Medical marijuana purchases are subject to an additional 2.9 percent sales tax, whereas recreational marijuana transactions are taxed at 15%.
Utility Costs in Denver Colorado
People tend to think Denver will get more snow than it usually does. With nearly 300 days of sun each year, utilities aren’t too bad.
The winters are milder than in many Midwestern states, and the snow melts quickly. Denver’s air quality is poor, owing to the city’s frequent summer wildfires and pollution. You’ll need to fly to the mountains to taste Colorado’s crisp, clear air.
In Denver, despite the snow and smog, utilities are rather inexpensive. In fact, in terms of utilities, Denver has a lower cost of living than the national average. Electricity costs roughly $40 less per month than the national average, but phone service costs about $2 more. The monthly energy bill averages $105.51, lower than the national average.
Denver’s temperate environment helps keep utility expenses low, it is nevertheless a component in the city’s overall cost of living. The average residential energy cost in Denver is roughly $78 per month, significantly below the national average of $107 per month.
Electricity, heating, cooling, water, and garbage are all included in a monthly utility payment that averages $132.07. When you add Internet (60 Mbps or more, unlimited data, cable/ADSL), your total monthly utility expense rises to $195.41.
Denver Colorado Neighborhoods
The laid-back character of Denver is reflected in its neighborhoods. Within each area and historic district, use these neighborhood guides to uncover attractions, and interesting places within the neighborhood.
Colorado’s arts, culture, and history are all represented in this neighborhood. The Capitol Hill neighborhood’s perimeter is bounded by Colfax Avenue, Downing Street, Seventh Avenue, and Broadway, all of which carry significant traffic volumes.
It’s in East Denver, which begins just east of Broadway, the city’s western boundary. With fine-art studios, museums, galleries, specialist boutiques, restaurants, nightclubs, coffeehouses, and bistros, the district is a great place to explore on foot.
Cherry Creek North is an outstanding outdoor retail and dining destination, with an excellent collection of art galleries and individually owned boutiques such as Revampt.
You can spend the day shopping for unique fashion, jewelry, household goods, and art in 16 beautiful blocks; relax at one of the many soothing spas and salons; or dine at one of the neighborhood’s numerous restaurants, such as Quality Italian.
Five Points is a historic neighborhood in Denver, Colorado. It is one of the fastest developing cities in terms of redevelopment and population in the early twenty-first century. Much of this development is taking place in the River North Arts District, sometimes known as “RiNo,” which is generally considered its own neighborhood while being part of the Five Points district.
Today, the historic Five Points’ originality and vibrancy live on in a fascinating mix of old and new. Visitors can explore historical museums, inventive craft brewers, and coffee houses, listen to live music of several genres at independent music venues and dine at well-known soul food and barbecue places.
Denver, Colorado has a much higher cost of living than other locations in the country. If you’re relocating to the area, expect to pay a little extra for transportation, housing, and groceries.
If you need more information about getting a home for yourself, reach out to me today. I’ll be more than happy to help!