Denver Cost of Living Comparison

Denver has grown rapidly within the last decade. Consequently, house and rental costs have risen. A Denver Post article noted that the Denver metropolitan area is now three million people, an increase of over 1% in a year. Denver is now the nineteenth largest metro area in America. Unsurprisingly, Denver’s rental averages are now reflecting more metro-level prices. That is, it’s getting more expensive as things grow. For Denver cost of living comparison for apartments, the Colorado Real Estate Journal documented mid-level apartments (class B), average rent in 2012 was $1,000 per month. In 2020, rent for the same style apartment was $1,490.

Why Denver is a Great Place to Live?

SmartAsset outlines several reasons to move to Denver. Bloomberg rated Denver number eight as most sought after cities when the pandemic hit. The cost of living in the Mile High City is still sitting relatively low positioned at number 40 among metro areas across the nation. In a nutshell, Denver cost of living comparison is a lot better than areas like Los Angeles, San Francisco, and Seattle. There are other reasons that Denver is a great place to live, including:

Escape to Nature

Denver is nestled in the foothills of the Rockies. Even at its altitude, there are only a few chilly winter nights. Year-round temperatures average in the upper fifties. As well as a moderate climate, Denver residents enjoy four distinct seasons each with an enjoyable breezy climate and comfortable temperatures.

You can’t beat the breathtaking mountain view from almost any building in Denver. Along with the view, there is a host of activities to do in every season. Walking, biking, rollerblading, ice skating, cross-country and downhill skiing, as well as hiking and mountain climbing await you in Denver’s parkland areas. The city has 850 miles of paved bike trails and over 5,000 acres of parks. Denver residents love their outdoor activities.

Cuisine

While Denver doesn’t boast an “iconic” food style like Boston’s seafood, Texas’ barbeque, New York’s cheesecake, or Chicago’s deep-dish pizza, Denver offers a wide variety of tasty options. Denver residents like to call their dining “melting pot cuisine”. Whatever you’re looking for from southern comfort food, Indian, Nepalese, Thai, or Tibetan food, Denver’s restaurants have it.

Denver has over seventy breweries at last count. If you’re into sampling award-winning craft beers, you’ll find many options. In fact, Denver even publishes ale trail maps. In addition, you can also find an abundance of dive bars, pubs, distilleries and more.

Sports

Denver loves its sports teams. There are seven professional sports teams in the Mile High City. Sports enthusiasts can attend games of the Broncos, the Nugget, or the Avalanche. You can watch a sporting event any time of the year. While the professionals provide football, basketball, hockey, and baseball, this city of athletes also accommodates a marathon every weekend.

Other Reasons

Denver isn’t just about mountain folk. It is a well-established multicultural center for people who have moved there from California, Texas, Ohio, and Illinois. They have brought their arts, culture, and food traditions with them.

Business and commerce thrive in Denver. Many people have moved here to secure jobs with companies like Amazon, Google, Kaiser Permanente, Comcast, and Wells Fargo.

Rich in history, the city still gives off an aura to people eager for a fresh start. Gold started Denver as an exciting destination. Founded as a prospecting town, Denver hosted miners and their families. It didn’t take long for word to spread about Denver’s amazing weather and gorgeous views.

Denver Cost of Living Comparison

Denver cost of living comparison looks promising for many newcomers. But what are the exact figures? Money managers advise that you allot 30% of your net salary to housing costs wherever you choose to live.

While it is relatively expensive to live in Denver, it is much more affordable than cities like Los Angeles. Using a Cost of Living Calculator with 100 being a national average, Denver’s cost of living is 128.7. In Seattle, the cost of living increases to 172.3. This means that the income you’d need in Denver would be $50,000 while you’d need an income of $70, 735 in Seattle.

In Austin, Texas, the index figure is 119.3. So, your required income would be $45,038.

In Los Angeles, the index is 173.3. This means you’d need an income of $67,649.

New York City is 45.5% more expensive than Denver. You’d need an income of $72,573 to live there.

Why Consider Apartment Living in Denver?

Often apartments can be found in downtown locations close to work and recreation. They are near public transit and avoid long traffic-clogged commutes. Many apartment dwellers can walk or bike and don’t even own cars. Denver suburb living also has its perks. Many of the surrounding neighborhoods and sprawling with new eateries, shopping, and more. It makes living away from the larger metro area much more quaint. Neighborhoods like Glendale can offer the perks of living in Denver without the price tag.

Here are some reasons to consider apartment living in Denver. Aside from Denver’s cost of living comparison, consider the following benefits of leasing an apartment:

When you rent, you need only the first and last month’s rent. Buying a home requires a hefty down payment, mortgage payments, appraisal fees, closing costs, insurance costs, and taxes.
Instead of being tied to maintaining a home, renters don’t have to mow lawns, shovel snow, plant, and weed flower beds. The time and equipment costs are free for renters.
Many apartments come with amenities like a pool, a fully equipped gym, a movie theater, and meeting rooms.
Homeowners’ insurance can amount to several thousand dollars a year. Renters insure only their apartment’s contents. The building is insured by the landlord.
We live in a mobile society. Often jobs take people to different locations around the world. Renters save the cost, labor, and inconvenience of selling a house when work takes them somewhere. In an apartment, the commitment is never longer than a year’s lease. Subletting your apartment can often be handled by your building’s management.
When you arrive in a new community, it can be difficult to establish new relationships. Apartment living gives you many opportunities to meet others in your building. Social encounters occur to be the pool, in the gym, or in other common areas. Many apartment complexes have weekly get-togethers and recreation clubs.
Depending on the apartment complex, many amenities are part of the package. These may include a pool, a fitness center, or a kids’ play area. These are maintained by the building’s management.
Apartment owners don’t have to worry about snow and ice storms. Parking lots and walkways are kept clean and safe.

Urban Phenix Rental Opportunities

Once, apartment living was a temporary option until renters could afford a house. Apartments are now viewed as comfortable residences for singles, couples, and families. These professionals have chosen rental options according to a renters’ survey for convenience and value.

Renters noted the wealth of amenities that come with their monthly rental payment. Urban Phenix has many rental properties in the Denver area to fit your lifestyle and budget. The company provides its renters with luxury options at an affordable price. Building managers strive to make renters and buildings feel well cared for.

From the time you move in until the moment you leave, Urban Phenix office and maintenance staff are eager to ensure that your rental home is one you look forward to coming home to every day. For more information on Denver apartment opportunities contact us directly.