- Average cost of a one-bedroom apartment for rent in Denver is $1,700 per month
- Average cost of utilities for a 915 sq. foot apartment in Denver is $153.24
- Average annual salary in Denver is $80,500
- Cost of living in Denver is 14% higher than the national average
Denver is a fast-growing city in the state of Colorado. Its proximity to the Front Range of the Rocky Mountains provides access to skiing and other recreational activities, historic attractions, and fascinating landmarks. Nearly three-quarters of a million people live in Denver, making it the most populous city in the mountain states.
While the cost of living in Denver is higher than the national average, find out if it’s within your budget to call it home. We’ll give you a breakdown of the highlights of the cost of living in Denver:
Denver housing costs
- Average cost of a studio apartment: $1,480 per month
- Average cost of a one-bedroom apartment: $1,697 per month
- Average cost of a two-bedroom apartment: $2,338 per month
Recent economic growth in the area has increased the overall cost of living in Denver, Colorado. Currently, the cost of living in Denver is significantly higher than the national average, with housing being one of the city’s most expensive aspects of living. The median home price in Denver is $600,000, while the median price in the state of Colorado is $343,300. For comparison, the national average median price in the United States is $428,700.
The cost of living in Denver varies depending on the neighborhood you call home. Some popular neighborhoods in Denver include Union Station, River North Art District, Cherry Creek, and Central Park.
Transportation costs
Transportation is also more expensive in Denver, at 21.2% above than the national average. Public transit in the city is the most expensive in the nation compared to other similarly sized cities. A one-way ticket on a local route costs $3 for an adult, which is more than double the price of a similar ticket in Houston and Austin, Texas. A ticket on the line between Denver International Airport and Union Station costs $10.50. Eligible riders can qualify for a low-income discount of up to 40% off fares.
Some people may prefer to own a vehicle when living in Denver. The average cost of car insurance in Denver is $1,263 per year for men and $1,355 for women. You can expect to pay around $3.85 per gallon of gas in Denver, which is on par with the national average of $3.81 per gallon.
Cost of utilities
If you’re spending more money on rent than you anticipated, you might be able to make up the difference by cutting your spending in other areas. The cost of utilities in Denver comes at 18% below the national average, and you can limit your electricity and gas usage to keep these costs under control. Numbeo.com estimates Denver’s average monthly utility cost to be approximately $153.24 for a 900-square-foot apartment. You can also use various methods to reduce your utility costs in Denver, including conserving water and using Energy Star-certified appliances. Most people use Xcel Energy for power in Denver, Colorado.
Food costs
Denver food costs are comparable to that of the rest of the U.S. According to MIT living wage estimates data, food for one adult will cost approximately $3,999 per year. You can expect to pay around $3.80 for a gallon of milk and $3.52 for a loaf of bread in Denver.
Shopping at discount grocery stores and using coupons can extend the grocery budget. A meal at an inexpensive restaurant for two might range between $17-$67.50.
Taxes
You’ll also want to calculate taxes into your budget when deciding if Denver is right for you. Specific tax rates depend on the district in which you live in Denver. For example, if you live in Commerce City, you can expect a city tax rate of 4.5%. City tax rates in Northglenn are 4%. Colorado also has a state sales tax of 2.90%. This leads to a combined tax rate of 8-9.25%, depending on where you live in Denver.
Entertainment costs in Denver
Whether you enjoy indoor or outdoor entertainment, Denver has something for everyone. Here are some of the top attractions to enjoy in the city:
- Denver Botanic Gardens: Tickets start at $15 per adult
- Denver Zoo: Tickets start at $20 per adult
- Red Rocks Amphitheater: Ticket prices vary depending on the show
- Coors Field: Tickets start at $8 per person
Denver offers several high-quality free entertainment venues, such as the Colorado Music Hall of Fame, the Summer Jazz Series hosted by the City Park, and other attractions that offer free days throughout the week. You can also spend time exploring the beautiful outdoors in Denver at places like Mount Evans, Waterton Canyon, Castlewood Canyon State Park, and Devil’s Head Lookout Trail.
Other expenses to consider when living in Denver
Denver and the state of Colorado pay slightly higher healthcare costs than the national average. The average cost of health insurance in Denver, Colorado, is $369 per person per month. Some insurance companies available in Denver, Colorado, include Anthem, Bright Health, Cigna, and Denver Health.
Fitness costs may be lower since Denver has a large number of hiking and biking trails and outdoor recreational areas. You can also join a fitness club for an average of $74.47 per month. You may also want to consider childcare costs if you plan on raising a family in Denver. The average cost of childcare in Denver is $1,443.75 per month.
Salary and job market in Denver
Denver has experienced significant economic and population growth in recent years, thanks to its proximity to various mountains and outdoor activities, and its central location in Colorado. Transportation heavily impacts the economy. Colorado has become a prime location for storing and distributing various products to the states along the West Coast and throughout the Southwestern and mountainous regions of the country.
Multiple large corporations have their headquarters in the city, including United Airlines, Coors Distributing Company, the Gates Corporation, and AIMCO, the country’s largest owner and operator of apartment communities. The average salary in Denver is $80,500 per year.
FAQs: Denver cost of living
The cost of living in Denver is 7.9% higher than the cost of living in Colorado City, Colorado. When compared to Colorado Springs, the cost of living in Denver is 4.7% higher.
The cost of living in Denver is 14% higher than the national average.
The cost of living in Denver is 7.9% lower than the cost of living in Chicago.
The cost of living in Denver is 55% lower than the cost of living in New York City.
Whether you’re into the outdoor scene or want to make a change due to a job opportunity, living in Denver, Colorado, is an appealing option. It’s a bit more expensive than other areas of the United States, but you’ll have access to great restaurants, shopping, and recreational opportunities that often make the higher cost worth it.
Ready to explore your options? Explore Denver apartments for rent on Zumper and find the ideal place to call home in the Mile High City.
Related content
