Considering a move to Denver? Moving is a big undertaking with many exciting changes. Proactively researching the finances of your move to Denver will help you minimize surprises in your budget and help you decide if you can even afford to live there.
Denver is 35 miles southwest of Boulder of lies just 15 miles from the base of the Rocky Mountains. With 4.6% of its population being a member of the LGBT community and ranking the ninth largest US LGBT community, Denver routinely appears on the top list of LGBT cities.
Cost of housing in Denver:
The cost of housing in Denver is significantly higher than the US average. In fact, in a recent study, the Denver Post found that the average home in Denver is only affordable to those that make an excess of $90k per year. Your actual cost will largely be driven on which neighborhood you choose and if you decide to rent or buy.
Do you plan to rent or buy when you move to Denver?
While Denver provides many options to rent or buy, the smartest decision for your finances is entirely math based. Before taking the plunge on your new home, calculate for yourself if it’s smarter to rent or buy.
Average of rent of 2 Bedroom in Denver: $2,125
Average home price in Denver: $424,700
Income in Denver:
According to PayScale.com average income in Denver is 12% higher than the US average. Because the cost of living is significantly higher than the average, this makes Denver less desirable from a financial perspective. Compare this to other cities in our
Average annual income in Denver: $61,105
Minimum wage in Denver: $11.10
Taxes in Denver:
Denver residents pay both Colorado income and sales taxes. However, their income tax is often found to be lower than other states.
Sales tax in Denver: 8.31%
Denver residents pay the Colorado state, Denver County and Denver City sales tax. The total of these taxes sums to 8.31% for 2019.
Income tax in Denver: 4.63%
Jobs in Denver:
Assuming you wish to stay long-term, it’s important to review the job market before you move to Denver. Future job security in any city is an important consideration for its long term viability. This is especially the case for your move to Denver, as the primary industries continues to evolve.
Fortune 500 Companies in Denver: 10
Arrow Electronics, DaVita, DISH Network, Liberty Interactive, Ball, Newmont Mining, Level 3 Communications, Western Union, Liberty Media, CH2M Hill