The Cost of Living in Denver, Colorado

admin October 23, 2010 0

The city of Denver and its metropolitan area form one of the most dynamic regions in the nation, from both an economic and a social perspective. The city’s economy is faring better than many other metropolitan areas across the country, powered by a mixture of high technology industries, such as biotechnology, aerospace and communications. This prosperity, along with other factors, such as the extensive infrastructure, the quality of the educational system and the all-around high standard of living make Denver, Colorado a decidedly attractive place to live in. Statistics confirm this statement: during the 2000s, the Metro Denver added almost 23,000 inhabitants each year, a growth which translates in a 1.7 % annual increase, well over the national average. This means that Metro Denver is among the few metropolitan areas in the U.S. that experienced a steady growth of population during the 2000s.

Nevertheless, the cost of living in Denver, Colorado is considerably lower than the cost of living in other major American cities. The median cost of living in the city is about three percent higher than the national average, which is actually quite low, when you consider the quality of life enjoyed by the inhabitants of this area. Let’s examine some of the reasons of this relatively low cost to live in Denver, Colorado.

First of all, the city is well known for the high percentage of highly educated inhabitants, with a whopping 39.5% of the adult population holding a bachelor’s degree or a higher form of education. Many of these knowledge workers are employed in the city’s successful companies. The unemployment rate in the Metro Denver, although affected by the current recession, is still 2% lower than the country’s average, and analysts agree that this difference will persist in the foreseeable future. Another factor which contributes to the relative low cost of living is the large percent of households with two earners.

The above combination of factors translates to a 60,344$ average median income, a full 16% higher than the national average.

The personal income per capita was calculated at 48,360$ in 2008.

The tax level in the Colorado state, including local, state and federal taxes is among the lower of the nations, ranking at number 34, and its value is 4,63% for all the residents.

The real estate market of Metro Denver is among the few which are touted to recover more easily from the current housing prices crisis. Also, among the major metropolitan areas, Denver has experienced one of the least substantial decreases of real estate pricing. The region has a median price of housing, roughly 27 percent higher than the national average, while the average monthly apartment rent is $793 in Denver.

All these factors contribute to a cost to live in Denver, Colorado which is relatively small. Along with the city’s many other attractions, these factors make Denver a great place to live, start a family and build a career.

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