How Much does it Cost to Live in Denver, CO?
The average cost of living in the Denver area has been steadily climbing over the past decade. The current climate in many metropolitan areas indicates that housing is a major contributor to this increase, though rising costs of groceries, clothing, entertainment, transportation, and healthcare remain important factors.
Some studies have shown that people who move into metropolitan areas tend to have both higher incomes and levels of education than those moving out of cities. This contributes to a housing climate where high cost and appreciation rates are sustained over time.
However, wage and income increases often do not keep up, which leads to out-migration over time. These conditions attract a culture of transience, causing residents to move to the city, stay a few years, and leave.
Over the last ten years, Denver has also fallen into this culture of transience. Many young professionals earning high wages are moving in from more expensive coastal cities, attracted by
Denver’s comparable affordability. However, this migration pushes out lower-income Denver natives.
The Denver housing market can’t keep up with this population growth, and the high demand is directly contributing to cost increases. Overall, the cost of living in Denver ranks 44 points (or 12%) higher than the national average. Housing plays a large role in this high ranking, thanks to housing and median home costs double the national average.
Live in the Suburbs
Denver can be expensive, but the cost of living in some of the surrounding neighborhoods are a little less daunting. The cost of living in Aurora, Thornton, Brighton, and Commerce City are generally more affordable than living in the state’s capital.
Living in the suburbs has its perks. Generally, the median home price in these areas is cheaper than Denver home prices. Being further from the center of town typically means having more room to breathe, with bigger properties and easier access to surrounding Colorado outdoors. And downtown Denver is just a quick drive on one of the many interstates.
When the cost of living starts to climb, people living in the city often turn to passive income to help afford their way of life. Passive income is usually derived from rental property or any other means wherein the individual isn’t actively participating in the earnings.
Thanks to modern technology, there are many platforms available for even the most inexperienced to make extra cash. Technology has also helped encourage a modern sharing economy, one where individuals who have items, services, or space can provide access and use to those who do not. Carpooling and cohabitating are two basic examples.
STOW IT is a company based in Denver that helps residents rent out extra space in their homes. STOW IT allows homeowners to provide vehicle storage for those looking to store their boats, RVs, and cars. This is one of the easiest ways for those living in expensive areas to make a little extra money.
Similarly, Fluid Market allows Denver citizens to rent out vehicles, lawnmowers, camping and outdoor gear, and other possessions that the owner doesn’t often use. This passive income platform benefits the whole community, providing individuals with less space a way to engage in the activities they love while also helping those looking to make an extra buck.
|Many side jobs let you choose your own schedule.|
Of course, there are plenty of other ways to make extra money in Denver. Some of the more popular side gigs are to drive for Uber or Lyft. These services connect drivers with cars that have enough space for passengers to people in need of rides. Postmates, Grubhub, and Uber Eats are like Uber and Lyft, except drivers deliver food from local restaurants instead of people.
The biggest benefit of working for these companies is the effort required. Driving your own car on your own time is as close to a passive income as you can get.
Similarly, Rover and Wag connect dog owners to available walkers and sitters who help with pet responsibilities. Individuals providing these services can log on at any time to earn some extra cash, or schedule regular appointments.
All these options have become essential components of metropolitan life, providing a solution to limited space, time, and resources while connecting communities to goods and services that they need. They are each creative solutions to rising costs of living in Denver, and in cityscapes nationwide.