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How much does a single person need to make to live in Denver?
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How much does a single person need to make to live in Denver? can you share your thoughts on this
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Denver is one of the best places to live in America. There are numerous advantages of living in Denver. For instance, you don’t have to worry about the cost of living because it’s one of the cheapest places to live. Also, you won’t have to pay rent because you can afford to buy a house.
You also don’t have a lot of traffic problems because there are very few cars in Denver. In fact, the city is ranked number 1 for being free of traffic congestion.
If you want to enjoy the outdoors, you should visit Colorado. You can hike, ski, snowboard, ride bikes, and explore nature.
There are lots of great restaurants in Denver. They offer delicious food such as Mexican, Italian, Chinese, Japanese, Indian, American, etc.
Also, there are lots of bars and clubs where you can hang out with friends. These include sports bars, music venues, comedy clubs, etc.
Finally, you can visit museums, galleries, theaters, and art centers. All of them are located near downtown Denver.
So, whether you’re looking for a place to live or just want to spend time with friends, Denver is a great place to visit.
Average Cost of Living in Denver
Denver is a great place to live. The cost of living here is relatively affordable compared to many cities across America. However, there are still some expenses associated with living in Denver that may surprise you.
One of the biggest surprises is the average cost of living in Denver. According to the U.S. Census Bureau, the median household income in Denver was $54,948 in 2017. This means half of households earned more than this amount, and half earned less.
However, when comparing the cost of living in Denver to other major metropolitan areas, Denver ranks among the lowest. The national average annual rent for a two bedroom apartment is $1,500, according to Zumper.com. But in Denver, the average monthly rent for a comparable unit is only $1,100.
This makes Denver a great city for young professionals who are just getting started in life. They can afford to live comfortably within their budget.
Another surprising expense is the price of food. According to the USDA, the average grocery bill per month in Denver is $543. This is significantly lower than the national average of $735.
But perhaps the most shocking statistic comes from the U.S. Department of Labor. According to them, the minimum wage in Denver is $13.33 per hour. This is nearly double the federal minimum wage of $6.55 per hour.
While these numbers aren’t exactly accurate, they give us a rough idea of how much money we’d need to make to survive in Denver. So let’s say you’re planning to move to Denver and open a restaurant. What would be the average salary necessary to support yourself and your family?
To find out, I used the U.S. Bureau of Economic Analysis’ CPI calculator to estimate the cost of living in various cities. Then I plugged those costs into the National Association of College Stores’ (NACS) salary calculator to determine the average salary needed to cover basic necessities.
According to NACS, the average salary required to cover basic needs in Denver is $29,868. This means you’d need to work full-time at minimum wage to pay for everything you need to live in Denver.
If you plan to open a restaurant, you’ll need to make at least $30,000 per year to meet your financial goals. And if you’re looking to become a successful blogger, you’ll need to generate over $40,000 per year.
Median Household Income in Denver
Denver’s median household income was $51,898 in 2016. This means half of households earned more than this amount and half earned less. The city’s per capita income was $24,988.
This information comes from the U.S. Census Bureau’s 2017 American Community Survey (ACS). To calculate the median household income, we took the average of the incomes reported for each family member. We then divided this number by two.
To determine the per capita income, we calculated the total income of every resident in the city and divided it by the population. Then we multiplied this figure by 1,000.
We used the ACS to find these figures because it provides detailed demographic information on residents at the neighborhood level. However, keep in mind that the numbers may vary slightly depending on where you live.
If you’re interested in learning more about the median household income in Denver, visit the U.S. Department of Commerce’s Economic Research Service.
The Most Expensive Neighborhoods in Denver
Denver is home to some of the most expensive neighborhoods in America. The average price per square foot ranges from $1,000-$2,500.
Some of the most expensive areas include Cherry Creek North ($1,800), Capitol Hill ($2,200) and Park Meadows ($2,400).
To find out where you can afford to live in Denver, visit http://www.zillow.com/home-values/denver/.
To sum up
This infographic shows you just how expensive living in Denver is.