Denver is a city on the rise. A booming tech sector across Colorado is increasing the population with high-income earners. On the other hand, this influx is leading to an increase in the cost of living in Denver and other areas.
According to the Denver Post, if you moved to Denver in the past decade, you’ve done alright for yourself. On average, people who moved to the Denver metro area earned $3,100 per household more than those who left.
While this bodes well for those who moved into Denver, it isn’t so great for those who left.
The median annual household income of those coming into the Denver-Aurora metro area was $52,588, while the median income of those leaving was $49,473, a difference of $3,115.
The cost of living in Denver is a godsend to many of the incoming residents. Why? Because many of them are coming from expensive coastal cities such as Los Angeles, San Francisco, or New York.
Compared to these areas, the cost of living in Denver is a step down from what they’re used to. The problem, however, is that many of these individuals are bringing higher incomes. As a result, housing costs are rising and median wages in Denver aren’t keeping pace.
“This has caused the price appreciation to increase faster that what would have occurred were the housing market is in line with the population growth.” – Elizabeth Garner, State Demographer
While Denver continues to see a net gain in population, more people than ever before are leaving the city as well as the state of Colorado.
Your Local Cost of Living Matters
Costs around the country vary widely. From property taxes to state income taxes, median wages, home prices, and more. The cost of living in Denver is just one example. For those moving from San Francisco, they can now lead the same quality of life (or better) for far less than what they’re used to.
For lower income residents of Denver, the increased costs are forcing them out. Everything, of course, is relative.
Because location matters, City vs City calculates costs at the zip code level. From the beginning, our app was founded to answer a simple question. How much money do you need to earn to sustain your standard of living in another city? In other words, if you were to take your current cost of living and translate it to another city, how would it change?
For San Francisco residents, moving to Denver is a step up. What about you?
City vs City calculates local as well as state-wide costs. The app examines after tax income, housing expenses, state and local taxes, and more. As a result, City vs City provides an accurate look at your true cost of living.
If you’re considering moving to another city, you can then stack up your current cost of living against your chosen city. As a result, you’ll see a side by side comparison of the cost of living.
Does the cost of living in Denver appeal to you? Or, are you looking to get out of Colorado and try your luck elsewhere? Download the City vs City app today and start comparing cities.