Cost of Living in Denver: Here’s What Renters Should Expect

Moving to a new city as a renter comes with many considerations, and one of the most important is understanding the cost of living. Whether you’re relocating for work, school, or a change of scenery, knowing how your expenses will compare to your current city can ease your search for a rental apartment and help you plan your budget more effectively.

Offering a mix of urban amenities and outdoor adventures, Denver is one of the most desirable cities in the country for renters. With its thriving job market, scenic mountain views and vibrant cultural scene, it’s no surprise that many people are looking for apartments in Denver. But, how does the cost of living in Denver measure up to the state of Colorado and the U.S. overall?

Here’s what you need to know if you’re looking for an apartment for rent in Denver.

What is the average cost of living in Denver?

With a median household income of $91,681, Denver residents experience living costs that are 4% higher than the Colorado average and 10% above the national benchmark. Yet, while the city’s expenses are slightly elevated, many renters find that Denver’s lifestyle and job opportunities make the cost worthwhile.

Housing in Denver is one of the biggest factors contributing to the higher cost of living with prices sitting 30% above the U.S. average. However, utilities in the city are about 14% lower than the national average, which helps renters balance their monthly budgets. This means that although rent prices may be on the higher side, day-to-day utility expenses are generally more manageable.

Meanwhile, essentials like groceries and clothing in Denver are slightly more expensive with grocery prices about 4% above the national average and clothing costs around 6% higher. These increases mean that everyday expenses can add up, but many renters find that Denver’s diverse shopping and dining options make it worth the extra cost.

Notably, health care costs in Denver are in line with the national average, ensuring that doctor visits and dental check-ups remain predictable for renters. That said, non-essential expenses — such as entertainment and personal care services — are about 6% higher here than in other U.S. cities. This means that while going out or pampering yourself may cost a bit more here, Denver’s extensive cultural scene and recreational opportunities offer plenty of value.

Is Denver a good choice for renters?

Understanding the cost of living in Denver is essential for renters considering a move to the city. And, with expenses that are higher than both the state and national averages, budgeting wisely is key. However, the city offers plenty of advantages, including a booming job market, a strong sense of community and easy access to outdoor adventures.

In any case, knowing what to expect financially will make your renting experience smoother and more enjoyable whether you’re drawn to Denver for its culture, job opportunities or stunning mountain views.

Or, if you’re curious about life in other cities across the U.S., check out similar articles on the cost of living in places such as St. Paul, MN; Chicago; Milwaukee; and Washington, D.C.