Cost of Living in Denver, CO [2025]

There are plenty of reasons to move to Denver, including its booming job market, and an outdoorsy lifestyle. About to purchase a one-way ticket to the Mile High City? Get ready for scenic hikes, hot springs, and weekends conquering the slopes of the Colorado mountains.

Moving to Denver and starting a new chapter in your life is a thrilling adventure. But before you pack up, learn more about the cost of living in Denver to determine what you can afford and what kind of monthly budget to set. Here’s where to get started.

Cost of Living in Denver

What Is the Cost of Living in Denver?

Denver has a 127.6% higher cost of living than the national average. The city has also become an emerging tech hub attracting an influx of engineers looking for an alternative to the San Francisco Bay Area.

Where Is the Cost of Living Highest in Denver?

The Hilltop area is among the most exclusive neighborhoods in Denver with rents ranging around $6,000 a month on up. Over in Washington Park, or Wash Park, you’ll also spend a premium of around $4,000 for a one bedroom apartment.

Where Is the Cost of Living Lowest in Denver?

The cost of living in Denver is on the rise, but you’ll see rents lowest around Virginia Village below $1,200 a month. Hampden is another lost cost of living area in Denver with rents around $1,100 on up.

How Much Is Rent in Denver?

As of July 2024, the current average rent for a one bedroom apartment in Denver is $1,402 a month. That figure ranks #56 across the United States among the country's 100 largest cities. If you’re thinking about moving to cities near Denver, here’s a breakdown of the highest and lowest areas in the metro area.

Not sure how much to spend on an apartment in Denver? Do some math and figure out how much you can spend on rent.

How Much Is a 1-Bedroom Apartment in Denver?

If you’re hoping to pack and move to Mile High City, you’ll spend an average of $1,993 on a one-bedroom apartment. Based on our updated data, we’re seeing a decrease in Denver rents. Teaming up with a roommate or opting for a studio apartment or a suburb could help drive down your costs.

How Much Is a 2-Bedroom Apartment in Denver?

If you’re renting an apartment after July 2024, you’ll spend an average of $2,721 on a two-bedroom apartment. After a brief decline in population, Denver is the 22nd fastest-growing big city in the United States. The city is showing a 2.87% increase in population between 2021 and 2022 due to net migration

What Salary Do You Need to Live in Denver?

Make sure you can comfortably afford rent in Denver by following the recommended 30% rule. The rule stipulates that you shouldn’t pay more than 30% of your pre-tax income toward your housing costs. Of course, that figure can change if you have high student loans or a side hustle that provides more income.

Let’s look at the average one-bedroom apartment in Denver at $1,993. Based on the 30% rule, an individual should make at least $79,720 annually, $6,643.33 a month, or around $$37.37 per hour to afford a reasonably comfortable lifestyle in Denver.

You should also consider the living wage when calculating the cost of living in Denver. The living wage is the minimum amount of money needed to live above the poverty threshold. In Denver, it is around $25.62 per hour for a full-time employed individual, as per MIT calculations. It doesn’t include expenses on entertainment, vacations, student loan repayments, and restaurants, or make room for savings. The estimated median household income at the end of 2023 was around $85,853, providing Denverites with some breathing room.

If you want to save more money or have loans or credit card debt, you could also consider a studio apartment to save. Choosing an apartment in a less trendy area or a longer commute can also help reduce your rent expenditure.

How Much Are Utilities in Denver?

Denver’s reasonable climate keeps utility bills in check, but is still a factor in the cost of living in Denver. A basic utility bill that includes electricity, heating, cooling, water, and garbage will average $187.05 per month. If you include Internet (60 Mbps or More, Unlimited Data, Cable/ADSL) it will increase the total monthly cost of utilities by around $66.27 on average, totaling $253.32 per month.

How Much Is Child Care in Denver?

Childcare costs are on the rise across the country, and Denver is no different. The latest data from MIT estimates you’ll spend around $17,731 for the annual cost of one child in Minneapolis. For two children, you’ll spend $32,745.

You’ll spend even more in a high cost of living neighborhood or anywhere there is a daycare shortage. You may be able to reduce costs by looking for a nanny share or exploring employment with on-site childcare at a discount to employees.

How Much Is Transportation in Denver?

Transportation is another important category to consider when calculating the cost of living in Denver. If you are an adult living in Denver, expect to spend at least $8,166 per year on transportation.

Families with two working adults and one child can expect to pay $11,904 per year on transportation. If you decide to use public transit, be ready to pay $88 per month for a monthly pass to get around Denver or $2.75 per one-way ride.

How Much Are Groceries in Minneapolis?

Your food bill will vary depending on how you prefer to dine. According to the MIT living wage estimates, a single adult that cooks his or her meals (including snacks) at home will spend around $4,799 per year on food.

If your cooking skills leave much to be desired, take advantage of Denver’s fantastic restaurants for an average of $20 per meal at an inexpensive restaurant without appetizers, alcohol, and dessert. A three-course meal for two people at a mid-range restaurant will add up to $80 on average.

Denver Fitness & Entertainment

Denver’s wealth of hiking and biking trails, walkable streets, and outdoor recreation make it a beautiful place to get fit. City Park is the perfect place to spend the day exploring 330 landscaped acres, playing golf, or visiting the Denver Zoo. However, you can still join a gym at an average of $59.83 in monthly membership fees.

When it comes to entertainment, watching that new blockbuster movie will cost you at least $15 per ticket, excluding popcorn and drinks. Fortunately, Denver is home to several free, world-class attractions. Embrace your frugal side and visit the Colorado Music Hall of Fame, City Park Summer Jazz Series, and the Red Rocks Amphitheater, in addition to special free days at attractions like the Denver Botanic Gardens.

Find Your Next Apartment in Denver

When you compare Denver to other metropolitan cities, costs are on the rise, but it’s still less expensive than San Francisco or Los Angeles. There’s still room for newcomers with determination and a realistic budget.

Now that you know all about the cost of living in Denver, you can start your apartment hunt in Mile High City. Get started with this quiz today.

FAQs: What to Know About the Cost of Living in Denver 2024

How expensive is an apartment in Denver?

A one-bedroom apartment in Denver costs $1,376. A two-bedroom apartment in Denver costs $1,702.

What is the cheapest rent in Denver?

A one-bedroom apartment is the cheapest rent you can get in Denver, with the median rent sitting at $1,376. The average rent for a two-bedroom apartment in Denver is $1,702.

How much money do you need to live comfortably in Denver?

If you follow along with the 30% rule and are renting a one-bedroom apartment for $1,993 in Denver, you need an average salary of $79,720 to live comfortably, or $6,643.33 a month or $40.34 an hour. MIT cost of living data shows a bare minimum wage of $25.62 an hour to live in Denver with no extras, savings, or student loan payments.

Where is the most affordable place to live in Denver?

There are some areas of Denver that are affordable, including Virignia Park. You should expect to pay around $1,200 a month for a one-bedroom apartment. In Hampden, rents are still reasonable at around $1,100 a month for a one-bedroom apartment.

What is the average electric bill in Denver?

Recent data from Numbeo shows the average electric bill in Denver is around $187.05 per month but can fluctuate in winter months. To save money, you can also look for apartments with the utilities included in the rent.