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What’s the Cost of Living in Denver, CO?

Sports fans probably know Denver as home of the Denver Broncos, the Denver Nuggets, the Colorado Rockies and the Colorado Avalanche hockey team, while arts enthusiasts probably associate the city with its many famous museums and architectural highlights. No matter what your passion might be, Denver has something to offer everybody. It’s no small wonder that the city has grown to become the most populous area in Colorado.

The average cost of living for Denver residents was 6.7% higher than the national average as of July 2015, according to Forbes. Luckily, food and medical supplies are not subject to sales taxes in Colorado, allowing Denver seniors to save on their daily expenditures and offset the city’s high cost of living.

Paying for housing in Denver

Buying a house can be expensive, and Denver residents pay a premium for property. In July 2015, the median price of a home within the city was $261,000. Rental rates are also high, averaging $1406 per month for a single bedroom apartment and $1814 per month for a 2-bedroom unit in (June 2016). Residents can save on housing costs by adding energy efficient fixtures to their homes such as solar panels or evaporative cooling systems to reduce their utility bills. Some local energy companies offer rebates and rewards to families that upgrade their house in order to conserve energy.

Covering the cost of groceries in Denver

Food for home use is not subject to sales taxes in the state of Colorado. This helps to keep your grocery bill low while your family enjoys wholesome and nutritious meals. Denver families tend to spend less on food than families in neighboring states, paying an average of $2.92 for a gallon of milk, $3.30 for a dozen eggs and $4.42 for a pound of chicken breasts (July 2016). Meals at a restaurant are typically more expensive than meals at home, averaging $12.00 per person at an inexpensive local restaurant.

Managing transportation costs in Denver

If you own a car, you know that getting around town isn’t always cheap. Car insurance in Denver averages around $1393 per year, but drivers can earn discounts by staying safe and avoiding accidents. Your insurance premiums also depend on your age, vehicle, and how often you drive.

Gas prices vary throughout the city, averaging $2.13 per gallon, but you can fill your tank for as little as $1.64 per gallon (July 2016). If you rely on public transportation, the Denver Regional Transportation District (RTD) offers up to 50% discounts on fares for disabled individuals and seniors over the age of 65.

Finding affordable senior care in Denver

If you receive care at home, adult day services in Denver are cheaper than similar respite care programs nationwide, costing a median of just $16,900 annually. Home health services are more expensive, however, costing a median of $52,624 per year to hire a professional homemaker and $54,912 to hire a trained aide.

If you receive care in an assisted living facility, you can expect to pay around $51,000 for a room, which is considerably more expensive than the national median price of $43,539. Nursing care is also more expensive for Denver residents, who pay a median of $90,703 each year for a semi-private room and $102,930 for a private room in a local nursing home. Low-income seniors may be eligible to save on long-term care costs through the Colorado Medicaid program.

Learn more about Denver Retirement Planning here:

How Much Does It Cost to Retire in Denver, CO?

Denver Financial Advisors

Denver Elder Law Attorneys

Denver Senior Realtors

Denver Senior Movers and Downsizers

Denver Neighborhood Guide

Live Like a Local in Denver

Denver Demographics and Lifestyle

Find assisted living in Denver near you.