Moving to a new city is stressful. If you are one of those who decided that Colorado is the place for you and moved here without a job, the Denver Relocation Guide is here to help guide you through the process. There are several opportunities for a high paying jobs in Colorado, and starting on January 1, 2020, the minimum wage in Colorado rose to $12.00/hour. For tipped employees, IE Restaurant servers, if the employees tips combined with their hourly wage does not equal at least $12.00/hour, the employer must make up the difference. Colorado’s minimum wage is $1.20 higher than the Federal mandated minimum wage of $10.80/hour.
Mayor Michael Hancock signed a bill that will see the minimum wage in Colorado rise to $15.87/hour by January 1st, 2022. This law is to help minimum wage workers maintain with the cost of living in Denver. So, the question must be asked, is minimum wage in Denver enough to live on? According to Patch.com, in order to afford a modest 2 bedroom apartment, a household must earn a combined $25.33/hour.
According to Salary.com, the cost of living in Denver is 5.7% higher than the national average however. Denver has a cost of living index of 72.32. This represents a sample of prices for goods and services and factors in the how much of a person’s budget would go towards those items a year. Not taking into housing (rent) into consideration, for a family of 4 monthly costs average $3,395 and for a single person in Denver, monthly costs average $942.
Housing in Denver
The average rent in Denver can range from $1300-$1900 depending on where you choose to live. New apartment communities are offering residents easy walking access to nearby restaurants, shopping and public transportation. If apartment living is not for you and you aspire to buy your home in Colorado, expect to compete in one of the top performing housing markets. Denver joins the ranks of Dallas and Portland as the only non-southern cities most likely to outperform in 2020. In 2019, 58,404 homes sold in Denver, just under the record 59,207 in 2017. The median home price is $465,700, at a 3.79% interest rate, this is a $2,011 monthly payment. In order to qualify, you would need to earn at least $86,225/year.
Denver is STILL the place to be
Don’t let the cost of living deter you from moving to Colorado. The quality of life is second to none. The minimum wage in Colorado may be $12.00, but it’s important to also note, the average annual salary in Colorado is $62,705.