Your earning will significantly influence your decision to choose a place to live. So if you want to live in Denver, Co, how much should you get to have a comfortable life there?
The Cost of Living in Denver
Denver has a COL (Cost of Living) in the overall index at 128.7. This is for a homeowner with no child care. Denver is a fairly affordable place to live but not good enough to be among the 50 largest cities to live in.
With a reasonably affordable price and a $100K earning, you could fare enough to live in Denver with a meager income leftover. But what about taking on a five digits number? How far could you get to live with that means?
In Denver County, the median household income was $68,592, according to the United States Census Bureau in 2015 - 2019. But to live comfortably, these are the monthly costs for two adults and two children.
- Housing - $1,298
- Food - $810
- Child Care - $ 1,583
- Transportation - $ 1,095
- Health Care - $ 966
- Other Necessities - $ 850
- Taxes - $1,100
Monthly Total - $ 7,702
Annual Total - $ 92,426
And therefore the monthly earning should be at $7,702 minimum. Thus, for income sufficiency, you need to make more than this amount to provide savings.
Ways to Increase Annual Income
If you belong to a family with two adults and two children and belong to the median earners, you can make ends meet by doing some ways to increase your annual income, Forbes.com says.
- Use your existing employee benefits like a dependent care FSA and healthcare FSA.
- Help other companies, make money on your experience and expertise
- Adjust your withholdings
- Sell your snaps - license and sell your strongest photos
- Start a side hustle
- Be creative - cut on expenses
- Add a new skill and earn extra money
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