DENVER (KDVR) — Denver is one of the 20 most expensive large cities in the U.S. for renters who earn the area’s median household income, according to a new study.
The personal finance resource website GoBankingRates compared the nation’s 50 largest cities using data for the cost of living and median income of each area. The report determined how far the typical paycheck goes for renters, and which cities are best for them.
The Mile High City was found to be one of the most expensive, despite a comparatively high area median income, according to the report.
Denver ranked as the No. 20 most expensive large city for renters who make the median household income of $91,681. That covers the $67,349 annual cost of living, and leaves $24,332 for savings.
Only seven cities included in the report had a median household income higher than that of Denver.
Here are the rankings and data points for the Colorado cities included in the report:
- No. 20: Denver
- Median household income: $91,681
- Annual cost of living: $67,349
- Leftover savings after median income pays cost of living: $24,332
- No. 21: Aurora
- Median household Income: $84,320
- Annual Cost of Living: $61,065
- Leftover savings after median income pays cost of living: $23,255
- No. 33: Colorado Springs
- Median household income: $83,198
- Annual cost of living: $56,051
- Leftover savings after median income pays cost of living: $27,147
In each of the Colorado cities, the local household median income was enough to cover 136%-138% of the cost of living.
There are four cities in California and two others in the U.S. where the median household income could not cover the cost of living for renters, according to the report, including:
- Los Angeles
- Miami
- New York
- Long Beach, California
- San Diego
- San Jose, California
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The study used income data from the U.S. Census Bureau and cost-of-living data from the Bureau of Labor Statistics.
