Can You Afford Rent Anymore in Colorado?
News from Denver shows an increase in rental costs there and it makes you wonder how far these costs will go.
In Denver, it will cost you an average of $1,500 per month for a one bedroom apartment and could be as much as $1,900 per month for a 2 bedroom apartment.
How much rent can you afford to pay? According to Zillow, you should not exceed 40% of your pre-tax income. What would that leave you?
As an example, let's say you make $2,000 a month. According to the website, you should be able to afford an apartment costing $825 per month. Here in Grand Junction, that would be an acceptable amount, but if you live in Denver, or are planning a move there, you will need to make over $5,000 per month. Given the cost of things in Denver like electric, heat, food and other items in your budget, even that amount is pushing it.
Having "just enough" to afford a place to live isn't really living at all. In this type of environment, you would almost have to have a second person living with you to make it more affordable.
Average rent in Grand Junction for a 2 bedroom apartment is $801 per month. That amount is actually lower than last year's $817. With such a disparate amount, you are better off staying and contributing right here on the Western Slope.