DENVER (KDVR) — Two Colorado cities are among the most expensive big cities in the U.S. to live comfortably in, a recent study found.
Finance website GOBankingRates analyzed the country’s 50 largest cities to determine how much it would cost to live in each comfortably based on data points like home values, incomes and cost of living.
The study calculated the income for necessities and applied the 50/30/20 budget rule, doubling the cost of necessities for a lifestyle that can include saving and discretionary spending.
The Mile High City ranked as the No. 12 most expensive large city to live comfortably in. Meanwhile, Colorado Springs ranked at No. 20.
12. Denver
Total population (2024): 729,019
Average single family home value: $589,059
Salary needed for necessities: $64,764
Salary needed for comfortable living: $129,528
Denver was comparable to cities like Miami, Portland, Oregon and Austin, Texas.
20. Colorado Springs, Colorado
Total population (2024): 493,540
Average single family home value: $463,169
Salary needed for necessities: $54,231
Salary needed for comfortable living: $108,462
The top 26 cities on the list require salaries of over six figures in order to life comfortably, according to the report.
The most expensive cities were located for the most part in California. San Jose, San Francisco and San Diego topped the list, each with a salary of over $200,000 needed live comfortably.
There were two cities where the necessary income to live comfortably was comparable to the salary needed for necessities in Denver.
The most affordable big cities to live comfortably in were found to be Detroit, Michigan at $65,733 and Memphis, Tennessee at $66,177.
GOBankingRates also recently conducted a study to find the salary needed to achieve the American dream in the nation’s 50 largest cities. Denver ranked at No. 12 with a salary of $159,036 needed, and Colorado Springs ranked at No. 21 with a salary of $134,277 needed.
