You May Not Want To Hear How Much Money You Have To Make To Live In Colorado (2024)

FAQs

How much money do you have to make to live in Colorado? ›

The living wage in Colorado is $16.54 per hour, or $34,488 per year. This is the hourly wage that a worker needs to earn to support themselves and their family.

Key Findings. On average, an individual needs $96,500 for sustainable comfort in a major U.S. city.

But just how much does a single person in California need to make to live comfortably? A new study from Smart Asset determined that a person must make at least $ 89,190 to get by comfortably.

The median salary in Denver, CO is $66,516, with 80% of salaries falling between $34,800 and $143,550. Salaries in Denver, CO are generally above the national average.

Under the 2024 PAY CALC Order, which annually publishes adjustments to the state's minimum pay and income levels for the upcoming year, Colorado's minimum wage rates increased on Jan. 1, 2024, to: $14.42 for standard employees (up from $13.65) $11.40 for tipped employees (up from $10.63)

To account for this, experts suggest you multiply your desired retirement income by 25 times. So if you want to retire on $20,000 a year, you would need $500,000 saved to live comfortably and never have to work again. Retirement spending also depends on your lifestyle choices.

The study found that a person needs an average of $96,500 for sustainable comfort in a major U.S. city. It's even more expensive for families, who need to make an average combined income of about $235,000 to support two adults and two children without the pressure of living paycheck to paycheck.

50% of your net income should go towards living expenses and essentials (Needs), 20% of your net income should go towards debt reduction and savings (Debt Reduction and Savings), and 30% of your net income should go towards discretionary spending (Wants).

According to the U.S. Census Bureau, the median household income in Colorado is $87,598. Of the 10 biggest cities in Colorado, Arvada has the highest median income at over $100,000. A financial advisor can create a financial plan so you can do more with your money.

A one-person household must earn less than $66,300 a year, or about $31.88 an hour, to be in the current low-income range for Denver. That's about $1 more an hour compared to last year, when Denverites who made less than $62,600 were included in the low-income range.

Is Colorado affordable to live? ›

Colorado has a higher cost of living compared to the national average, with housing costs being particularly steep at 20% higher than the national average. Utilities, however, are 9% lower.

Is $80K a good salary for a single person? $80,000 is about $5,000 higher than the U.S. median household income, so many people would consider it very good for a single person. “Good” is always a relative term when it comes to salary; whether or not the amount you earn covers your expenses is a highly personal dynamic.

If you make $75,000 a year living in the region of Colorado, USA, you will be taxed $18,237. That means that your net pay will be $56,764 per year, or $4,730 per month.