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Old 06-29-2013, 08:52 PM
 
991 posts, read 1,109,700 times
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I am a CPA living in the KC area, but I received some interest from a company in Denver. I have been to Denver only a few times, and don't really know the city that well. I checked and my CPA license is easily transferable to Colorado according to the State Board of Accountancy. In a one-income household of two people, making approximately $80k plus a small bonus, is it feasible to rent (and eventually purchase) a 2 BR /2 BA house or 3 BR / 2 BA house in a walkable city neighborhood? I would prefer not far-flung suburbs, and would like to be reasonably close to public transportation (I heard the light rail is pretty nice). Any advice would be greatly appreciated as I mull this position over (I have to determine if it's worth it to continue pursuing this opportunity).

We have no children, but could possibly in the future...not sure how that affects the economics of this deal.
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Old 06-30-2013, 08:12 AM
 
Location: Berkeley Neighborhood, Denver, CO USA
17,705 posts, read 29,796,003 times
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Default The cost of housing will shock you

Cost of everything but housing will be similar to KC.
(Well, auto registration costs more.)

Rents are high and climbing 5%/year. A 2Bed/2Bath single family house will be $1500-$2500 month.

Purchase prices. I think that Trulia is exaggerating the differences, but I am not sure why.

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Old 06-30-2013, 08:34 AM
 
Location: 0.83 Atmospheres
11,477 posts, read 11,548,648 times
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I went to school in Lawrence, you will like the weather here much more.

Dave is correct on the rents for a walkable city neighborhood. $1500 is going to be at the very low end for what you are looking for. I am renting out a 2br 1ba 1200 sq foot in a city neighborhood that is not known as the most walkable(Mayfair) for $1350 a month. It is a nice 1950's home with no off street parking and located on a semi busy 2 lane street. I am going to be renting out my 2br 2ba 1350 sq/ft in West Wash Park in a few months (if my builder ever finishes my new house) which is much more walkable and in a highly desirable neighborhood for $2500-$2700.

Last edited by SkyDog77; 06-30-2013 at 08:52 AM..
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Old 06-30-2013, 12:32 PM
 
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OK so I would need a salary of approximately 100k to 120k to live in Denver and own or rent a place in a desireable urban area. Is 80k per year doable anywhere in the city if I want to maintain housing costs at 25% of gross (so 1600/mo)? Will 1600 a month get you a decent place?
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Old 06-30-2013, 01:48 PM
 
Location: Na'alehu Hawaii/Buena Vista Colorado
5,529 posts, read 12,660,633 times
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KC, normally that would be doable, but the rental market in Denver is crazy right now. There have been several threads on this issue, so I suggest that you read through them. Some have offered advice on how to find a good place in a tight market.
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Old 06-30-2013, 01:53 PM
 
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$1600 a month will be enough for an 2 bedroom apartment in most walkable areas of the city. You can get a very decent place in Cap Hill, Uptown, Baker, Congress Park, and MAYBE near downtown for that.

Belmar in the suburb of Lakewood also might be worth considering...you'd be fairly near the West Spike of the light rail, and while it's might be a bit "new-urbanist-faux-downtown" for your tastes (it is for mine), it does have restaurants, bars, and shopping right nearby.

Houses in that range will be a lot harder to come by, you will probably have to give up some urban density or public transport to find something decent in your range. Not impossible, mind you, but expect to make compromises.
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Old 06-30-2013, 02:37 PM
 
Location: Foot of the Rockies
90,297 posts, read 120,694,120 times
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My DD was renting a 5 BR (though smallish for that many BR) house in Castle Rock for I believe $1200 or so. That was two years ago. Rents really have gone through the roof lately. My other daughter is renting a 2BR townhouse for about the same in Westminster. Westy is much closer to the city.
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Old 06-30-2013, 05:16 PM
 
Location: Way up high
22,314 posts, read 29,400,492 times
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Look into Belmar here in Lakewood. That's where I'm at. We're in a 2/1.5 two story townhouse for $1750. We walk to movies, super target, whole foods, bars/restaurants and shops. A king soopers right across wadsworth. We really like it.
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Old 06-30-2013, 07:04 PM
 
Location: Foot of the Rockies
90,297 posts, read 120,694,120 times
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Quote:
Originally Posted by himain View Post
Look into Belmar here in Lakewood. That's where I'm at. We're in a 2/1.5 two story townhouse for $1750. We walk to movies, super target, whole foods, bars/restaurants and shops. A king soopers right across wadsworth. We really like it.
My goodness! That is what my younger DD is renting for, I think, $1250! There are places they can walk to as well. Glad you like it!

Last edited by Katarina Witt; 06-30-2013 at 07:13 PM..
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Old 07-01-2013, 03:18 PM
 
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My husband and I moved to Denver from Kansas City last year, and found rental prices to be comparable to what you would find near the Plaza or downtown/Power & Light for an apartment or condo. I would say that $1600 would be average to expect for a 2BR apt/condo (with one or two baths, depending on location) in a walkable area. Not sure you will be able to find a detached home to rent for that price, and certainly not to purchase. We lucked out and found an older 2x1 condo just north of Wash Park for $1200/month. As I mentioned, you will be hard pressed to purchase a home in the most desirable areas with those specs under $300K. You could maybe find a 2x1 attached townhome (or plenty of condo options), but be prepared to get in a bidding war that could potentially exceed asking price by up to $50K! The rental and buyer's market in Denver is EXTREMELY hot and competitive right now.

That being said, we absolutely love Denver. We ended up buying in Mayfair, which is less walkable (pending the redevelopment at 9th and Colorado) but the housing options were much more appealing at $120K income.
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