$65K Enough For Fam of 4 to Live (Denver, Aurora: real estate, apartment)

[LetsMoveFarAway]

Me & my spouse have been arguing if $65,000/$70,000 would be enough to survive there in Colorado. We currently live in a different state, own a home, few cars and are making it. We would like to move into the very Southern areas of the Denver area (Highlands Ranch, Littleton, Centennial, or even Castle Rock). We would like to rent, but would want to buy a home after about 6 months to a year. Wife is a homemaker & Husband would be working for the city there (he's already in the prices of getting hired). Is that even plausible? Would we have to panhandle to survive or is that salary feasible?

[Dreaming of Hawaii]

Hard to say because we don't know what you are looking for -- apartment? house? I suggest that you look at some of the rental websites such as padmapper to see what rental prices look like in the Denver metro area. The rental market is extremely tight and extremely expensive right now.

Which "city" is your husband going to work for? Any reason why you are looking in the very southern areas? You may find other areas more affordable.

p.s., you should probably ask to move this to the Denver sub-forum.

[bluescreen73]

Could you do it? Depends on your budget, how much of a downpayment you can pay, and your debt load. Would I do it? Not with that salary range because it'll be tough to save for the future.

[LetsMoveFarAway]

He'll be working for Aurora, but do not want to live there. Don't want to specify his job. We would like to rent an apartment or home, but will eventually want to buy a home. Where are more affordable areas that are SAFE with good public schools? That is the reason why we are looking into the southern areas, safe, not so congested, good schools. What about Brighton, Commerce City, Arvada, Westminister? We do not want to live IN Denver.

Should mention we have a large amount saved for down payment on next home.

[bluescreen73]

Typically the houses are going to be more expensive as you go south. If he's working for Aurora you may want to check out Reunion or Murphy Creek, but you'll have lower-rated schools.

[emm74]

Affordable, safe and good public schools? Unless you have a large down payment, you will not find a single family home in the Denver metro area that is going to meet those criteria. Good schools and safe often go together, but you pay for that.

[Dreaming of Hawaii]

Why don't you want to live in Aurora? Have you read other threads here about the good parts of Aurora to live in? Personally I'd rather live in Aurora than Commerce City!

[TechMike]

My family of four lives on my salary, which is $70K/year. It's enough. We bought our house before the current run up in real estate, but I was also making quite a bit less then. After we pay the mortgage and then student loan payments, we have a small amount left over for college savings and retirement savings. I would like to save more, but the student loans are our first priority. I would say, it depends on what your other debts are. We recently paid off our car loan and medical bills which has significantly opened up cash flow.

Originally Posted by LetsMoveFarAway

What about Brighton, Commerce City, Arvada, Westminister? We do not want to live IN Denver.

I'm sorry you don't want to live IN Denver, may I ask why? There are some decent neighborhoods in Denver.

Brighton, Arvada and Westminster would be fine, generally safe areas with okay schools. Of those, I'd probably want to live near old town Arvada, to be close to the commuter rail opening next year. Commerce City is hit or miss. There are some areas of Commerce City that I wouldn't want to live near. Other parts (Reunion?) are decent.

I would even suggest Wheat Ridge or Lakewood. Depends where, but housing in those cities can be more affordable, are plenty safe, and still have decent schools. I'd also suggest Edgewater, but it seems our real estate is out pacing much of the market and is quickly becoming unaffordable for the working middle class.

Originally Posted by LetsMoveFarAway

Should mention we have a large amount saved for down payment on next home.

Depends on how much is a large amount, but that will definitely help. If you can put down 20%, the mortgage payment will be much more affordable (but I'm sure you knew that )

[LetsMoveFarAway]

Thank you so much TechMike!! You have answered so many of my questions! Our reason for not wanting to live in Demver is because we've noticed it's more expensive and also it seems there are much much more people close together rather then spread out in the neighboring towns.

I have noticed Arvada seems more affordable and also great schools as compared with some of the other areas that are hit and miss.

Thanks again for your response.

[step33]

My question: Is Denver where you REALLY want to be, and why?

IF the answer is yes, and you just can't see yourself anywhere else, then do it. You've got that starting job (highly recommended) and people make it out here every day on less (and struggle on more).

But, once you get here, get up every morning and do all you can to make it work because this is what you want for your long term future. THAT is what it will take - probably even more than an extra $20k a year in salary (though that would be HIGHLY useful).

Again, people with what should be enough money make big moves but for the wrong reasons - and they quickly become miserable when the new locale doesn't fix everything in their life.

But, if you come out with your meager budget and a true desire to be here and make this your now and future home - you'll be successful.