Advice for recent grad living on 60k/year in DTC (Denver: apartment, rental)

[02_lb7_Stroker]

Hi all,


Next month I graduate from CSU with my Bachelor's in Business Administration. I already have a job earning a little over 60k per year with an aerospace company in Littleton. With this being said, what is some advice you would give to a 22 year old wanting to live in the DTC area? I will most likely move home with the parents for a few months in Parker while I apartment search (and save $$), but come fall/winter, I would like to move in with a buddy of mine in the DTC area.


I would only like to rent for 1-2 years while I get my career off the ground and figure out my place at work. How much can I expect to pay for a decent sized/furnished apartment in the DTC? So far, I think I would cap my rent at $1,000 each for a double room apartment.


I do not have a car payment or any debt, only a small student loan payment (~$300). How much should I be saving? I've heard of the 50/20/30 rule but want some personal advice from people in the area. Any and all insight is welcome.


Thanks!

[eatsDEN]

so... I think the question about standard going rate for what rents in an area is --
really could be answered more appropriately with a quick search through the local listings -
and stalking complexes/units you think fit your needs/wants... maybe you can get lucky and find one cheaper/better than average market offerings.


to me, save as much as possible - it could come in handy if you are seeking to purchase a home in the near term...


could you stay with your folks until you have a reasonable down payment saved, and skip the rental unit completely?
if that is doable....




best of luck!

[abcdefg567]

Here's what I would do:

Pay off the student loan while living at home. Just take as much of your take home pay that you can and knock it out quickly. It'll save you interest and free up $300/month much faster.

Live like you're poor until the loan is gone & don't move in with your friend if you can stay with parents until you truly are debt free and have a very healthy savings. Save, save, save.

(And start retirement contributions ASAP)

But, as someone who used to work in the DTC, living close by will be much easier than commuting in, I'd take the light rail if possible. The drivers are crazy after work and angry. So many times I'd be turning into i25 only to have someone cut in front of me from the left mid turn.

*Eta, I would also stay at the job at least 6 months before moving out JIC it's not a good fit. I'm not sure if you worked through college or what, but you don't want to be tied down to a, 'whatever I could find to pay the bills," job with an expensive apartment, debt.

And I follow Dave Ramsey, look it up, but I'd have at least 6 months of living expenses saved up before moving, pay off the debt, be contributing 15% to retirement, and have a very healthy budget with a sinking fund. Just because you are young, obligation free, and are starting strong, it'll be much easier if you continue that way.

[remb]

Reframe the student loan in your mind to be considered debt, because it is. I agree with the above poster: Make it a priority to pay off the student loan ASAP.

[02_lb7_Stroker]

Originally Posted by eatsDEN

so... I think the question about standard going rate for what rents in an area is --
really could be answered more appropriately with a quick search through the local listings -
and stalking complexes/units you think fit your needs/wants... maybe you can get lucky and find one cheaper/better than average market offerings.


to me, save as much as possible - it could come in handy if you are seeking to purchase a home in the near term...


could you stay with your folks until you have a reasonable down payment saved, and skip the rental unit completely?
if that is doable....




best of luck!

I don't exactly want to buy a house right away. My company is huge and I could see myself moving to Texas or Washington within the next 2-3 years pretty easily so I do not want to sink myself in a house, especially with how difficult the market is in Denver right now. I also don't want to live with the parents for 2-3 years until then.. lol.

[02_lb7_Stroker]

Originally Posted by abcdefg567

Here's what I would do:

Pay off the student loan while living at home. Just take as much of your take home pay that you can and knock it out quickly. It'll save you interest and free up $300/month much faster.

Live like you're poor until the loan is gone & don't move in with your friend if you can stay with parents until you truly are debt free and have a very healthy savings. Save, save, save.

(And start retirement contributions ASAP)

But, as someone who used to work in the DTC, living close by will be much easier than commuting in, I'd take the light rail if possible. The drivers are crazy after work and angry. So many times I'd be turning into i25 only to have someone cut in front of me from the left mid turn.

*Eta, I would also stay at the job at least 6 months before moving out JIC it's not a good fit. I'm not sure if you worked through college or what, but you don't want to be tied down to a, 'whatever I could find to pay the bills," job with an expensive apartment, debt.

And I follow Dave Ramsey, look it up, but I'd have at least 6 months of living expenses saved up before moving, pay off the debt, be contributing 15% to retirement, and have a very healthy budget with a sinking fund. Just because you are young, obligation free, and are starting strong, it'll be much easier if you continue that way.

Why are you so adamant on paying off the loan if you don't mind me asking? Of course I would like to see if paid off fast as well but it's about 25k.. would be a healthy lumpsome. I wish I could light rail, but its not an option with where my company is located. I plan on staying in my current position at least 8-12 months, then will probably look to move but stay within the company. I'll check out the Dave Ramsey, thanks for the advice!

[illinoisphotographer]

Is your aerospace company Lockheed down by Waterton? If so, check the commute to and from DTC. I'm guessing you could be looking at an 45 minutes to an hour, depending on traffic

[02_lb7_Stroker]

Originally Posted by illinoisphotographer

Is your aerospace company Lockheed down by Waterton? If so, check the commute to and from DTC. I'm guessing you could be looking at an 45 minutes to an hour, depending on traffic

Yes, it is Lockheed. From DTC it is about 35/40 minutes going home, and 25-30 going to work in the morning. Not horrible, but I do like the DTC area enough where I think I'm ok with the drive.

[illinoisphotographer]

Originally Posted by 02_lb7_Stroker

Yes, it is Lockheed. From DTC it is about 35/40 minutes going home, and 25-30 going to work in the morning. Not horrible, but I do like the DTC area enough where I think I'm ok with the drive.

I'm impressed. I mapped it at around 23 miles or so and feared worse. That's not bad at all.

Random -- Do you happen to know a David Profitt who works there as well?

[02_lb7_Stroker]

Originally Posted by illinoisphotographer

I'm impressed. I mapped it at around 23 miles or so and feared worse. That's not bad at all.

Random -- Do you happen to know a David Profitt who works there as well?

I do not.. it is a very large campus. Plus I only work closely with 20-25 people on my program.