Is $60,000 enough to live in Denver? (Aurora, Lakewood: apartment, credit card, student loans)

[jaxtigers]

Originally Posted by N610DL

I recall that FL doesn't have income tax right? 60K is fine to live on in Denver, but it's not what it would have been like 10+ years ago.

When I moved to DEN in early 2016 I was making 75K in CA and 70K in CO - for comparison sake. I actually cleared more money on a 70K job over 75K in CA because tax was only 4.5% or so. So that 5K difference between DEN and TPA is significant.

Yes, Florida has no income tax.

[Mike from back east]

IMO the tax issue is a non-issue. I've charts showing the total tax load in FLA to be about 9% while COLO clocks in at about 9.5% for taxes. FLA homeowners moving to COLO save on property tax but pay the COLO income tax of 4.63%.

The the big savings in a FLA to COLO move might be in homeowners insurance. If a FLA home was built PRIOR to enactment of strong hurricane building-code standards then that insurance can be several thousand more than for a comparable COLO home. Newer homes in FLA that are built to the latest codes probably have homeowners insurance rates fairly comparable to COLO.

IMO, yes, a person can exist in Denver on $60k/year.

[Best_Coast]

I make around that now. I'm single and live in a studio that costs roughly $1,300/month. I also own my car. Saving will be difficult and much less than you'd like to be putting away. I'm planning to eventually move to a state where my salary will be much, much higher. Unless you're in love with the mountains/skiing/hiking, I'd consider other cities. There are other places with more to offer when it comes to urban amenities that often pay more and have a lower cost of living.

[COJeff]

Originally Posted by jaxtigers

Hi all,

I want some financial advice. I have been offered a job as an engineer in Denver for $60,000 before taxes. I turn 23 years old next month. I currently live in Tampa, Florida. I have a current job as an engineer making $55,000 a year before taxes. Here's the thing, I would definitely like to live in Colorado, but I am worried about the expenses and if I'll be making enough money there while still saving a decent amount each month. I am aware that Colorado has a state tax which Florida does not have. From calling around different apartment complexes, it seems the going rate for a 1 bedroom is around $1200/month. Also, I should mention I am single and therefore would be making the move by myself. I am looking for a change in my environment and a fresh start from where I live currently, but it's also a big deal that I am able to save a good amount of money (~1500/month) wherever I live. I don't have immediate debt anywhere and I own my car. The job itself is in Centennial. Any advice?

What kind of engineer? $60k is kind of low. I started at $75k in 2008 after graduation with electrical engineering.

[davebarnes]

Originally Posted by jaxtigers

I have been offered a job as an engineer in [Centennial]

Is the job here better than the one in Tampa?
It is not always about salary and CoL.

[COJeff]

sorry didn't see your title.

[jaxtigers]

Originally Posted by Best_Coast

I make around that now. I'm single and live in a studio that costs roughly $1,300/month. I also own my car. Saving will be difficult and much less than you'd like to be putting away. I'm planning to eventually move to a state where my salary will be much, much higher. Unless you're in love with the mountains/skiing/hiking, I'd consider other cities. There are other places with more to offer when it comes to urban amenities that often pay more and have a lower cost of living.

And about how much are you able to put away? I understand your point. Although I do really want to get out of where I am right now.

[Best_Coast]

Originally Posted by jaxtigers

And about how much are you able to put away? I understand your point. Although I do really want to get out of where I am right now.

Hard to say really. It varies from check to check and will vary considerably based on the individual and their spending habits. I don't do nightlife but do enjoy eating out and going to concerts, movies, and games, but I'd say I'm still quite frugal. I'll put it this way, I don't see myself ever being able to own a home based on my salary and the cost of real estate in Denver.

[jaxtigers]

Originally Posted by Mike from back east

IMO the tax issue is a non-issue. I've charts showing the total tax load in FLA to be about 9% while COLO clocks in at about 9.5% for taxes. FLA homeowners moving to COLO save on property tax but pay the COLO income tax of 4.63%.

The the big savings in a FLA to COLO move might be in homeowners insurance. If a FLA home was built PRIOR to enactment of strong hurricane building-code standards then that insurance can be several thousand more than for a comparable COLO home. Newer homes in FLA that are built to the latest codes probably have homeowners insurance rates fairly comparable to COLO.

IMO, yes, a person can exist in Denver on $60k/year.

I probably wouldn't ever be able to afford a house if it's just going to be me contributing. Although I am probably going to be living in an apartment for a very long time.. I do hope to work my way up though from the entry level position I would be in.

[Namegoeshere111]

Left Tampa for Denver Metro a year ago working in Transportation field. Try and keep a longer term view in perspective. The job market here is bigger and more competitive but your prospects will be better here to get to where you want to be, whatever that is. Tampa’s problems with traffic, climate, poor planning are legacy issues that there is no will to try and solve. Great to visit, average at best quality of life. Denver excels in quality of life and your salary is adequate to get you going here.