What is the Real Cost of Living in Platt Park?

What is the Real Cost of Living in Platt Park?

If you’re looking for the perfect location in the Denver Metropolitan Area, consider Platt Park. This neighborhood has a great, central location with easy access to I-25 and the light rail, making trips to other parts of Denver and the beautiful surrounding Rocky Mountains a breeze. In Platt Park, historic homes from the early 1900s create a neighborhood with character and a deep connection to the roots of Colorado. Tree-lined streets wind through the beautiful homes, allowing residents to easily walk to the park or grab a coffee in the morning. It’s the perfect combination of a relaxing setting with all the amenities of urban living.

Platt Park has excellent school systems; within the neighborhood, there are elementary schools, middle schools, high schools, and even a university within a two-mile radius. Families also love Platt Park for its beautiful outdoor spaces and community events. There’s always something going on in Platt Park, whether it’s the farmers market in the summer or holiday celebrations in the winter. The community regularly comes together in celebration of the neighborhood’s beautiful heritage.

If you’re considering moving to Platt Park, you might wonder how the cost of living compares to other parts of the country. Our guide will walk you through the living costs for Platt Park and further advise you on buying a home in this beautiful area.

Housing: home purchase price

The home purchase price is a considerable aspect of the cost of living in Platt Park. Home prices have steadily increased since 2020, and despite rising mortgage interest rates, home prices have stayed the same or only declined slightly.

According to the Colorado Association of Realtors, Denver County, which includes Platt Park, saw fewer listings sold year-over-year from March 2022 to March 2023 (a drop from 619 to 480). This may be partly a reaction to increased interest rates, which reached 6.28% in April 2023. High interest rates slow markets — buyers are inclined to wait, and current homeowners may have locked in a better interest rate upon purchase, making them reluctant to sell.

The median sales price for a single-family home also decreased in Denver County from February 2022 to February 2023: from $744,000 to $650,000, a drop of 12.6%. If mortgage interest rates remain high, home prices may continue to decline in the area.

Utilities cost

Another aspect to consider when purchasing a home is the price of utilities. In Denver, the average utility bill is $137 as of 2023, according to a study published by Forbes Magazine. There are many things that homeowners can do to lower their utility costs, including installing solar panels, ensuring insulation is high quality, and using energy-saving appliances and electronics, as well as smart electronics. In sunny Colorado, solar panels can be a huge cost saver in electricity.

Food cost

Food costs have been rising throughout the United States as the costs of gas and oil have also increased, which are necessary for food production. Per the Massachusetts Institute of Technology, the annual cost of food for a family with two adults and two children as of 2023 is $13,802 in Denver. The yearly cost of food for one working adult with no children is $4,686.

According to a study by Forbes Magazine, the cost of a gallon of milk in Denver is $2.07, a loaf of bread costs $3.91, and a pound of coffee costs $4.97. This is significantly cheaper than other cities, such as Chicago, where a gallon of milk costs $2.29, or New York, where milk costs $3.04.

Living in Platt Park gives you more value for your investment than in other major metropolitan cities. When the basics cost less, the budget has more room to enjoy high-end dining, beautiful ski resorts, and other city amenities.

Transit cost

Denver has excellent public transit through the Regional Transportation District (RTD). A local fare on the RTD costs $3.00, a regional fare costs $5.25, and a trip from Platt Park to the Denver International Airport costs $10.50. Most residents in Park Platt also own a personal vehicle, and the cost of gasoline in Denver is as low as $2.79 per gallon as of April 2023.

According to the Massachusetts Institute of Technology, the average annual cost of transportation for two working adults with two children is $14,058. For a single adult with no children, the average annual cost of transportation is $5,316.

Average salary

Platt Park is filled with opportunities, and many bustling industries call Denver home, such as the booming tech industry. Your average salary depends mainly on your field. Business employees make about $85,000 on average, management employees average about $140,000, and computer-related professionals make about $110,000 per year, according to a study published by the Massachusetts Institute of Technology.

Other prominent industries around the Platt Park area include architects and engineers, who earn an annual average salary of about $105,000, and life science employees, who earn about $85,000 annually.

Ready to find your next home?

If you’re ready to find your next home, Mandy Stehle, a real estate agent, is here to help. Mandy has over 30 years of experience in the Denver area and a deep understanding of market dynamics in Platt Park real estate. She has an extensive portfolio and is ready to help you find the perfect home. Contact Mandy to move forward in your Denver homeownership journey.

*Header photo courtesy of Shutterstock

Work With Mandy

Best known by her clients for her unmatched authenticity and integrity, Mandy loves working with past clients, friends, and family referrals as she forms genuine long-lasting connections. Contact Mandy today to discuss all your real estate needs!

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