How Denver's Surge In Housing Costs Compares To Other U.S. Cities

DENVER, CO — A new study analyzes how Denver's cost of living compares to other major cities. The Mile High City's recent surge in housing costs was the third largest in the country, according to a Rent.com report.

While the average Denver resident spends just 23.7 percent of their annual salary on rent, that number went up 7.1 percent between 2016 and 2017 — the third largest increase in the country, the data show. Miami, St. Louis and Denver had the largest increase in household spending.

Analysts surveyed city dwellers and gathered data from the Bureau of Labor Statistics to create the report.

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Denver also ranks as one of the most expensive cities in the country, costing residents an average of $74,088 per year, according to the report.

Nearly 78 percent of the average Denver resident's expenditures are essential, leaving about 20 percent for things like saving and entertainment, the data show.

While 55 percent of city dwellers say the expense is worth it, 41 percent have given up saving to afford the costs, according to the report.

Read the full Rent.com report.