What Is the Real Cost of Living in Park Hill?

Developed in the late 19th century as a model for elegant residential enclaves, It's no surprise that Park Hill is one of Denver's most appealing neighborhoods. With wide, tree-lined streets and gorgeous homes just outside the city center, it's seen the Denver area grow and change over the decades. Even now, the Park Hill neighborhood retains its historic charm while being infused with a new vibrancy from its active community of residents. But how much does it cost to live in this gorgeous neighborhood? Let's look at what you could expect to pay for housing, transportation, food, and more if you make Park Hill your new home.

The Park Hill area stretches from just north of I-70 down to East Colfax, then from Colorado Boulevard on the western edge to Quebec Street in the east. Within this area, the overall average home price is around $570,000. This is slightly less than the average single-family home price in the rest of the Denver metro area, which is currently sitting at around $860,000, but it's on par with the average cost of a townhome or condo in Denver.

But how much you pay for a home in Park Hill will largely depend on what area of Park Hill you want to buy. The larger neighborhood is divided into three areas: Northeast Park Hill, North Park Hill, and South Park Hill. You'll find the most expensive properties in South Park Hill, which borders City Park and East Colfax. Homes in this area can easily surpass the million-dollar mark, with an average sale price of about $990,000. North Park Hill comes with a lower average of around $630,000. Northeast Park Hill offers the most affordable housing prices, averaging around $550,000.

The good news is that no matter what you pay for a home in Park Hill, you can look forward to low property taxes. Colorado has some of the lowest rates in the country at just 0.54%.

Park Hill residents will enjoy a pretty average utility bill compared to the rest of the United States.  Denver residents can expect to pay about $179 for a small apartment, including electricity, heating, cooling, water, and garbage collection. The standard phone and internet bill will cost you about $57 and $77 a month, respectively.

According to Payscale, the cost of living in Denver is about 11% higher than the national average. Food costs in Park Hill and the rest of the Denver Metro area are slightly above average for the rest of the United States. Eating out, however, is in line with the national average (potentially due to the variety of competition in the area!). If you want to dine out at a mid-range restaurant with a partner or friend, you can count on spending around $75 for a three-course meal. A meal at a fast-casual restaurant for yourself will set you back an average of $18.

Park Hill has excellent transportation links. Not only are you on the edge of the I-70 corridor, but great public transportation options can get you all over the Denver area quickly and at little expense. Two bus lines run into the Park Hill area, the 28 and the 43, and you can get to the Colorado Convention Center in around 40 minutes or to Denver Pavillions in just 30.

Residents can also hop on the A-line train at 40th and Colorado, which takes you west to Union Station, or you can take it out to Denver International Airport (DIA).

The bus and train fare starts at just $3.00 for a local ride, $5.25 for regional transfers, and $10.50 for a ride to DIA. If you decide to drive yourself, you'll be paying around $3.93 per gallon of regular gas, slightly above the national average of $3.76.

Park Hill residents enjoy an average salary of around $102,465. That's higher than the rest of the Denver Metro area, which has an average salary of $81,630. Park Hill is well-positioned for those commuting into Downtown Denver and working for some of the area's biggest employers, including DaVita, ING, Qwest, United International Holdings, and the University of Colorado.

Park Hill is a special place to call home in the Denver area. Its beautiful parks, stunning properties, and abundance of dining, shopping, and entertainment options make it one of the most popular neighborhoods in the area. If you are ready to call Park Hill your home, start your real estate journey with Kevin Jochem. With his unparalleled knowledge of the area, excellent customer service skills, and solution-oriented approach, Kevin can find the perfect home for you and your family. What are you waiting for? Contact Kevin Jochem today.