Affordable

What Salary Do You Need to Live in Penrose?

To afford a 2-bedroom in Penrose, you need to earn at least $58,680/year based on estimated fair market rent data. The median household income here is $77,286, which means the typical resident is $18,606 above the threshold.

Census ACS Data Pop. 3,900

Salary Required by Bedroom Size

Bedroom	Monthly Rent	Monthly Income	Annual Salary	vs. Median
Studio	$1,027	$3,423	$41,080	$-36,206
1 Bedroom	$1,218	$4,060	$48,720	$-28,566
2 Bedroom BENCHMARK	$1,467	$4,890	$58,680	$-18,606
3 Bedroom	$1,790	$5,967	$71,600	$-5,686
4 Bedroom	$2,201	$7,337	$88,040	+$10,754

Affordability Breakdown

Where the required salary line crosses above Penrose's median income — housing becomes unaffordable for the typical resident.

Required Salary Median Income

Income vs. Rent Snapshot

Median Income

$77,286

Annual household

2BR Required Salary

$58,680

Under 30% rule

Income Gap

+$18,606

Surplus

Verdict

Affordable

Ratio: 22.8%

The 30% Rule Calculator

Enter your annual salary to see what you can afford in Penrose

Your Annual Salary

Pre-filled with Penrose's median household income

Max monthly rent you can afford$1,932

Studio

$1,027/mo

1 BR

$1,218/mo

2 BR

$1,467/mo

3 BR

$1,790/mo

4 BR

$2,201/mo

Your salary is $0 above the median income in Penrose.

Salary Comparison by Bedroom

Bars left of the marker line are affordable for Penrose's median earner. Bars to the right require above-median income.

Affordable Above Median Median Income

What This Means If You're Moving to Penrose

Living in Penrose is well within reach for most median-income earners. With a $18,606 cushion between what residents earn and what a 2-bedroom requires, households in Penrose typically have meaningful financial flexibility after housing costs.

For remote workers or relocators evaluating Penrose, a studio at $1,027/month offers an even more aggressive savings rate. Even a 3-bedroom at $1,790/month remains accessible for dual-income households earning above $71,600.

To live comfortably with room for non-housing expenses, a break-even salary of approximately $88,020 would position you well — though many residents in Penrose manage on less given the favorable rent-to-income dynamics.

Economic Outlook

Local Job Market & Housing Dynamics

Affording rent isn't just about housing prices—it's heavily dependent on local employment opportunities and the strength of the job market in Penrose, Colorado.

With a total population of 3,900, the city supports an active civilian workforce of 1,460 people. A strong employment base often indicates a stable economy, which is crucial when committing to a lease requiring a $58,680 annual salary. The ratio of employed residents to the total population provides insight into the local economic health and competition for both jobs and housing.

Employed Workforce

1,460

Active civilian employees in Penrose

Frequently Asked Questions About Renting in Penrose

What salary do I need to live in Penrose, Colorado?

To afford a 2-bedroom in Penrose under the 30% rule, you need an annual salary of at least $58,680. The median household income in Penrose is $77,286.

Can I afford a 2-bedroom in Penrose on $77,286?

The affordability verdict for Penrose is "Affordable". The rent-to-income ratio is 22.8%, meaning median earners have a $18,606 surplus.

What is the average rent in Penrose compared to median income?

The median gross rent in Penrose is $1,218/month. With a median household income of $77,286, residents spend approximately 22.8% of their income on rent.

What salary do I need for a studio in Penrose?

A studio in Penrose rents for approximately $1,027/month. Under the 30% rule, you need an annual salary of $41,080 to afford this.

Is Penrose considered an affordable place to live?

Based on the surplus of $18,606 and an affordability verdict of "Affordable", Penrose is considered a affordable rental market when comparing the required 2-bedroom salary of $58,680 to the local median household income.

How Penrose Compares

Other cities in Colorado with salary requirements