Unfortunately, the cost of living in Henderson, NV has risen since our last update. According to Payscale, the cost of living in the city is 11% higher than the national average. There are several factors that influenced the increase in the cost of living in the city and we are here to help examine these factors so you can determine if it’s worth moving to the city and if you can afford it.
Several factors combine to push the cost of living in the city on an upward trajectory. One of the main factors is that since the pandemic, more companies allowed their employees to work remotely. For this reason, many people chose to move to the Las Vegas area, specifically Henderson, to take advantage of the sunny weather, low taxes, and lower cost of living in Henderson (compared to other major US cities).
Unfortunately, the same reasons that attracted people to move to Henderson are also what pushed the cost of living in the city upward. But it’s still one of the most coveted places to live in the US and Las Vegas as it remains one of the more affordable cities, especially when compared side-by-side with other major cities.
According to NerdWallet, here is how the cost of living in Henderson, NV compares to other major US cities:
• 33% lower than Los Angeles
• 30% lower than San Diego
• 47% lower than Honolulu
• 45% lower than San Francisco
• 16% lower than Chicago
The median household income in Henderson is $80,000.
The minimum wage per hour in the city is $10.50 for businesses that do not offer health benefits or $9.50 for businesses that offer health benefits to their employees.
According to The Las Vegas Review Journal, the minimum hourly wage in Henderson will go up to $12 an hour by July 2024.
Housing costs are one of the most important costs of living to consider when moving to a new city. In Henderson, the median house prices have a projected year-on-year growth rate of 15%.
The current average price for a single-family home is approximately $500,000. It is higher than the average cost for Clark County, which is $430,000.
Over recent months, the home prices in the Las Vegas real estate market are softening, and Henderson remains to be one of the most sought-after real estate destinations for home buyers and investors. For this reason, zip codes within Henderson have been steadily seeing price increases each year.
The average home prices in Henderson could translate to as much as a $3,000 monthly payment on homes purchased via loan (with the current interest rates and for a 20% down payment on the home).
For those looking to rent in Henderson, the average rental fee in the city is $1,782 per month. It is still higher than the average rent in Las Vegas, which is $1,500.
The low tax rate is another important factor to consider when evaluating the cost of living in Henderson, NV. It is one of the things that attract potential home buyers to the area. But how does it fare in 2023?
Good news – the property taxes in Henderson (and the whole Las Vegas area) are reasonable! The property tax rate in Henderson is $0.71 per $100 of assessed value. It is cheaper than the tax rates in Las Vegas and North Las Vegas.
In addition, owner-occupied properties have a maximum tax rate of 3%. New homes get an even better deal because you can get a tax of 1% of the total sales price. For example, if you purchased a new home construction worth $500,000 in Henderson, NV, you will pay a tax of $5,000. On the other hand, older homes will have an average annual tax rate of $2,500.
There is also no state income tax in Las Vegas or Nevada!
The essential utilities form a huge chunk of your monthly living expenses. Therefore, you must consider this before deciding to move to Henderson. The average utility costs in Henderson range from $200 to $1,000 depending on your lifestyle.
Up to 70% of Henderson, NV homes use gas heaters while 30% use electricity. The average electric bill is $150 per month. Of course, the average electric costs will depend on the size of the home and the number of occupants.
The water bill system in Henderson is highly efficient. Most homes spend an average of $80 a month on water. On the other hand, basic internet service will start at $70 a month and can go upward to $120 for more advanced services.
The cost of groceries in Henderson is slightly above the national average and the state average. An average Henderson citizen spends an average of $294 per month on groceries.
The transportation costs in Henderson can be good or bad. While gas prices in Nevada are higher than in other states, the cost of insurance in Henderson is lower than in other cities or states. Henderson consistently ranks as one of the safest places to live in the US, which means you can access cheaper car insurance compared to other cities in Nevada.
According to Move.org, Nevada ranks 38th in the country in terms of average utility costs out of 50 states.
Are you considering Henderson as your new home in Las Vegas? Schedule a FREE consultation with us so we can take you on a tour of the community and discover if it’s a good fit for your needs and lifestyle. You can also check out our other guides on Henderson, such as the top five guard-gated communities, top schools in Henderson, and the reasons why we love living in Henderson!