Before moving to Las Vegas, make sure you know about the average cost of living in the city. It helps you prepare for the expenses and ensure you can afford them. This guide will also help you determine if Las Vegas is the right place for you! Keep reading to learn about our in-depth guide!
So much has changed in Las Vegas since our last update, so we wanted to keep you informed about the latest living costs before you move.
The average household income in Las Vegas is $86,000, and the minimum wage is $10.25 per hour with health benefits or $11.25 without health benefits.
Since housing costs are your largest expense when living in Las Vegas, it’s crucial to know the city’s average housing cost.
The median house price in Las Vegas (as of this writing) is $445,000. However, the average home price is slightly higher at $566,000.
Home prices will increase or decrease depending on various factors, including location. There are several real estate areas in Las Vegas where you can look for homes for sale. For example, home prices in Summerlin will vary from average prices in Henderson or other parts of Las Vegas. In addition, the $445,000 home value stated above will give you different kinds of properties across different locations.
Let’s say you have a $445,000 home in Las Vegas. Considering today’s interest rates, your estimated monthly mortgage payment is $2800. The average monthly mortgage payment was less than $1000 two years ago.
In addition to your mortgage payments, homeowner’s insurance is another housing cost to consider when moving to Las Vegas. If you’re living in Las Vegas, your average homeowner’s insurance will be $1,200 per year. Newer homes will cost less to insure than older homes, so consider that when determining housing costs.
The good news about buying a home and living in Las Vegas is there is less possibility of experiencing natural disasters, such as earthquakes, floods, etc. Thus, these factors won’t cause your homeowner’s insurance cost to rise exponentially like it would in some other states.
If you’re moving to Las Vegas to rent rather than buy, the average rent is $1,450 per month. For a 3-bedroom house, the rental prices start at around $2,100.
Did you know Las Vegas ranks 41 out of the 50 states in terms of utility costs? This data is based on a report from Move.org.
Thus, it dispels the myth that living in Las Vegas is expensive. The average gas and electricity bill is around $250 monthly. This average applies to traditional-sized homes, so you can expect your gas and electric costs to increase if you have a larger home.
Meanwhile, water and sewer costs will average around $80 to $100. Again, it will depend on what facilities you have at home. For example, homes with pools can expect that cost to be higher than ones without a pool.
Here are a few more living costs and utilities to consider when moving to Las Vegas:
Trash Fees – $18 per month
Internet – $100 per month
Considering these fees, the average utility cost in Las Vegas is around $460 per month.
Nevada is a tax-friendly state, which is probably one of the biggest reasons people are considering moving to Las Vegas.
There is no state income tax in Las Vegas. However, there are property taxes, which are still within a reasonable range.
Using the example of the median sales price for homes in Las Vegas, which is $445,000, expect to pay around $2,200 per month. If you want to learn more about property taxes in Las Vegas, you can check out our guide.
It’s worth noting that there is a yearly tax increase cap of 3% on owner-occupied homes. And unlike in most other states, this property tax amount does not reset upon sale–so if a home has been owner occupied for a number of years, it will have lower property taxes than a similar property that has been rented out.
Meanwhile, a new home will have property taxes of around 1% of the sales price.
The average grocery cost for a family in Las Vegas is $295 per week. It is the second highest in the US, which isn’t surprising since Nevada is a landlocked state. This causes grocery prices to go up a bit, especially compared to other states.
The car registration costs in Las Vegas are higher than in other parts of the US. Like most other parts of the US, they are determined based on many factors, such as the car’s age, model, and average car value.
Let’s say you own a car with an average value of $25,000. The annual registration fee for that car would be $400. On the other hand, brand-new cars valued at $50,000 or above will have an average registration cost of $900 per year.
In addition to paying for registration, you have to pay for your car’s insurance. In Nevada, car insurance costs average $125 monthly, while the gas costs will be $4.62 per gallon. The average price per gallon is higher than the national average of $3.76 due to its location within the desert.
In Nevada, the average cost of health insurance is $390 per month. Depending on your income, you might qualify for government subsidies, causing your insurance costs to go down to an average of $190/month.
Then again, the actual insurance costs will vary based on your needs and your insurance provider.
Before moving to Las Vegas, you should know how its cost of living compares to other major US cities.
Las Vegas is 35% cheaper than Los Angeles, and 32% cheaper than San Diego. Meanwhile, living in Las Vegas is 43% cheaper than San Francisco.
Are you planning on moving to Las Vegas? Consider these cost of living factors to help you determine if it’s a good fit for your budget! You can also schedule a free consultation with us to help pick the right area to live in Las Vegas!
