Let’s talk about the REAL cost of living in Las Vegas. If you have plans to move to Las Vegas, you will want to pay attention in this video as we talk about all 2021 living expenses explained.
To understand how much it really costs to live in Las Vegas, we cover everything from the median price of a single family home, average rent prices in Las Vegas, insurance costs, state income taxes in Nevada, other miscellaneous costs, and even the cost of living in Las Vegas compared to other cities! We are often asked how much it costs to live in Las Vegas. There has been a huge influx of people moving into the area, and one of the bigger reasons is the affordable cost of living in Las Vegas.
In order to have a full picture of the true cost of living in Las Vegas, we start with assessing income factors such as the average household income in Las Vegas as well as minimum wage. Currently, the average household income is around $78,000 and minimum wage right under $10 without benefits. For living expenses, the median price of a single family home in Las Vegas is around $355,000 with a lower than national average homeowners insurance of around $750 per year.
You can also expect the average rent prices in Las Vegas to range anywhere from $1,200 per month for an apartment to $1,650 per month for a single family home. Another huge motivator for many people moving to Las Vegas is the advantageous tax situation we have in Nevada.
We do not have state income taxes in Nevada and property taxes are lower than average, but majority of our taxes come from a hotel occupancy tax and a sales tax of 8.375%. Other miscellaneous costs include transportation costs and gas prices which can skew higher than average, and health care costs in Las Vegas can vary depending on the type of plan you sign up for.
Thinking about buying, selling or investing in real estate or have more questions about the real cost of living in Las Vegas? Schedule Your Free Consultation! We pride ourselves in helping our clients realize their real estate goals through great communication, expert negotiation, and genuine service.
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