Have you ever thought of moving permanently to Las Vegas? If you have, the most basic question you’ve probably asked yourself is; what is the cost of living in Las Vegas? Well, you’re in luck because I will answer this question today. Read on.
Housing Costs
Both rent and home prices are higher in Vegas than across Nevada and the country. But that doesn’t mean that they’re unaffordable. They are. In fact, they’re cheaper than in most cities in the West, including San Diego and LA. By the end of last year, the median sale price of a single-family home in Vegas was $385,000. Renting a one-bedroom property costs you $1,067, and a two-bedroom cost you $1,363.
Food Costs
Reports suggest that Nevada has the fifth-highest food costs in the country. If you go to a grocery store in Vegas, you’ll likely spend $4.48 on ground beef, $3.34 on bread, and $2.36 on eggs. On a typical night out, you’ll likely spend at least $20+ on beer and pizza. If you’re a single adult, you’ll spend at least $4,000 a year on food. If you’re a family of four, you’ll spend at lats $11,764 a year on food.
Job Market
Of course, the hospitality and leisure industry employs the most people. So, you have to at least love these two industries. The top employing companies are Caesars Entertainment and MGM Resorts. Health services and education are also significant employers. The Clark County School District is the nation’s fifth-biggest school district and the top employer in Nevada.
The average salary in Sin City is $59,368 ($29 per hour). Most salaries land between $42,182 and $75,209.
Transportation Costs in Las Vegas
In 2021, Elon Musk unveiled a “futuristic’ Las Vegas transportation system. Well, we’ll have to wait a little bit for that now, won’t we? But current transportation systems are reliable. Public transportation is limited, and car-related costs are higher than national averages, but you can still get around. At the beginning of January this year, a gallon of gas in Clark County cost $3.93, slightly less than the Nevada average of $3.99. The US average at the time was $3.26. Car insurance will cost you about $2,929. If you’re committed to taking public transportation, the Regional Transportation Commission of Southern Nevada operates routes throughout the city. Single-ride fares will cost you $2, and two-hour fares will be $3. 24-hour passes cost $5. 30-day passes are preferable at $65.
State and Local Taxes and Fees
Las Vegas is a part of Clark County. Expectedly, the combined sales and use tax rates are higher than the average of 8.38%. However, there is no income tax in Nevada overall. Sin City also has low homeowner-friendly property tax rates at around 0.6% of the value of your home. It can increase to about 3% annually on primary residences. In January 2023, the mortgage rates in Nevada averaged 6.51% for a 30-year fixed mortgage and 5.89% for a 15-year fixed one.
Why You Should Move to Las Vegas
Las Vegas is the Entertainment Capital of the world. You’ll have around-the-clock pleasure, world-class dining, and stunning desert landscapes to explore whenever you wish. But before you decide to move here, you must research and determine whether it aligns with your income and budget.
