For many people, cost is a crucial factor when they are figuring out where to call home. Determining affordable living in one place requires comparing it to other parts of the country and the state. Generally speaking, Las Vegas is 11.6% more expensive than other cities in the U.S. Compared to other cities in Las Vegas, however, it has a lower cost of living. If you’re considering calling Sin City home, contact property managers in Las Vegas for more details on the cost of living here and how to plan financially for your move.
The Cost of Housing
In addition to housing prices varying from one city to the next, they can also vary within the same city, which surprises many people. Las Vegas is one such city where housing prices fluctuate within city limits. Generally, the closer you are to the Las Vegas Strip, the more expensive home prices. If you want to live close to where the action is, you will inevitably spend a bit more money. On average, homes in Las Vegas cost $385,000. The average price for a home anywhere in the country is $385,500, so home prices in Las Vegas are right around the average. Although housing prices in Las Vegas are still quite reasonable, they have risen by slightly more than 10% in the past year. And if you ask real estate agents in Las Vegas, Las Vegas housing prices are desirable compared to some more expensive parts of the country. Many people moving from more expensive areas, such as southern California and other metropolitan areas, find the housing market in Las Vegas to be much more reasonable.
Rental prices in Las Vegas have also increased in the past year. The cost to rent a place in Las Vegas has risen about 6.38% since 2021. In 2021, the average cost of renting an apartment was $1,191. The average cost of a one-bedroom apartment was $980, and the average cost of a two-bedroom apartment was $1,250 per month. However, location makes a big difference in Las Vegas. If you live closer to The Strip, the cost of an apartment can easily reach $3,000 per month.
Along with housing, you’ll have to consider the associated costs of utilities. The average cost of utilities in Las Vegas for a 1,000-square-foot apartment is $180 per month. That cost includes water, heating, electricity, cooling, and garbage. The cost of the internet adds a little bit more to your rent, and the average monthly price of internet is $77. The cost of adding on cable and other streaming devices can add up to $100 more to your bill every month. Remember that seasonal temperature fluctuations can also impact how much you pay for your utilities. Although winters tend to be relatively mild in Sin City, summers can be sweltering. That means, during the summer months, you may spend more on air conditioning to keep your house cool.
The Cost of Food and Dining
Food is another item you’ll have to consider when considering your overall living expenses in Las Vegas. Las Vegas is a culinary mecca, with some of the top-rated chefs from around the world. The cost of dining out in Las Vegas varies considerably. You may get a decent meal for $15 or a three-course meal at a mid-range restaurant for an average price of $70. Even if you decide to make most of your food at home, you’ll want to think about the average cost of groceries in Las Vegas compared to other areas. In Las Vegas, the average grocery bill is 2.3% more than the national average, and it is about the same amount more than the average cost of groceries in Nevada, too. Most people end up spending about $400 per month on groceries.
Transportation
Another cost of living that you’ll want to think about is transportation. That can mean either getting around in your own car or hiring a third-party transportation company to get you from Point A to Point B. Getting around Las Vegas is generally more accessible and less expensive than in other cities. However, insurance premiums in Las Vegas tend to be higher than in other places. You can expect to pay about $100 or even more each month for insurance in Las Vegas compared to other metro areas in the U.S.
Gas prices are an equally important consideration in Las Vegas, as with any place you plan to live in. In Las Vegas, gas prices tend to be just slightly higher than the national average. In 2021, for instance, gas prices in Las Vegas were $3.79 per gallon. On average nationwide, gas cost about $3.14.
Commuting may not be the first expense you consider when considering the total cost of living in Las Vegas. However, the cost of driving to and from work each day – or any other place you need to go, can add up, say real estate agents in Las Vegas. However, the good news for people who live in Las Vegas and commute regularly is that the average commute time to and from work in Sin City is slightly below the national average. It takes about 26.4 minutes to commute one way to work in most areas of the country. But in Las Vegas, the one-way commute time is slightly less at 25.4 minutes. If you don’t like the thought of driving your own car to and from work each day, you can also consider public transportation. The average price of a one-way bus ticket in Las Vegas is just $2, and if you purchase a monthly pass for bus rides, it will cost $65.
Taxes
Takes are another significant expense people think about when looking for a new home, say property managers in Las Vegas. Compared to other places nationwide, Las Vegas has relatively low taxes. A major benefit of living in Las Vegas is that the State of Nevada does not have income taxes, and the state also has one of the country’s lowest income tax rates. The average tax rate in Las Vegas is 0.65%, just below the average tax rate across the country. That means that with an average home price of $345,000 and a 0.65% tax rate, you will owe about $2,243 each year in property taxes. The sales tax rate is also a significant number to consider. In Las Vegas, the average sales tax rate is 8.38%. The sales tax rate in Las Vegas includes the sales tax for Nevada and Clark County.
Healthcare expenses are also factored into the cost of living for a location, a Las Vegas property management company will add. Luckily, the average healthcare cost in Las Vegas is slightly less than the national average. The typical Las Vegas resident pays about $475 each month for healthcare, and the average in-hospital patient bill is about $1,887.
An experienced Las Vegas property management company will say Las Vegas is an exceptional place to live with access to entertainment, nightlife, excellent restaurants, and even the office. Living in Las Vegas has many great benefits, but you’ll need to plan financially before you move to determine if it’s a place you can afford. If you are asking “where can I find a real estate agent near me” to help with a move to Las Vegas, contact The Mor Group for details.Contact Cassie and Adi, owners of The Mor Group, by calling 702-501-1085 or filling out our contact form here.
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