What is the COST of Living Like in Las Vegas
Las Vegas is a city of endless entertainment and opportunity. But what does it really cost to live in the heart of Nevada’s most famous city?
1. Housing Costs
Las Vegas housing and rental prices can vary depending upon demand, interest rates, the economy and other factors.
The average rent for a one-bedroom apartment in Las Vegas is around $1,200 to $1,300 per month, while a two-bedroom apartment is around $1,400 to $1,600 per month. This seems to be right around the national average for 1- and 2-bedroom apartments. However, these rental costs are lower compared to California and other major coastal areas.
Currently our median price for rental single-family residence is around $2,000 a month.
The median home price in Las Vegas can also vary widely based on factors such as location, size, condition, and neighborhood.
Currently the median home price in Las Vegas is around $450,000.
Compared to the national median home price, which hovers around $400,000, Las Vegas prices are typically in line with or slightly above the national average.
2. Utility Expenses
First up, let’s talk about electricity. My power bill has gone up over the last couple of years. NV Energy costs have gone up due to the growing number of solar projects with their focus on renewable energy. The hope is that the bills will be lower again within the next couple of years. My last home energy performance statement showed the average power bill during the winter was $163 per month and efficient bills were $120 for the month. My power bills are lower November through May and higher June through September. During the summer months the average utility bill is $377 per month.
Many of my clients ask if installing solar panels is a good idea. The answer is it depends on how you purchase them and how long you intend to keep the home. If you purchase solar outright, It will cost around $15,000 to $40,000. There is also a solar tax credit that allows you to deduct 30% of the cost of the solar system against your income tax owed. So, if you purchase a $20,000 solar system you can deduct $6,000 off your taxes.
On average, it takes around 8 years to break even with the savings you receive on your monthly power bill vs the cost of installation. The good news is that if you own solar panels it can add to the value. I generally recommend clients to look at how long they intend to keep the home. If you plan to sell within the next couple of years, it may not be worth the cost to pay for solar. Another option I have seen clients have with Solar is to obtain a loan for the cost. In this situation you do own the solar and can take the tax credit. However, this option only makes sense if you intend to keep the home for some time. I have had several clients that installed solar and then had to pay off the loan at closing. This cost them much more than they saved. Another option is to lease the solar panels or to agree to a power purchase agreement for the panels. You do not get the tax credit and the savings are minimal. This type of purchase does not add value to the home, and we must request the buyer to take over the lease or power purchase agreement at closing.
Next, let’s talk about water. We have a lot of grass in our front yard, and we are in the process of changing to desert landscaping. We have been in contact with the Water company as there is a rebate to do so. This can make a big difference to water bills. Our water bills during the winter are around $100 to $150 a month. We have a pool so during the hot summer months the bills was around $400. We have a pool also so I believe changing out the grass in front will greatly reduce the bills. Overall Las Vegas has been very proactive in water conservation efforts and the Southern Nevada Water Authority has developed and implemented one of the most comprehensive water conservation programs in the nation. Our community has reduced water usage by 58% since 2002. This is even as the population grew by almost 800,000 residents during that same time. Las Vegas recycles 99% of the indoor water used and has been working with commercial and residential owners to remove grass and change to desert landscaping. Overall, Nevada is very efficient with water use and one of the smaller allocations from the Colorado River.
Finally, the gas bill. My gas bill was previously around $80 a month but went up significantly this winter to around $300 per month. There has been a lot of talk about the increase in the gas bills and that they will be reduced again toward the end of this year. I am hopeful that is true!
3. Transportation Costs
Let’s start with gas prices as this affects a lot of families. As a Real Estate Agent, I drive around town a lot. Las Vegas gas prices average around $4.00 to $4.50 per gallon. We just took a trip to California this weekend and compared to California prices of $5 to $6 per gallon, Las Vegas gas is reasonable!
Then there are the DMV fees. Whether you’re registering a new vehicle or renewing your registration, these costs can add up. My husband purchased a new 4-runner last year and his car registration was over $900. My car was around $700 to register, and we have two sons that both drive and their cars were each less than $200 for registration.
Of course, there’s also the option of public transportation. While it can be more affordable than owning a car, it’s essential to consider the convenience factor, especially in a city known for its hot weather.
4. Food and Grocery Expenses
Living in Las Vegas means we have access to an incredible variety of dining options, from 5-star restaurants to local eateries and food trucks. Dining out can add up quickly, so my family tries to balance it with grocery shopping for home-cooked meals. There are also plenty of affordable options, especially if you know where to look.
Las Vegas grocery prices have gone up just like everywhere else in the country. My family spends around $250 a week at the grocery store so around $1000 per month. This cost can be even higher for larger families. We do our weekly shopping at the nearby Smiths and shop at Costo for items like paper towels and vitamins, which helps to keep our costs lower. Planning meals ahead of time and making a shopping list can help stretch your budget further.
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5. Entertainment and Leisure
As you may already know, Las Vegas is the Entertainment Capital of the World. There is a diverse range of entertainment and leisure activities for all kinds of interests AND budgets. From world-renowned shows to outdoor parks and recreational activities, there’s something for everyone.
Las Vegas is famous for its spectacular shows, concerts and sporting events. Tickets can range from affordable to high-end, depending on the venue and performance. We enjoy watching our local hockey team. The Vegas Golden Knights games are very exciting. We spend around $300 a ticket but it is worth it for a fun time with the family. We recently enjoyed date night with dinner on the Las Vegas strip at one of our favorite restaurants which is Carbone at the Aria. We often prefer something simpler, our favorite thing to do is watch a movie at home on Netflix and order Pizza in! We have lots of great restaurants nearby!
Beyond the glitz of the Strip, Las Vegas boasts beautiful parks and outdoor recreational areas where residents and visitors can enjoy nature and engage in various activities. From hiking trails in Red Rock Canyon to boating on Lake Mead, outdoor enthusiasts have plenty of options for leisure activities. Many parks offer free or low-cost admission, making them accessible to all.
6. Healthcare Costs
The cost of health insurance premiums in Las Vegas can be influenced by several factors, including the type of plan, coverage level and insurer. As a business owner, our family insurance premiums have gone up significantly over the last 10 years. We used to pay $900 a month for my family of 4 and we had great coverage. Our premiums seem to go up every year and the coverage has gone down. We now pay over $1,600 a month. Unfortunately, insurance costs have gone up everywhere! According to Forbes Magazine, Nevada is one of the least expensive states for the cost of Health Care. I do research every year to see options on different plans and Premiums can range from relatively affordable for basic coverage to higher for comprehensive plans with lower deductibles and copayments. It’s essential for residents to explore different insurance options to find a plan that meets your needs and budget.
Finally, is number 7 – TAXES.
Nevada’s tax structure is unique compared to most other states as we DO NOT have a state income tax. This makes a big difference in the cost of living in Las Vegas. This is a big one for Nevada and the reason we see so many people moving here. The absence of this tax is helping to bring businesses relocating here from California and other states. It makes Nevada attractive to businesses, professionals, and retirees seeking to maximize their income and financial resources.
Overall, our cost of living is lower compared to many other areas. We have seen the costs of groceries and utilities go up but as we do not have an income tax, we are still ahead of the game compared to most other areas! I hope this video helps you get an idea of the cost of living in Nevada.
