Situated in the heart of the Mojave Desert, Las Vegas is an exciting and vibrant city synonymous with wild nightlife and world-class entertainment. But Las Vegas is more than its world-renowned casinos and hotels. It is also a residential destination with a thriving cultural scene, diverse neighborhoods, and family-friendly communities. If you are considering moving here, it helps to know if you can afford the Las Vegas life. Here is a breakdown of the cost of living in Las Vegas for all aspiring homebuyers.
Housing Costs
The first thing you will do when you move to Las Vegas is browse Las Vegas homes for sale or rent for a place to stay. Housing costs in this part of Nevada are relatively steep but lower than in similar cities like San Diego and Los Angeles. Currently, the median home sale price sits at $405,014, with Las Vegas luxury homes selling for upwards of $1 million and more. You can rent a one-bedroom unit for about $1,257 and a two-bedroom home for $1,463 monthly, almost at par with the national average.
Food Costs
Food in Sin City is expensive. In fact, food costs in Nevada are the fifth highest in the country, according to recent studies. Research by Bankrate shows that a night out in Las Vegas can rack up costs very fast, with beer and pizza costing about $20. The MIT Living Wage calculator also shows that a single individual in the city with no family can spend approximately $4,000 a year on food. A family of four can go through $11,764. Considering a single person needs to make at least $33,000 a year to live comfortably here, these numbers are significant.
Transportation Costs
The public transit system in Las Vegas is not as efficient as it should be. As the city plans to improve it, residents traverse the city more regularly through driving. The AAA estimates that a gallon of gas in the city costs about $3.933, slightly less than the state average ($3.994) and slightly more than the national average ($3.260). Other transportation costs that come into play include car insurance, which is around $2,929. If you prefer not to drive, you can pay for single-ride and two-hour fares at $2 and $3 or 24-hour passes at $5 with the public transit system.
Local and State Taxes and Fees
At 8.375 percent, sales and use tax rates are slightly higher in Las Vegas than in other areas of Nevada. Fortunately, the state does not charge income tax. The property tax rates are also low and homeowner-friendly at about 0.6 percent of your property’s value and an annual increment cap of 3 percent for primary homes. The average mortgage rate for 30-year fixed mortgages is 6.51 percent.
Explore Las Vegas Real Estate with Fine Home Specialist
Many daily expenses in Las Vegas are slightly higher than the national average. This includes housing, food, and transportation. However, life in Sin City is more affordable than in similar and nearby large cities like San Francisco, San Diego, and Los Angeles. This means you can enjoy all the vibrancy, exuberance, and accessibility of a large city without the big-city fees. Contact Las Vegas real estate expert Lisa Quam today to learn more and explore your housing options.
