The average cost for one person is $2,255, which is 1% higher than the national average. This calculation was influenced by various factors such as housing, transportation, healthcare, utilities, taxes, outdoor activities, and groceries.
Let’s break down all the factors in detail to better understand the cost of living in Las Vegas, Nevada!
What is The Cost of Living in Las Vegas?
The city offers a quality lifestyle full of entertainment, dining, and job opportunities. Therefore, it’s a bit pricier than smaller cities, but it’s a bargain compared to big places like Los Angeles or New York City.
Here are the statistics:
- Cost of Living Index: 104.7 (National Average: 100)
- Population: Approx. 670,000
- Median Household Income: $63,900
Is Las Vegas expensive to live in? Nevada provides comparable high-quality opportunities at a lower cost, which is why more and more people are choosing to move here. Therefore, here you’d need about $5,890 to live as comfortably as you would with $11,000 in New York City.
Primary Factors:
- Housing: Above average
- Transportation: Relatively low
- Healthcare: Average
- Utilities: Moderate
- Groceries: Slightly above average
What is the average salary in Las Vegas?
We will focus on the average salary in Las Vegas, Nevada, by age group. Residents aged 24 to 44 have a median wage of $63,603, while those aged between 45 and 64 have a median salary of $71,873.
On the other hand, people younger than 25 and those older than 65 earn less, at $39,685 and $48,657. As is the case in most regions, the highest earners are mainly those in specialized and high-demand fields, such as:
- Medical professionals
- Tech industry professionals
- Legal professionals
- Business executives
- Engineering professionals
Housing Costs
Looking to buy a luxurious estate, cozy starter home, or rent in Las Vegas? There are a variety of options available at different price points.
Therefore, we listed neighborhoods in Nevada, ranked from most affordable to higher-end communities, as housing prices vary by area.
- North Las Vegas offers more affordable housing options, with average prices ranging from $300,000 to $400,000.
- South Meadows (Reno) has modern homes with average prices ranging from $400,000 to $600,000+.
- Henderson is a suburban city known for its family-friendly neighborhood. Average home prices range from $400,000 to $700,000+.
- Old Southwest (Reno) is known for its mix of older and renovated homes, with average prices ranging from $400,000 to $700,000+.
- Summerlin (Las Vegas) is a prestigious community with upscale amenities and average home prices ranging from $500,000 to $1 million+
Rental Costs
As of recent days, the average monthly rent in Las Vegas, NV, is $1,260 per month. Although rent has increased by 0.5% in the past year, it is still 18% lower than the national average rent. Here is the specific price per bedroom:
- Studio: $971/month (403 Sq Ft)
- One bedroom: $1,260/month (705 Sq Ft)
- Two bedroom: $1,517/month (1,023 Sq Ft)
- Three bedrooms: $1,827/month (1,243 Sq Ft)
Additionally, here are the general average costs per district:
- Sunrise Manor: $1,244/month
- University District: $1,266/month
- Paradise Valley East: $1,333/month
- Central Las Vegas: $1,391/month
- Las Vegas Strip: $1,399/month
- Chinatown: $1,454/month
- Whitney: $1,480/month
- Michael Way: $1,556/month
- Northwest Las Vegas: $1,612/month
- Centennial Hills: $1,624/month
Utility Costs
The average monthly electric bill in Las Vegas is $176.93. This figure is based on an average monthly electricity consumption of 1,099 kWh, with an average electricity rate of 16.1 ¢/kilowatt-hour (kWh).
Remember that costs vary based on household size, usage habits, and the season. In general, here’s a breakdown of average monthly utility costs for a typical apartment or home:
- Electricity: $180.89 / month
- Gas: $3.85 / gallon
- Water bill: $26/ month
- Sewage: Approximately $25.96 per wet ton
- Phone: $194.60 / month
- Streaming: $50.50
From 2023 to 2030, the average electricity rate in Las Vegas is expected to increase annually by 3.4% due to inflation and the cost of living adjustments. Residents can consider investing in renewable energies, such as solar panels, to reduce electricity costs.
The cost of installing solar panels ranges from $15,000 to $23,000. Jackery Solar Generators are more economical and reliable power sources.
Transportation Costs
The choice of transportation influences transportation costs, whether private or public. Additionally, factors such as distance and route, fuel prices, vehicle type, labor costs, regulations and compliance, seasonal demand, and traffic also play a crucial role.
To help you make an informed decision, we have calculated the average cost of all these factors.
Public Transportation
The average price of monthly public transport tickets in Las Vegas, Nevada, is $62. Here are the different types of public transport you can use here:
- Standard fare: The standard fare for a single ride on RTC buses is $2.00.
- Reduced fare: Reduced fares are available for seniors (age 60+), persons with disabilities, Medicare recipients, and youth (ages 6-17). The reduced fare is $1.00 per ride.
- Children: Children under 6 years old ride free when accompanied by a fare-paying adult.
- 2-hour all-access pass: $3.00 (Allows unlimited rides for 2 hours from the time of purchase).
- 24-hour all-access pass: $8.00 (Allows unlimited rides for 24 hours from the time of purchase).
- 3-day all-access pass: $20.00 (Allows unlimited rides for 3 consecutive days from the time of purchase).
- 30-day all-access pass: $65.00 (Allows unlimited rides for 30 consecutive days from the time of purchase).
Grocery and Food Costs
On average, the monthly grocery costs are approximately $500 but may range up to $1000. As a result, overall food expenses in the city tend to be about 3% higher than the national average.
- Milk (regular), (0.25 liter): 0.25 $
- Loaf of Fresh White Bread (125.00 g): 0.98 $
- Rice (white), (0.10 kg): 0.59 $
- Eggs (regular) (2.40): 0.70 $
- Local Cheese (0.10 kg): 1.25 $
- Chicken Filets (0.15 kg): 1.51 $
- Beef Round (0.15 kg) (or Equivalent Back Leg Red Meat): 2.43 $
- Apples (0.30 kg): 1.29 $
- Banana (0.25 kg): 0.37 $
- Oranges (0.30 kg): 0.93 $
- Tomato (0.20 kg): 0.73 $
- Potato (0.20 kg): 0.48 $
- Onion (0.10 kg): 0.24 $
- Lettuce (0.20 head): 0.33 $
For instance, the average food spending for a family of four is around $11,000 annually, while a single adult can expect to spend about $4,000 annually.
Healthcare Costs
Nevada offers various medical services, with costs varying based on the provider, type of service, and medical specialization. Here’s an overview of basic healthcare costs:
Doctor’s visit: $115.92
Dentist visit: $100.01
Optometrist visit: $109.19
RX drug: $427.09
Veterinary visit: $53.88
Education Costs
Costs will vary depending on the type of institution and level of education.
Public K-12 Education
Public K-12 education is supported through local, state, and federal taxes and, therefore, does not incur direct tuition costs for residents.
Private Schools
Annual tuition can range from approximately $6,000 to $20,000, depending on the school’s reputation, facilities, and grade level.
Community Colleges
For Nevada residents, annual tuition and fees at CSN range from $3,500 to $4,000 for full-time students, while out-of-state students pay higher rates.
Universities
Tuition and fees at UNLV vary depending on residency status and the program of study.
- In-state undergraduate students can expect to pay approximately $6,500 to $8,500 annually.
- Out-of-state students generally face significantly higher tuition rates, ranging from $24,000 to $30,000 per year.
Childcare costs
Childcare costs vary based on the type of provider, the child’s age, the city location, and the services provided.
Daycare Centers
Full-time daycare for infants and toddlers (up to 2 years old) in Las Vegas can cost between $800 and $1,200 per month.
Monthly costs for preschool-aged children (3 to 5 years old) can range from $600 to $1,000.
Family Daycare Homes
Monthly rates may range from $500 to $800, depending on the provider and specific arrangements.
Nanny or Babysitter
Hiring a nanny or babysitter in Las Vegas can cost between $15 and $25 per hour, depending on experience, responsibilities, and the number of children cared for.
Entertainment and Leisure Costs
Nightlife is one of the primary joys of living in a city like Las Vegas. Here’s an average cost breakdown:
- Show tickets: approximately $50 to $150 or more per person
- Nightclubs and lounges typically range from $20 to $50 per person
- Attractions and activities: They range from $20 to $50 or more per person
- Dining out: it can range from $50 to $200 or more per person
- Fast food: generally range from $5 to $15 per person
You don’t have to spend much money to explore all the dining and entertainment options. For example, taking advantage of Happy Hours can significantly reduce costs, with deals as low as $3 for drinks and $10 or less for meals.
Taxes in Las Vegas
The sales tax rate in Nevada can vary from 6.85% to 8.375%, depending on the location. Property tax bills can range from $1,800 to $3,000, depending on the specific tax rates in the area where the property is located.
Businesses are also subject to various fees and licenses, and certain industries may face additional excise taxes. In addition, around 13.38% of the hotel tax is important due to Las Vegas’ vibrant tourism industry.
So, what’s the Cost of Moving to Las Vegas, Nevada?
Pick our moving company in Las Vegas if you’re ready for a city with diverse housing and entertainment options. But first, check the average costs to know what to expect:
- Local moves: approximately $80 to $120 per hour for a two-person team and truck
- Long-distance moves typically range from $0.50 to $1.50 per mile. Storage: around $50 to $80 per hour per move
Overall, the total cost of moving to Las Vegas, Nevada, will vary based on specific details.