With all of the luxurious and dazzling activities around Las Vegas, you might think you have to be well off to afford to live in Sin City. The great news is that it couldn't be farther from the truth. The true Las Vegas cost of living is nothing to bat an eye at compared to other urban cities.
With generally low tax rates and no income tax at all in Nevada, here’s what you should know about Las Vegas cost of living.
What Is the Average Cost of Living in Las Vegas?
While some aspects of living in Vegas fall into a slightly higher price bracket, Vegas offers a surprisingly affordable cost of living when compared to the rest of the nation and offers more exciting activities right at your doorstep.
According to data published by BestPlaces¹, Las Vegas has a cost-of-living index of 111.6. For reference, the average cost of living in the United States is 100. However, the cost of living in other urban cities includes:
San Francisco, CA - 269.3
New York, NY - 187.2
Los Angeles, CA - 173.3
Denver, CO - 128.7
Austin, TX - 119.3
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What Is the Cost of Different Las Vegas Housing Options?
Las Vegas, Nevada, is a hub of entertainment, fine dining, and attractions as far as the eye can see. So, you may be surprised to learn that the monthly cost of living in Las Vegas is very affordable when it comes to finding a place to kick your feet up.
Las Vegas housing generally offers more affordable studios and multi-room apartments than the national average housing costs. Here is the average rent that you can expect to pay in Las Vegas¹:
Studio: $800/month versus the national average of $949.
1 Bedroom: $948/month versus the national average of $1,048.
2 Bedroom: $1,147/month versus the national average of $1,278.
3 Bedroom: $1,626/month versus the national average of $1,681.
4 Bedroom: $1,963/month versus the national average of $1,950.
Based on the national average, real estate in Vegas is lower for smaller units, while 4-bedroom units have a slightly higher cost on average. When it comes to paying for a place to live, the price of rent is just below average in the states.
What Is the Cost of Utilities in Las Vegas?
Residing within the Mojave Desert, Vegas is known for its heat—And with heat usually comes an expensive air conditioning utility bill. While residents of Vegas have a higher utility bill on average, Nevada generally sees a cheaper cost of utilities than the average American citizen. Even so, residents of Vegas only see just over a 2% increase in utility bills compared to the average resident in other states.
In a recent study², researchers found that Las Vegas residents pay the 12th lowest utility bill in the country. Additionally, there is only a $30 difference between the average Nevada utility bill and the lowest average utility bill, which is the state of New Mexico.
What Is the Cost of Transportation in Las Vegas?
The majority of Vegas residents travel by car, despite Nevada having a higher average price of gas per gallon. However, Las Vegas does offer public transportation service, the RTC (Regional Transportation Commission of Southern Nevada), with affordable one-way passes starting at $2 and two-hour passes at $3. Additionally, residents of Las Vegas see a cheaper fare than those touring or visiting Vegas.
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What Is the Cost of Food in Las Vegas?Vegas offers a myriad of exciting fine dining and eateries. However, those living in Vegas will find it easier on the wallet to cook for themselves at home. The cost of groceries in Las Vegas is about 10% higher than the national average of food costs. You’ll want to keep those incredible eateries and restaurants in your back pocket for whenever you feel like treating yourself.
What Is the Cost of Entertainment in Las Vegas?
Las Vegas is one of the largest and most exciting entertainment hubs in the United States. Whether it’s attending the concerts of world-renowned celebrities, eating out at some of the best restaurants in the country, or trying your luck at countless casinos, there’s no shortage of things to do in Las Vegas. But what is the actual cost of entertainment in Vegas, and what does that look like for your wallet?
Looking at the average cost of living in Las Vegas, the cost of entertainment in Sin City is surprisingly low compared to the national average. Las Vegas residents only spend about 3% more on entertainment than the average American.
Of course, touring Las Vegas and the monthly cost of living in Las Vegas will determine how you blow your entertainment budget. Most likely, you won't be buying Lady Gaga tickets every weekend.
The good news is that there are plenty of other budget-friendly avenues for entertainment, including:
Red Rock Canyon National Park
Lake Mead Recreation Area
Hockey games at T-Mobile Arena
Local parks and shopping areas
Free live shows in Downtown Las Vegas
Local casinos and resort pools
Find an Affordable Luxury Apartment in Las Vegas
If you’re practicing your poker face in anticipation of moving to Las Vegas, you’re sure to need the perfect place to crash and rest after enjoying all that Vegas offers. Finding a great place to live can be the most challenging part of moving, but Ovation Property Management makes it easy to find the perfect residence that is both budget-friendly and incredible.
Sources:¹BestPlaces. Cost of Living in Las Vegas, Nevada. Retrieved 20 May 2022. ²Gartner, J. (6 February 2020). Study: Nevada residents pay more than $370 a month on utility bills. KTNV Las Vegas. Retrieved 20 May 2022.