We all know that Las Vegas is a world-famous tourist destination, but did you know the city is so much more?
Beyond the upscale, pricey venues and the flashy lights of the Strip, Las Vegas is home to several family-friendly communities that offer low-cost living compared to many other major cities in the USA.
The Surprisingly Low Cost of Living in Las Vegas
The prospect of living in Las Vegas may seem daunting at first. After all, the cost of living in one of the world’s top entertainment capitals should be astronomical, right?
The answer: Las Vegas is much more affordable than most people realize. From the absence of state income tax to a respectable housing market, Las Vegas’s affordability is quite impressive.
Want to learn more? Check out the key takeaways below.
Reasons Why Living in Las Vegas is Affordable – Key Takeaways
• Las Vegas homes are more affordable than homes in the U.S.’s more expensive major cities.
• Nevada’s tax policies save residents money.
• Las Vegas has slightly lower utility costs than the national average.
• The city offers various low-cost shopping options.
• Low-income residents of Las Vegas have access to support programs for child care.
• Cost-friendly entertainment and recreation are abundant in the greater Las Vegas area.
• Las Vegas offers affordable healthcare through community health centers, low-cost clinics, and state efforts to expand coverage.
• Cost-effective office spaces are available in the city.
• Affordable educational opportunities are available in Las Vegas.
• Retirees can enjoy a higher quality of life at a lower cost in Las Vegas.
Now that you’ve seen the key takeaways, let’s get into the details. We’ve added important information and linked to resources showing why living in Las Vegas is a low-cost luxury.
1. Las Vegas Housing and Rent Is Surprisingly Affordable
To gauge how affordable housing is in Las Vegas, let’s compare the current median home sale price to the median sale price in some of the more expensive cities in the United States.
Median Home Sale Price in Las Vegas Compared to Expensive U.S. Cities:
Las Vegas, NV: $415,731 — Median Sale Price (May 2023 – May 2024) (Rocket Homes).
San Francisco, CA: $1.4 million — Median Sale Price (April 2024) (Redfin).
Los Angeles, CA: $930,000 — Median Sale Price (March 2024) (Zillow).
New York, NY: $830,000 — Median Sale Price (April 2024) (Redfin).
Seattle, WA: $877,000 — Median Sale Price (April 2024) (Redfin).
Denver, CO: $623,684 — Median Sale Price: (May 2024) (Rocket Homes).
Austin, TX: ~$617,000 — Median Sale Price: (June 2023 – June 2024) (Orchard).
Las Vegas Also Has Lower Townhome Prices and Apartment Rent:
- Townhomes
Currently, as of June 2024, the median sale price for townhomes in Las Vegas ranges from $290,000 to $363,000. This range is a ballpark estimate based on observations of the market.
These prices are significantly lower than those in other major cities like San Francisco and New York, where townhome prices often exceed $1 million.
Even compared to cities like Austin, TX, where the townhome median listing price is more reasonable, around $600,000, Las Vegas is a more budget-friendly option.
- Apartments
Renters also benefit from the city’s affordability, with average Las Vegas monthly rents ranging from approximately $1,265 to $1,500.
These figures are somewhat lower than the current national average rent of approximately $1,515 per month.
2. Nevada’s Tax Policies Save Las Vegas Residents Money
There are so many things to love about Nevada’s tax laws, but here’s what really stands out.
No State Income Tax
Nevada is one of the few states in the U.S. that does NOT impose a state income tax on its residents. This is a big deal for Nevadans, especially with the cost of living rising nationwide.
The fact that Nevada does not take a cut of its residents’ income is a compelling reason to move to Las Vegas.
Low Property Taxes
Compared to the rest of the country, Nevada has some of the lowest average effective property tax rates at 0.48%.
The national average is 0.99%.
Sales Tax Exemptions
Nevada’s state sales tax rate is 6.85%, although the average combined rate with local taxes can run higher, ranging from 6.85% to 8.375%.
However, essential items, such as certain kinds of groceries, are exempt from sales tax, which helps reduce the overall cost of living.
No Estate or Inheritance Taxes
Nevada lacks estate and inheritance taxes, making it attractive for wealth preservation and estate planning.
3. Las Vegas Has Slightly Lower Utility Costs than the National Average
While the cost of utilities in Las Vegas isn’t super low, the median utility cost is nonetheless slightly lower than the national average.
According to KSNV News 3 Las Vegas, a Filterbuy report found that the median utility cost in Las Vegas was $223 per month, including gas, water, and electricity.
Compare this to the national median cost of utilities, which stands at $238 per month.
Las Vegas has very hot summer months, but they are offset by milder weather throughout the rest of the year. This plays a role in the cost of utilities overall.
Q: How do the age and energy efficiency of a house impact summer electricity bills in Las Vegas?
A: They impact electricity bills in several ways. Primarily, though, newer homes usually have better insulation and more efficient HVAC systems.
Older homes, especially larger ones, with insufficient insulation and outdated HVAC systems, can see much higher electricity bills, often $500 to $600 per month.
Since cooling is one of the highest utility costs in Las Vegas during the summer, residents should consider reducing their expenses by taking the following steps:
- Using blackout shades
- Tinting your windows
- Keeping thermostats at energy-efficient settings
- Cleaning filters and vents to improve airflow and efficiency
- Ensuring ceiling fans blow down for cooling (They need to rotate in the right direction.)
With the right steps, you can lower the power bill substantially, even in Las Vegas’s hottest months.
4. Las Vegas Has Low-Cost Shopping Options Available
Las Vegas offers different choices for shoppers on a tight budget. From thrift stores to budget-friendly grocery stores, there are plenty of ways to save money while shopping in the city.
Here’s a closer look at some of the best options.
Major Shopping Centers with Discounts
Budget-Friendly Parking at Shopping Centers Shopping centers in Las Vegas with low-cost or free parking include:
Thrift Stores and Second-Hand Shopping
Grocery Shopping
Las Vegas’s grocery stores cater to a wide range of needs. WinCo Foods is known for its low prices on produce, frozen foods, and bulk items, while El Super and Cardenas offer great deals on fresh produce and meat.
For those seeking Asian groceries, 99 Ranch Market provides a wide selection at competitive prices. Meanwhile, Smart & Final is a great option for buying in bulk.
5. Las Vegas Helps Low-Income Families Access Child Care
The Child Care Subsidy Program
The Child Care Subsidy Program, administered by the Las Vegas Urban League (LVUL), helps low-income families pay for child care costs.
To apply, families must meet income requirements and have an approved purpose for care.
The program works with licensed and unlicensed child care providers, and the subsidy amount is determined based on a sliding fee scale.
Child Care and Development Fund
The Division of Welfare and Supportive Services makes it easier for residents of Las Vegas to find quality child care.
If you’re part of a low-income family, receiving temporary public assistance, or transitioning from public assistance, their Child Care Program may be able to help you access the services you need.
Additionally, they offer a free Resource and Referral service to find the right child care provider.
6. Cost-Friendly Entertainment and Recreation Abound in The Greater Las Vegas Area
Las Vegas might be known for its fancy venues, but it also offers a wide variety of budget-friendly entertainment and recreational options.
Popular Attractions
Popular attractions include the Bellagio Fountains (free) and the Fremont Street Experience.
The FSE has free live music every night starting at 6 pm.
Outdoors
If you’re looking to do something outdoors in the Las Vegas area, then check out Floyd Lamb Park or the Sloan Canyon National Conservation Area.
Floyd Lamb Park has a $6 per vehicle entrance fee, and Sloan Canyon NCA is free. Sloan Canyon offers dispersed and primitive camping opportunities, particularly within the North McCullough Wilderness.
Other natural areas include Red Rock Canyon and Lake Mead, where you can find low-cost hiking and biking.
Discounts for Locals
Some Las Vegas restaurants and venues offer special discounts to Nevada residents so they don’t pay tourist prices.
7. Affordable Healthcare is Available in Las Vegas
Las Vegas’s community health centers, low-cost clinics, and major healthcare providers offer affordable care options. The city’s residents also benefit from Nevada’s efforts to expand healthcare coverage.
Community Health Centers and Low-Cost Clinics
- FirstMed’s Health and Wellness Center (sliding fee scale; accepts Medicaid, uninsured)
- First Person Care Clinic (sliding scale fee for uninsured/underinsured)
- Hope Christian Health Center (sliding fee scale based on income and family size)
- Nevada Health Centers (sliding fee scale for the qualified; accepts most insurance plans)
- Southern Nevada Community Health Center (sliding fee scale with discounts when qualifying)
Major Healthcare Providers and Hospitals
- University Medicine and Surgery Clinic (low-cost care; accepts Medicaid and HMO)
- Community Outreach Medical Center (accepts some insurances; accepts uninsured)
- Silver State Health (sliding scale fee $20-$75; accepts uninsured patients)
State Efforts to Expand Healthcare Coverage
- Medicaid Expansion (expanded under ACA in 2014; increased insured residents)
- Statewide Managed Care Program (expanding to all counties by 2026; 10% increase in recipients)
- Legislative Measures (expanded Medicaid for postpartum care)
Disclaimer: The information provided is subject to change, and we make no warranties regarding its accuracy or completeness. Please contact the respective healthcare providers for the most up-to-date information on their services, fees, and eligibility requirements.
8. Las Vegas Offers Cost-Effective Office Spaces for Businesses
From startups to established companies, businesses in Las Vegas can take advantage of the city’s affordable office spaces.
Competitive Rental Rates
As of the end of Q1 2024, the average office rental rate in Las Vegas was around $28.15 per square foot per year. This is lower than the national average, against which Las Vegas performs quite well.
In January 2024, the national average listing rate was $37.73 per square foot per year.
Modern Office Buildings
As Las Vegas continues to attract new business, property owners and managers have an incentive to upgrade. For this reason, buildings often feature modern, upscale amenities.
There is also a growing trend towards green and sustainable buildings now that companies are prioritizing energy efficiency.
9. Las Vegas’s Commitment to Affordable Education Creates a Winning Situation for Families
Schools in Las Vegas offer programs and initiatives to ensure that students have affordable opportunities for education.
Title I
The Clark County School District participates in Title I, which provides funding to schools serving economically disadvantaged students.
The program offers a wide range of services, including school-based support, early childhood education, and assistance for homeless students.
Scholarships and Grants
The Nevada Educational Choice Scholarship Program helps fund K-12 scholarships for eligible low-income children through the AAA Scholarship Foundation.
The program allows companies to redirect up to 100% of their Nevada Modified Business tax liability to fund scholarships for financially disadvantaged children.
Adult Education and Skill Development
In Las Vegas, adult education and skill development are accessible through resources, such as the Las Vegas-Clark County Library District’s Adult Learning Program.
This program provides free classes for individuals aged 16 and older with the goal of enhancing their skills and expanding employment opportunities.
10. Retirees Can Enjoy a Higher Quality of Life at a Lower Cost in Las Vegas
Nevada supports its seniors with various organizations, resources, and programs.
One example, Nevada HAND, is a premier developer, builder, and manager of rental homes for low-income seniors. Nevada HAND provides homes and on-site Resident Services programs to support senior residents.
Additionally, the City of Las Vegas Senior Services provides social events, classes, and support services for seniors.
Examples include the Howard Lieburn Senior Center, which offers aerobics, dance, yoga, gardening, and more.
Beyond official resources, retirees can enjoy a plethora of activities in the greater Las Vegas area, such as golf, swimming, biking, and community events.
Explore More Las Vegas Benefits with The Real Estate Guy
The Real Estate Guy’s team understands that homebuyers want to know more about Las Vegas before committing to a purchase. Hence, this post aims to address the most common questions and concerns about the city’s cost of living.
If you have any questions, The Real Estate Guy is here to help. With some guidance from our team, you can navigate the local housing market and experience the best of Las Vegas while keeping your budget.
Contact The Real Estate Guy today!
