Cost of Living In Las Vegas

Las Vegas is often referred to as the vacation and marriage capital of the world. What happens in Vegas, stays in Vegas. Staying and living in Vegas could be a dream come true for some. The majority of the city is known for a five mile stretch of casinos and hotels call the strip. A lot of tourism money comes into this city every year. If you know what you are doing and where you are going the cost of living can be really affordable.

Some of the basics to cover are the taxes, gas, prices and housing. The sales tax in Vegas is 7.75%, one of the lower ends of the spectrum. There are no food taxes or personal income taxes. The gas prices are currently ranging from $2.89 to $3.15 per gallon. This is slightly higher than some other areas in the country, but pretty comparable. Housing is one of the more expensive areas for cost of living. AS mentioned earlier, there are NO state personal income taxes or corporate income taxes in Nevada. This makes the state extremely business friendly, as state income taxes in New Jersey go upwards of 10% and same with California. Most states have some sort of income tax, but Nevada does not. Property taxes are about 1% of the property value, which is very low. This 1% number applies for both single family homes and even high-rise condos like Veer Towers, Allure Las Vegas, Palms Place and Sky Las Vegas.

The median house price currently is around $200,000. A median condo or townhouse will run you about $80,000. If you are looking to rent expect to pay about $400 to $700 a month for a small condominium and $900 to $1,500 for a nice three bedroom home. These prices will vary greatly depending on the area in which you plan to live in. Places like North Las Vegas, Henderson, Green Valley and Summervile are considered the more desirable areas of Las Vegas. Make sure you do your homework before settling on a place. High Rise condos are obviously much more expensive. 985 sq ft units in Sky Las Vegas will cost about ~$230,000. Rents for these kinds of units are ~$1,500/mo but fluctuate depending on market conditions.

Of course, now you know the price of a house, and the cost of getting around. However, those are not the only things you need to know. The cost of living also entails eating food and having utilities. Most food can be found at one of the myriads of Wal-Marts. If you look here, a gallon of milk may run about $3.25. A specialty grocery store will run maybe a dollar more. Things like eggs are generally pretty cheap as well, about $1.50 to $2.00 a dozen.

Utilities are tricky to calculate. Vegas is in a desert. The worst utility months are going to be in the summer with air conditioning running all day. If you average out the twelve months utility bills will be pretty cheap, as you won’t really need much heating the the winer months. Using an 1,800 to 2,000 square foot as a model. You may average about $130 for the electric bill each month, and $56 for the gas. Water is another big commodity, and may also run an average of $50 per month for a single family home, less for condos. Other small services include trash and sanitation, both of which should cost less than $30 a month.

Eating out is actually very cheap in Las Vegas, because of all the restaurants and buffets on the Las Vegas Strip. Many casinos offer weekly specials for Locals, which makes dining out very affordable. Older casinos like Circus-Circus offer all day buffet passes for as little as $25. Savvy locals who keep an eye out for good deals can usually find even steeper discounts. Las Vegas Shows can be great for entertainment too, and locals can find discounts for shows pretty easily too.

These are the bare bone necessities of living in Las Vegas. You will probably pay more than this in some instances depending on which part of the city you live in, which comforts you want to have in your home and more. Las Vegas never sleeps, so you will always have something to do, those will generally cost some money as well. If you know what you are doing, you can live in Vegas on the cheap. Compared to places like California and New Jersey, living in Vegas is extremely affordable. Home prices are much cheaper, taxes are lower and food is cheaper too.