What You Need to Know About Las Vegas Cost of Living
Many believe Las Vegas Cost of Living is ridiculously higher than many other states. This perception stems from being a popular entertainment spot for the rich and famous. The Strip, where many tourists spend their wealth, is predictably more expensive. However, keep in mind that Las Vegas is also home to many family-friendly communities, and living costs vary depending on your residential neighborhood. Aside from five-star hotels, there are plenty of affordable corners in Las Vegas out in the desert, offering reasonably priced amenities.
So, what is the cost of living in Las Vegas? You may be surprised that this city is, in fact, only about 1% higher than Nevada as a whole. Discover more below to know exactly why.
Las Vegas Cost of Living Distinction
When estimating the average cost of living in Las Vegas, households may divide expenses into two categories. The first one is called fixed costs. A fixed fee is usually set and unchanging every month. Fixed costs cover your car insurance and rent because the amount you pay remains the same despite changes to your routine. The other type of expense is dynamic or variable costs. In contrast, this type of expense changes and may continuously adjust based on specific needs, wants, and behavior.
Nevada sales tax is higher than the national average by 35%, but the good news is Nevada does not impose a state income tax. This policy makes the city 100% below the national average, which means employees get to take home higher amounts from their paychecks.
The diverse collection of residential properties in Las Vegas equates to varying housing costs. There are plenty of neighborhoods to explore, depending on one’s budget. Expect to pay $3000 in rent or higher on luxurious apartments near the Strip. A little further away, sometimes in less-preferable communities, are inexpensive apartments under $800. Financial experts recommend not spending more than 30% of your monthly income on housing for a healthy debt-to-income ratio.
Seasons play a considerable part in the utility budget. Summer can be scorching hot and requires AC to function with more effort to keep the house cool. Spring and fall are usually comfortable, while winter can drop into the 30s, and it would be a great idea to invest in good insulation. $180 is the average monthly expense for a 1000 sqft unit.
Food and Recreation
One of the dynamic expenses in Las Vegas cost of living is food and entertainment. Monthly grocery lists tend to be a similar month over month but may still fluctuate, especially during the holiday season and special celebrations. One may expect to spend about $400 monthly on home-cooked meals and bulk shopping. Personal preferences mainly drive entertainment costs. Establishing a “leisure” budget is good after mapping out your fixed expenses to allow yourself for some recreational activities.
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