Known for its flashy casinos, sumptuous shopping and engaging entertainment, Las Vegas is a prime destination for tourists worldwide.
Called the “Entertainment Capital of the World,” Las Vegas was first settled in 1905. The population has expanded rapidly, sometimes doubling in a decade. And the city proper now has more than 641,000 residents and almost 2,228,000 people in the greater metropolitan area.
Las Vegas wasn’t always a gambling town. It was originally situated along the Union Pacific Railroad tracks, a critical part of transportation for commerce. In 1931, the state of Nevada legalized casino gambling. Following World War II, Las Vegas had a boom in casino and hotel building, which established it as a Western rival to Atlantic City on the East Coast.
In addition to the gambling and tourism industry, Las Vegas has other industries providing job opportunities to local residents. Online shoe store Zappos.com (an Amazon company) planted its headquarters in Las Vegas. Allegiant Air is a low-cost airline with headquarters in Las Vegas and its own hub at McCarran International Airport. You’ll also find the world’s biggest cannabis dispensary in Las Vegas at 112,000 square feet from Planet 13 Holdings.
If you’re trying to find an apartment in Las Vegas, you’ll also want to learn about the cost of living in Las Vegas. In this guide, we’ll cover:
- Housing costs in Las Vegas
- Food costs in Las Vegas
- Utility costs in Las Vegas
- Transportation costs in Las Vegas
- Healthcare costs in Las Vegas
- Goods and services costs in Las Vegas
- Taxes in Las Vegas
- How much do you need to earn in Las Vegas?
Housing costs in Las Vegas
The average rent in Las Vegas costs $1,946 for a two-bedroom apartment, up 30.1 percent from the previous year. However, the high cost of apartments in Downtown Las Vegas — which average $2,875 for a two-bedroom — significantly impacts that number. Developers revitalized the downtown area and it’s one of the few walkable places to live in Vegas, with high-rises, historic buildings and lots of cafes and restaurants.
The cheapest neighborhood in Las Vegas is Twin Lakes, at $947 for a two-bedroom on average. Other popular locations to nest in the Vegas area include Lone Mountain ($1,306 for a two-bedroom), Rancho Oakey ($1,223 for a two-bedroom) and Peccole Ranch ($1,442 for a two-bedroom).
Average rent prices in cities near Las Vegas
At $1,946, the average rent in Las Vegas is not bad when you compare it to other nearby cities. Here’s a roundup of average rents in other Nevada cities, as well as a nearby large city in Arizona:
- North Las Vegas, NV: $1,845
- Reno, NV: $2,353
- Sparks, NV: $2,198
- Henderson, NV: $1,989
- Flagstaff, AZ: $1,921
Home prices in Las Vegas
The Las Vegas housing market is somewhat competitive, according to Redfin. Home prices are rising, with a 22.3 percent increase as of August 2021 from the previous year. The median price for a home in Las Vegas is now $370,000, and it now takes an average of 19 days for a sale, down significantly from 45 days last year. In August of 2021, 2,761 homes were sold, compared to 2,403 last year.
Homes in Las Vegas typically sell above list price by one percent, while some can sell for as much as four percent over, with multiple offers. Thus, it’s a good idea to be prepared when looking for a new home in Las Vegas. Know what you want ahead of time and be prepared to make an offer quickly if it’s a home you really like in a hot neighborhood.
Food costs in Las Vegas
Las Vegas is a great place to live if you love food, especially if you enjoy all-you-can-eat buffets. In fact, since many buffet restaurants ended up closing or filing for bankruptcy after the covid pandemic started, a Las Vegas buffet might be one of the few places left where you can gorge yourself on unlimited food. Improved sanitation measures and workflows mean that today’s post-covid Vegas buffet should be a relatively safe place to eat.
Still, we can’t blame you if you’d prefer to eat from home. If so, just be prepared budget-wise, because the cost of living in Las Vegas for groceries is 6.4 percent above the national average. Steak averages $11.69, a half-gallon of milk $3.13, parmesan cheese $4.39 and bread $2.96.
Utility costs in Las Vegas
Las Vegas’s climate is actually a desert climate, and the city itself is located in the Mojave Desert. This means the days can get crazy hot but the nights can get super cool, especially in the winter months. Las Vegas is 2,000 feet above sea level, which keeps the city from getting the extremely high temperatures that are often found in deserts.
Yes, it’s a “dry” heat because Las Vegas doesn’t get much in the way of rain, but that doesn’t mean you’ll want to skip the air conditioning. Despite the immense amount of power being used daily to cool down casinos, the cost of living in Las Vegas for utilities is 5.4 percent less than the national average, with an average energy bill of $160.97.
Transportation costs in Las Vegas
While tourists can get away with taxis and ride-sharing in Vegas, if you’re living in the city, you’ll most likely need a car. Overall, transportation costs in Las Vegas are 29.3 percent more than the national average.
For vacationers visiting the Las Vegas strip, the Las Vegas Monorail connects many major hotels/casinos at speeds of up to 50 m.p.h. A one-way ticket costs $5 but you can also get discounted passes, such as a day pass for $13.
Local residents get a discounted rate of $1 per ride with a maximum purchase of 2 single ride tickets per day. You can also purchase a 20-ride ticket once every 10 days. Children five and under ride the monorail free.
At the Las Vegas Convention Center (LVCC), a new free service called the Loop connects convention-goers to LVCC’s different halls, as well as other transit connections, such as the Monorail. The Las Vegas Convention Center Loop runs through two .85 mile-long tunnels that are dedicated to convention center passengers. Manually driven Tesla electric sedans and SUVs transport visitors to the convention center free of charge.
The Las Vegas public transit system is called the Deuce and busses run regularly through the Strip and downtown. The prices are $6 for a 2-hour pass or $3 reduced fare. A 24-hour pass costs $8 ($4 reduced fare) and a 3-day pass $20 ($10 reduced fare).
You can also try the Downtown Loop free shuttle that connects Downtown Las Vegas, the Arts District and the Fremont Street Experience.
Healthcare costs in Las Vegas
The cost of living in Las Vegas for healthcare is 1.8 percent less than the national average. Las Vegas healthcare costs will, of course, vary depending on your age and personal health status. But you can expect to be billed approximately $108.20 for a doctor’s visit (on average), $106.60 for the optometrist and $102.60 for the dentist.
Prescription drugs, without insurance, can run approximately $486.40 on average. Store-bought ibuprofen can cost $9.27 on average.
Looking for a hospital or medical center in Las Vegas? Some of the top-ranked hospitals and medical centers in Las Vegas according to U.S. News & World Report are AMG Specialty Hospital-Las Vegas, Centennial Hills Hospital Medical Center, Children’s Hospital of Nevada at University Medical Center and Desert Springs Hospital Medical Center.
Goods and services costs in Las Vegas
You would think with all the tourists visiting Las Vegas year-round that the cost of miscellaneous goods and services would be a lot higher. Yet, in Las Vegas, they cost just 1.4 percent above the national average in general.
Certain goods and services may cost more than others. A pass to a yoga class, for example, will run you $20 in Vegas — not cheap. But a haircut is only $16.20 on average, with the full beauty salon treatment putting you $47.60 out of pocket.
Some other example costs: tennis balls average $2.99, dry cleaning runs $14, a men’s shirt costs $20.85 and women’s slacks are priced at $23.58 on average.
Taxes in Las Vegas
Nevada is one of the few states that doesn’t have its own income tax. The state does have a sales tax of 6.85 percent, and with the Clark County sales tax of 1.525 percent, you’re looking at a total Las Vegas sales tax of 8.375 percent. This means that for every $1,000 you spend in Vegas, you will be taxed $83.75 (except for exempt items, such as grocery food, of course).
How much do you need to earn to live in Las Vegas?
Generally, financial advisers recommend that your monthly rent costs should not exceed more than 30 percent of your income. Based on this calculation, with an average rent of $1,946 for a Las Vegas two-bedroom, you would need to earn $6,486.67 per month or $77,840 per year.
Of course, other factors may be at play, and the fact that Nevada has no state income tax may give you a bit more wiggle room with your rent. To determine what you might be able to spend on rent in Las Vegas, check out our free online rent calculator, which does the number crunching for you.
Understanding the cost of living in Las Vegas
The cost of living in Las Vegas is still pretty reasonable, despite the average cost of rent going up and the high transportation costs. With no state income tax and affordable things to see and do, Las Vegas is still a great location for young professionals, new families and retirees alike. The housing market is pretty strong in Las Vegas, meaning you’ll be making a solid investment if you end up purchasing a home there. In short, Las Vegas isn’t just a great place to visit, it’s a great place to live.
Considering a move to Las Vegas? Find apartments for rent in Las Vegas today.
