Cost of Living in Las Vegas: A 2024 Guide

Las Vegas has long been known for its glittering casinos, luxurious resorts, and 24/7 entertainment. But for those moving here, it's essential to consider the cost of living beyond the bright lights of the Strip. Here’s a comprehensive breakdown of typical expenses for those living in Las Vegas, including housing, utilities, groceries, transportation, healthcare, and more.

1. Housing Costs

Housing is often the biggest expense in any city, and Las Vegas is no exception. Due to its growing population, diverse job opportunities, and an influx of out-of-state buyers, real estate in Las Vegas has experienced steady price increases.

• Median Home Price: As of 2024, the median home price in Las Vegas is approximately $430,000. Although this is higher than the national average (around $400,000), it’s relatively affordable compared to nearby California markets like Los Angeles or San Francisco, where median prices exceed $800,000.

• Average Monthly Rent: For those renting, prices vary by neighborhood and apartment size:

  • 1-bedroom apartment in the city center: ~$1,400/month
  • 1-bedroom apartment outside the city center: ~$1,200/month
  • 2-bedroom apartment in the city center: ~$1,750/month
  • 2-bedroom apartment outside the city center: ~$1,500/month

2. Utilities

Utilities in Las Vegas can be relatively high due to the extreme summer heat, which leads to high air conditioning usage.

• Electricity: On average, electricity bills in Las Vegas range between $120 and $180 per month. During peak summer months, air conditioning costs can push electricity bills up to $250 or more for larger homes.

• Water, Trash, and Sewer: Combined, these typically add about $70-$90 per month, depending on household size and water usage.

• Internet and Cable: The cost for internet averages around $60-$70/month for high-speed connections. Cable TV packages vary, but a mid-range package typically costs around $85/month.

Total Monthly Utility Cost: For a typical household, utilities (electricity, water, and internet) will generally range from $220 to $330 per month.

3. Groceries and Dining

The cost of groceries in Las Vegas is close to the national average, though dining out may be more affordable compared to major metropolitan cities.

• Groceries: For a single person, groceries typically cost between $250 and $350 per month. A family of four might expect to spend around $600 to $800 monthly on groceries, with costs fluctuating depending on dietary preferences and shopping habits.

• Dining Out: Dining out in Las Vegas can be affordable or upscale. Here’s what to expect:

  • Fast food combo meal: $10-$12
  • Mid-range restaurant (for two): $50-$70
  • High-end dining (per person): $100+

4. Transportation

With a relatively limited public transit system, many residents rely on personal vehicles for transportation.

• Gasoline: As of 2024, gas prices in Las Vegas hover around $4.30 per gallon, though prices can fluctuate.

• Public Transportation: The Regional Transportation Commission (RTC) operates a public bus system, with fares costing $2 per ride or $65 for a monthly pass. However, many residents find the service limited compared to larger cities.

• Vehicle Costs: Car insurance in Las Vegas is higher than the national average, partly due to high traffic accident rates. On average, car insurance costs around $150 to $250 per month, depending on the driver’s profile.

Total Monthly Transportation Cost: With insurance, gas, and other costs, a typical resident can expect to spend around $250-$400 monthly on transportation.

5. Healthcare

Healthcare costs vary by individual and plan. Here’s an overview of typical healthcare expenses in Las Vegas:

• Doctor’s Visit: A standard visit to a general practitioner costs around $130 without insurance.

• Health Insurance: The average monthly premium for an individual in Nevada is around $450, while family plans average closer to $1,150. Those with employer-provided plans might pay less, while plans purchased through the marketplace vary widely based on coverage level.

• Prescription Medications: Prices vary widely, but the average monthly cost of prescription drugs in Nevada is around $90 for those requiring regular medication.

Total Monthly Healthcare Cost: For a single person, expect healthcare costs (insurance + out-of-pocket) around $450 to $550 monthly.

6. Taxes

Nevada is one of the few states with no state income tax, which makes it attractive to many residents. However, the state makes up for this with relatively high sales taxes and other fees.

• Sales Tax: In Clark County (Las Vegas), the combined state and local sales tax rate is currently 8.38%.

• Property Tax: Property taxes in Nevada are comparatively low, with Clark County’s effective rate around 0.53% of assessed home value, resulting in an annual tax of approximately $2,280 for a home valued at $430,000.

7. Entertainment and Recreation

Las Vegas offers an abundance of entertainment options, from casinos and concerts to national parks and family-friendly activities.

• Movies: Tickets are around $12 to $15 for regular screenings.

• Gyms: Monthly gym memberships average between $30 and $60, with premium gyms costing $100 or more.

• Local Attractions: There are plenty of free or affordable entertainment options, including hiking in Red Rock Canyon or exploring the arts district.

Total Monthly Entertainment Cost: Depending on lifestyle, a typical Las Vegas resident might spend between $100 and $300 on entertainment monthly.

8. Education

If you’re a parent, education expenses can also be a consideration.

• Public Schooling: Public schools in Las Vegas are free, though there may be costs for supplies, extracurriculars, or uniforms.

• Private Schooling: Private school tuition ranges from $6,000 to $15,000 annually per child, depending on the school and grade level.

• Higher Education: The University of Nevada, Las Vegas (UNLV) is a prominent institution, with in-state undergraduate tuition around $9,000 annually.

Summary of Monthly Costs for a Single Person

Is Las Vegas Affordable?

With a relatively high median home price and rising rental costs, living in Las Vegas is no longer as affordable as it once was. However, the absence of a state income tax, combined with a lower cost of living compared to California, continues to make it an attractive option for newcomers. Careful budgeting can help residents take full advantage of the perks of Las Vegas living without breaking the bank.