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What’s the Cost of Living in Las Vegas, NV?

Finding a location that fits your budget is crucial in your retirement. Las Vegas ranks as an affordable city according to Forbes. The cost of living in Las Vegas is only about 1.4 percent above the national average.

Below is a breakdown of all the major expense categories to see where you can save money to live in Las Vegas.

The Housing Cost

The median home value in Las Vegas was $210,700, which is an increase of 9.6 percent from last year. Zillow predicts that the home costs will continue to rise by around 4.7 percent over the next year. The average apartment rents for about $934 a month in the city of Las Vegas. A one-bedroom apartment averages $782 a month, while a two-bedroom apartment rents for around $932.

The average electric bill runs about $187 a month, which is higher than the national average. Residents can choose an equal payment option to split average costs over 12 months to avoid fluctuation.

The Food Cost

Consumers pay about the national average for food and groceries. The shopper typically spends about $3.96 for ground beef, $2.18 for milk, and $8.00 for pizza.

The Transportation Cost

The average price of gasoline was $2.38 in Las Vegas, which is higher than the national rate. Retirees typically pay less for gasoline because they no longer have the regular commute to work. Some retiree families also downsize to one vehicle for further cost savings.

You can also save money for transportation by buying a public transportation pass, which runs about $32.50 with the reduced fare for seniors.

The average cost for auto insurance in Nevada was $1,293 for good drivers. These rates can change based on your driving record, type of your vehicle, the amount of coverage, and discounts available like bundling your home and auto policies. Also, you will want to discuss with your agent that you don’t drive as much because that can also get you a discount.

The Cost of Senior Care

The cost of senior care is mostly lower than the national average other than nursing home care. Assisted living care in Las Vegas costs around $34,200 annually, which is definitely lower than the national average of $46,000. The national average cost for nursing home care is $80,300 for a semi-private room and $91,250 for a private room. Nursing home care rates in Las Vegas are higher than this average with rates of $94,900 and $105,850 respectively.

Adult day care services are slightly higher than the national average with rates of about $18,200. Home health aide costs average $42,300 in Las Vegas, which is lower than the national average of $46,000.

Like with any service, you will want to shop your rates. You should comparison shop your utilities, insurance, and health care. Check out multiple grocery stores for the best prices. Find housing within walking distance to your destinations to save money. You can save money in just about every category with a little effort and examination.

Learn more about Las Vegas Retirement Planning here:

How Much Does It Cost to Retire in Las Vegas, NV?

Las Vegas Financial Advisors

Las Vegas Elder Law Attorneys

Las Vegas Senior Realtors

Las Vegas Senior Movers and Downsizers

Las Vegas Neighborhood Guide

Live Like a Local in Las Vegas

Las Vegas Demographics and Lifestyle

Find assisted living in Las Vegas near you.