Las Vegas may be known for being an international tourist hot spot, but did you know there is so much more? Beyond its flashy venues and pricey nightclubs, Las Vegas also features several family-oriented communities offering lower costs of living than many major US cities. Let us discuss why living in Las Vegas is a low-cost luxury!
Why Living in Las Vegas is a Low-Cost Luxury
Las Vegas is more affordable than many people realize, from its lack of state income tax to an accessible housing market. Its affordability truly impresses me. So, here are more facts about why living in Las Vegas is a low-cost luxury!
1. Las Vegas Housing And Rent Is Affordable
To understand just how affordable housing and rent are in Las Vegas, let’s compare its median sale price against those found in more costly US cities such as Boston or Seattle. This comparison should reveal just how reasonable prices can be here in Vegas compared with more affluent areas of America.
Las Vegas Homes Relative to Expensive U.S. Cities: Median Home Sale Price Analysis
- Las Vegas, NV: $415,731 — Median Sale Price from May 2023-2024. (Rocket Homes).
- San Francisco, CA: $1.4 Million — Median Sale Price for April 2024 (Redfin).
- Los Angeles, CA: Median Sale Price as of March 2024 on Zillow (Zillow).
- New York, New York: $830,000 — Median Sale Price in April 2024 (Redfin).
- Redfin reported Seattle, WA’s Median Sale Price as $877,000 as of April 2024 (Redfin).
- Denver, CO: $623,684. Median Sale Price as of May 2024 with Rocket Homes being used as a reference point.
- Austin, TX: $617,000. Median Sale Price Between June 2023-2024 of Orchard Properties.
Townhomes
As of June 2024, Las Vegas townhome median sale prices typically fall in between $290,000.000 to $356,000.00 based on observations of market activity. This range provides a good indication as a guide.
Prices here are significantly less than in other major cities such as San Francisco or New York, where townhome prices often surpass $1 million. Comparative to Austin, TX where townhome median listing prices average out around $600k, Las Vegas remains more budget-friendly.
Apartment Renters
Las Vegas also provides renters with affordable monthly rental costs; average Las Vegas monthly rentals range between approximately $1,265 and $1,500 on average. These figures are significantly below the current national median rent of approximately $1,515 per month.
2. Nevada Tax Policies Save Las Vegas Residents Money
There’s much to appreciate in Nevada’s tax policies, but one aspect stands out in particular.
No Income Tax
Nevada stands out among U.S. states by not levying state income tax on its residents. Something that makes life much cheaper in Nevada! As costs of living continue to escalate nationwide.
Nevada does not take a cut out of residents’ earnings as an attractive incentive to move there, making
Low Property Taxes
Las Vegas an excellent location to reside. Nevada Offers Low Average Effective Property Tax Rates When compared with the rest of the nation, Nevada boasts some of the lowest property tax rates; at just 0.48% on average effective.
The national average is 0.99%.
Sales Tax Exemptions
Nevada has an overall state sales tax rate of 6.85%; however, when combined with local taxes it could reach up to 8.375%.
But essential items, including certain kinds of groceries, are exempt from sales tax to help lower overall living costs.
No Estate or Inheritance Taxes Exist
Nevada stands out as an attractive locale for wealth preservation and estate planning, lacking both estate and inheritance taxes.
3. Las Vegas Enjoys Slightly Lower Utility Costs Than the National Average
While utilities in Las Vegas may not be particularly inexpensive, their median utility costs do fall slightly lower than what’s found nationwide. According to KSNV News 3 Las Vegas and Filterbuy’s report on utility costs in Las Vegas, including gas, water and electricity usage costs – median utility expenses come to about $223 monthly on average in Las Vegas.
Compare this figure with the national median cost of utilities, which stands at $238 monthly.
Las Vegas enjoys scorching summer temperatures that are offset by milder conditions throughout the rest of the year. An attribute that significantly lowers utility costs overall.
4. Las Vegas Offers Cost-Effective Shopping Solutions
Las Vegas provides numerous cost-cutting shopping solutions to fit a tight budget shopper’s needs – from thrift shops and budget grocery stores, there are plenty of opportunities available in this city for saving money while purchasing goods or services.
Here’s an up-close view of some of the top choices.
Major Shopping Centers Offering Discounts
- Las Vegas North Premium Outlets
- Las Vegas South Premium Outlets
Budget-Friendly Parking at Shopping Centers
Shopping centers in Las Vegas with low-cost or free parking include:
- Fashion Show Mall Parking
- The Shops at Crystals Complimentary Valet Parking
Thrift Stores and Second-Hand Shopping
- Goodwill’s Deja Blue Boutique
- Savers
Grocery Shopping
Goodwill’s Deja Blue Boutique; Savers (WNC Foods); El Super and Cardenas are among the many supermarkets catering to different grocery shopping needs in Vegas, providing low prices on produce, frozen foods and bulk items as well as great fresh fruit and meat deals respectively. Smart & Final is ideal for purchasing large quantities, while 99 Ranch Market provides an expansive selection at highly competitive prices.
5. Las Vegas Aids Low-Income Families Access Child Care
Through The Child Care Subsidy Program
- The Child Care Subsidy Program run by Las Vegas Urban League (LVUL) assists low-income families to cover child care costs.
- Families looking to apply must meet income requirements as well as have an approved purpose for caregiving.
- This program assists licensed and unlicensed child care providers, with subsidy amounts determined based on a sliding fee scale.
Childcare and Development Fund
- Welfare and Supportive Services makes it easier for residents of Las Vegas to locate quality child care.
- If you belong to a low-income family or receive temporary public assistance payments or are transitioning from public assistance benefits, Child Care Program may help accessing services you need for child care needs.
- As part of their service, they also offer a complimentary Resource and Referral service that helps families locate suitable child care providers.
6. Cost-Effective Entertainment and Recreation Abound in Las Vegas
Las Vegas might be best known for its luxurious venues, but there’s also plenty of cost-efficient entertainment and recreation available throughout its metropolitan region.
Popular Attractions
- Two popular attractions in Las Vegas are the Bellagio Fountains (free) and Fremont Street Experience.
- Beginning each night at 6 pm, FSE hosts free live music events featuring local talent.
Outdoor Activities
- Looking to explore nature while visiting Las Vegas? Look no further than Floyd Lamb Park and Sloan Canyon National Conservation Area as great places for an adventure outdoors!
- Floyd Lamb Park requires a $6 per vehicle entrance fee while Sloan Canyon NCA offers dispersed and primitive camping opportunities within North McCullough Wilderness.
- Other natural areas include Red Rock Canyon and Lake Mead, both providing low-cost hiking and cycling opportunities.
Discounts for Locals
- Many Las Vegas restaurants and venues provide special discounts to Nevada residents so that they don’t pay tourist prices.
7. Affordable Healthcare Options Are Available in Las Vegas
Las Vegas residents benefit from having affordable healthcare available thanks to community health centers, low-cost clinics and major providers offering their services – while Nevada’s efforts at increasing coverage benefit those residing here as well.
Community Health Centers and Low-Cost Clinics
- FirstMed Health and Wellness Center accepts Medicaid, uninsured clients as well as those without health coverage (sliding fee scale);
- First Person Care Clinic offers sliding fee scale fees to uninsured/underinsured;
- Hope Christian Health Center charges sliding fees according to income or family size).
- Nevada Health Centers provide sliding fee scale services and accept most health plans;
- The Southern Nevada Community Health Center also has discounted sliding fees when qualifying, along with major healthcare providers and hospitals in Las Vegas and Southern Nevada.
Major Healthcare Providers and Hospitals
- University Medicine and Surgery Clinic offers low-cost healthcare options; accepts Medicaid and HMO plans;
- Community Outreach Medical Center accepts various insurances but accepts uninsured patients;
- Silver State Health also offers sliding scale fees between $20 to $75 (accepting uninsured patients); all are part of state efforts to expand healthcare coverage.
State Efforts to Expand Healthcare Coverage
- Medicaid Expansion was made available under the Affordable Care Act and increased insured residents by 141%;
- Statewide Managed Care Program will expand across all 67 counties by 2026 and increase beneficiaries by 10%;
- Legislative Measures (expanded Medicaid for postpartum care)
Disclaimer: Please be aware that information herein may change at any time; we make no guarantees as to its accuracy or completeness; therefore for up-to-date details on services offered, fees charged, eligibility criteria etc please reach out directly to healthcare providers in question.
8. Las Vegas Offers Cost-Effective Office
Space for Businesses Businesses of any kind in Las Vegas can take advantage of cost-effective office spaces available here, from startups to established corporations.
Competitive Rental Rates
- At the end of Q1 2024, Las Vegas office rental rates averaged roughly $28.15 per square foot annually, lower than both national averages. Thus Las Vegas performed very favorably against them both.
- In January 2024, the national average listing rate stood at $37.73 per square foot per year.
Modern Office Buildings
- With Las Vegas becoming more business friendly each day, property managers and owners have an incentive to upgrade and modernise.
- Therefore, more modern office buildings than ever feature modern amenities for tenants to use and enjoy. As companies prioritize energy efficiency, there has also been an upsurge in sustainable buildings.
9. Las Vegas Schools’ Commitment to Affordable Education Brings Success for Families
Schools in Las Vegas provide programs and initiatives designed to ensure students have access to affordable educational options.
Title I
Title I is an initiative funded by the U.S. government that helps provide school funding to schools that serve economically disadvantaged students. Clark County School District participates in this program to help economically disadvantaged children attend schools that receive this money.
This program offers a comprehensive array of services for homeless students, such as school-based assistance and early childhood education programs.
Scholarships and Grants
The Nevada Educational Choice Scholarship Program helps fund K-12 scholarships for low-income children eligible through AAA Scholarship Foundation.
Through this program, companies are able to redirect up to 100% of their Nevada Modified Business tax liability towards funding scholarships for children who come from financially vulnerable families.
Adult Education and Skill Development.
Las Vegas provides adults with accessible educational and skill development programs such as the Las Vegas-Clark County Library District’s Adult Learning Program.
This program offers free classes to individuals aged 16 or above with the goal of developing skills and increasing employment prospects.
10. Retirees Can Enjoy a Higher Quality of Life at a Lower Cost in Las Vegas
Las Vegas Can Offer Retirees an Improved Quality of Life at Lower Cost Nevada provides its elderly a range of organizations, resources, and programs designed to maximize quality of life at reduced costs.
Nevada HAND, for instance, is a premier developer and manager of rental homes specifically targeted toward low-income seniors. Nevada HAND provides homes as well as resident services programs designed to enhance senior residents’ quality of life.
City of Las Vegas Senior Services offer social events, classes, and support services tailored for seniors.
Howard Lieburn Senior Center provides seniors with activities including aerobics, dance, yoga, gardening and much more.
Beyond official resources, retirees in Las Vegas can also enjoy many recreational activities including golfing, swimming, biking and attending community events.
You can explore a lot more benefits of why living in Las Vegas is a low-cost luxury. With expert guidance from Las Vegas Real Estate Sales. We are here to guide your way around our local housing market and show you all that Las Vegas offers without breaking your budget.
