A lot of people get worried when they hear about the cost of living in Las Vegas. If you’ve ever been to Vegas, you know it can be expensive. But there's no reason to worry; the city has a very diverse economy, and you can find what’s right for you if you know where to look! This blog will help you understand the truth about the cost of living in Vegas and help you decide if this is the place for you.
The population of Las Vegas is more than 650,000 people. Of that, 40% are between the ages 25-54, with the median age being 36.8. Las Vegas is a popular destination for tourists from around the world, many of whom convert into residents, and therefore a great place to live. In addition to having a vibrant nightlife, Las Vegas has many other unique features.
The city's residents have access to great schools, the best entertainment in the country, and numerous national parks for outdoor recreation. The Red Rock Conservation Area is the perfect backdrop for hiking, biking, climbing, horseback riding, and scenic drives.
The Truth About The Cost Of Living In Las Vegas
Apart from The Strip, littered with hotels, casinos, restaurants, bars, shopping, and entertainment, Las Vegas has many suburban areas with neighborhoods where residents live a good quality of life.
The cost of living in Las Vegas is not clear-cut, simply because it varies. It varies based on which part of Las Vegas you look at, as well as which neighborhoods. When looking at the living expenses, you need to account for food, transportation, utilities, and housing costs.
When moving to Las Vegas, the first thing to consider is the cost of buying a home. It's regarded as one of the highest expenses in your life and influences where you live in the city. One advantage to the cost of living in Las Vegas is that there is no income tax.
Let's look at some stats on the cost of living indices compared to the national US average (100) and Nevada:
- The overall cost of living is 111.6, above the national average and above Nevada, which is 110.5
- The cost of housing in Las Vegas is above the national average at 118.2, but below Nevada, at 127.5.
- The median home cost is below the national average ($291,700) at $334,000, with Nevada at $358,400.
2019 US census housing market stats:
- 1.22% of houses are less than $50K.
- 0.97% are between $50K to $100K.
- 1.68% are between $100K to $150K.
- 3.31% are between $150K to $200K.
- 16.00% are between $200K to $300K.
- 17.12% are between $300K to $500K.
- 6.38%are between $500K to one million.
- 1.19% are over one million and above.
The above census shows that the majority of homes are priced between $200 and $500K. There is a smaller percentage (6.38%) for luxury-priced homes $500K and up, and 3.31% for more affordable homes ranging from $150-$200K. These home prices make it affordable for many people, whether you are single, married with no children, have a family, or are retired.
Luxury Homes In Las Vegas
How does the cost of living in Vegas compare to other cities? As far as the overall cost of living goes, Las Vegas is pretty standard. It's hard to peg things like housing costs because they vary so much from neighborhood to neighborhood. Some areas like Summerlin or Henderson are more expensive and have more luxury homes for sale in Las Vegas than others, like in North Las Vegas.
Average house prices in Las Vegas tend to be higher than in other cities, but they're still affordable. Depending on where you look for homes, you might be able to snag a great deal! In town or Downtown Las Vegas, you can find many homes that are under $300K. In desirable areas like Summerlin or Henderson, homes average closer to $500K-$700K.
New construction homes in Las Vegas and luxury homes for sale in Las Vegas have between 1-7 bedrooms with an average of around 5000 sq. ft. in size. Luxury home prices are between $400K and 11 million, with an average price of around 1 million. These could be custom, new construction, or high-rise condo homes found in guard-gated communities, surrounding golf courses, lakefront, with strip views, penthouses, and large secure compounds.
Luxury homes in Summerlin are in the golf course estate of The Ridges. Homes are semi-custom and have a contemporary style, mainly entry-level luxury. Tournament Hills is another golf course community in Summerlin. Homes here are all custom built.
Estates at Southern Highlands is another golf course community. In this private golf course, you will find luxury custom homes located close to the airport and The Strip.
Queensridge has high-end custom homes in a guard-gated community. These homes come in various styles, from modern to Mediterranean on large properties with views of The Strip, Red Rock Conservation Area, and the Spring Mountains.
An older community that has luxury homes on plots ranging from half an acre to 5 acres is that of Spanish Trails.
MacDonald Highlands is a prestigious 1,200-acre community in Henderson in the foothills of the McCullough Mountains. MacDonald Highlands won the Best of Las Vegas Awards 2020 for ‘Best Master-Planned Community.’ It's home to the DragonRidge Country Club, a world-renowned golf course.
Homes here vary in size, architecture, and square footage, from 4,500 to over 8,000. The median list price in MacDonald Highlands is around $1M. Features and amenities in these luxury homes are worth noting. Some include gourmet kitchens, a home gym, tennis courts, a swimming pool, a walk-in closet, a library, a theatre, and a games room.
Luxury homes in Las Vegas are found in some of the wealthiest neighborhoods. Here are 10 of them where the homes are over 1.64x the national median:
- Summerlin North
- Tule Springs
- Sheep Mountain
- Lone Mountain
- Centennial Hills
- Kyle Canyon
- The Lakes
- Desert Shores
- North Cheyenne
Other Las Vegas luxury neighborhoods are The Summit Club, Red Rock Country Club, Canyon Gate Country Club, Canyon Fairways, Eagle Hills, Willow Creek, Bellacere, Palisades, Seven Hills, Anthem Country Club, Mountain Trails, and Reverence.
Affordable Family Homes In Las Vegas
Thinking of moving to Las Vegas with the family and having a smaller budget? Despite Las Vegas being branded as 'Sin City,' the Las Vegas area is very family-friendly. Things to consider when looking for family-friendly neighborhoods in Vegas are budget, schooling, and amenities. There are many great schools and parks around town, and most communities are very kid-friendly.
Let's look at some stats on families in Las Vegas:
- 46.5% are married
- 14.6% are divorced
- 30.7% are married with children
- 21.3% have children but are single
Las Vegas is becoming a really popular place to live for families and young professionals, and it could be right for you too! Therefore the family home market in Las Vegas is pretty competitive, but you can still find what you are looking for and be spoiled for choice in some neighborhoods. If you work within the city limits, you can grab an affordable place to live. Its diverse economy means there's always something for every price point.
Downtown Las Vegas has many affordable living options, including condos. If you want to be close to all of the action while paying a lower price tag on your housing costs, this could be the perfect option for you.
Examples of the best family-friendly communities, taking into account safety and the quality of schools, include:
- Green Valley
- Mountain's Edge
- The Lakes
- Centennial Hills
- Southern Highlands
- Seven Hills
- Anthem/Anthem Highlands/Madeira Canyon
Summerlin is a master-planned community that has an average home price of $350K. There are excellent schools, trails, and parks, and homes have large yards with many amenities nearby. In downtown Summerlin, there are restaurants, shops, and a movie theatre. It is also close to the McCarran International Airport, The Strip, Red Rock Canyon National Conservation Area, and Downtown Las Vegas.
Green Valley in Henderson is another master-planned community boasting great schools, amenities, and convenience of location. It could very well be the best family-friendly community as Henderson was named the second safest city in America.
What attracts families to Green Valley is the average price of homes at $350K. Other attractions include The District at Green Valley Ranch, Sunset Station Hotel and Casino, and proximity to the 215 Beltway.
More affordable with significantly lower home prices than Summerlin and Green Valley is Southwest Las Vegas. Home prices start in the upper $100K and average at $270K, making it ideal for families starting out in Las Vegas. There are new school developments in this area, it's close to The Strip and other communities and is home to the Wet ‘N’ Wild Las Vegas water park.
Moving to the North, we have Northwest Las Vegas. In particular, the community of Centennial Hills/Providence. Home prices average around $250K, perfect for young families. Because this area is close to the Nellis Air Force Base and Creech Air Force Base, it is popular with military families. There are also good schools and amenities in this area.
Not as centralized as other neighborhoods, the cost of living is more affordable. Here homes range from $100K to $200K for a three-bed home. Above the $200K range will get you more bedrooms (4-5 bedrooms) and more square footage (2000sq. ft.). Compared to Southwest Las Vegas, Northwest Las Vegas gets you more home for less.
There are a lot of new construction homes in Las Vegas this year alone. These include:
Montrose Collection: This community is located in the Skye Canyon master plan and is a private gated community. Homes are priced in the upper $400K, mainly single-family homes with over 2,000 sq. ft., a 3-car garage, and a community pool.
Seasons at Pewter Valley: Not interested in living in the middle of all the hustle and bustle of urban life but still want access to all the amenities? Check out the community of Season at Pewter Valley. It's in a rural location but close to the I-15 and Las Vegas Boulevard.
Homes in Seasons at Pewter Valley are in the upper $300K for 3-4 bedrooms, range from approximately 1,500-2000 sq. ft., and offer different floor plans and layouts with plenty of design options.
The weather in Las Vegas can get hot with not much rain, but with the sun shining throughout the year, there's nothing better than making the most of it. December is the coldest month in Las Vegas with an average overnight temperature of 36.6 degrees Fahrenheit. The warmest month is July, with an average daytime temperature of 104.1 degrees Fahrenheit. It's no surprise that 23.8% of homes in Las Vegas have pools where residents can enjoy during the evening cooler temperatures.
So, if you're looking for homes with pools in Las Vegas, you'll want to look into the newer developments as many master-planned communities come with a community pool - some are even Olympic-sized. However, there are plenty of older and luxury homes with pools. These will be priced higher than homes without a swimming pool since they add to the home's value. Coupled with the weather, homes with pools are a popular choice.
As you can see from this blog, the truth about the cost of living in Las Vegas is higher than the national average. It also varies significantly from the north to the south of Las Vegas and from neighborhood to neighborhood.
There are many factors to consider when it comes to the cost of living in Las Vegas. Some of these factors include food, transportation, utilities, and healthcare. And the biggest, which is housing. Depending on your budget and your preference, there are stacks of options. There are luxury homes and affordable homes, and family-friendly communities to affluent communities.