Average Salary in Las Vegas: Can You Afford the Cost of Living in Las Vegas?
Las Vegas is considered an entertainment capital of the world because of its many casinos and world-class venues. It is a great place for people who love to live in a busy city. Before planning a move, though, there are some important things to consider, including the job opportunities, and the cost of living in Las Vegas.
In this article, we provide some essential information about Sin City, such as the average salary in Las Vegas, what kind of job you should get to afford the cost of living, and the average rent in Las Vegas. Also, what is a good salary in other locations might not be here, so we’ve provided a salary comparison by city as well.
What to Know Before Moving to Las Vegas
There are several things to consider aside from the cost of living before moving to Las Vegas. These include the poverty rate, source of income, weather, quality of education, culture, and employment rate. Knowing these important matters will help you plan better and have an insight into what it will be like when you live in Las Vegas.
Las Vegas has an overall population of 641,903 and a 14.9% poverty rate. The summer season in this place typically lasts three months. Sin City is also famous for many entertainment and recreational places like casinos, hotels, and theme parks.
What Is the Cost of Living in Las Vegas?
The average cost of living in Las Vegas is $2,205 a month for a single person and about $4,152 for a family of four. Housing costs, transportation, and groceries prices highly contribute to the cost of living in Las Vegas.
How Is Cost of Living Calculated?
The cost of living is calculated by using the price range of the common necessities of a person or family. These can be utilities, food, transportation, housing expenses, and more. These are then compared with how much money people spend on these goods and services. A cost of living calculator can be used also to estimate the average cost of living.
What Contributes to Cost of Living in Las Vegas?
Average Rent in Las Vegas
The median rent in Las Vegas is $1,178 a month but may vary on the size, location, and type, such as a studio apartment, a one-bedroom apartment, or a two-bedroom apartment. Luxury apartments in Las Vegas can cost up to $3,000 depending on size and type. Apartment rents are one of the major factors that affect the cost of living.
Average Transportation Costs in Las Vegas
The average gas price in Las Vegas is $5.23. Public transportation is also widely available, with RTC bus systems offering passes that cost $6 for two hours, $8 for 24 hours, and $20 for three days. The new monorail system costs $6 for a single fare, a three-day pass for $40, and $56 for a seven-day pass.
Average Food Costs in Las Vegas
Monthly grocery costs average $400 in Las Vegas, slightly higher than the national average cost of groceries, which is $387 per month. The typical lunchtime purchase costs $16. Food expenses in this city are also four percent higher than the national average.
Average Healthcare Costs in Las Vegas
Healthcare expenses include doctor checkups, medicine, dental checkups, and optometrist visits. Doctor checkups cost $114 on average. Medicine costs an average of $453. Dental checkups cost $98 while optometrist visits cost an average of $107. Healthcare costs in Las Vegas are three percent higher than the national average.
Average Utility Costs in Las Vegas
Utility bills commonly include electricity, natural gas, trash, and water. The average electricity bill for one family in Las Vegas costs $135 per month while the water bill base rate costs about $222. Residential natural gas costs an average of $10 per thousand cubic feet.
Other Expenses to Consider in Las Vegas
Aside from the data above, there are other expenses to consider when moving to Las Vegas such as property taxes, sales tax rate, educational costs, entertainment costs, and parking costs. Las Vegas has a sales tax rate of 8.375%. The average private school tuition fee in Las Vegas costs $9,050, which is lower than the average private school tuition fee in Nevada.
Should I Buy or Rent in Las Vegas?
You should rent in Las Vegas because it is lower than the price of purchasing a home. The monthly rent of an apartment in Las Vegas costs a median value of $1,178, while the median price of a home is $376,148, but the decision to buy or to rent varies depending on your situation and preferences.
If you want to settle for good in Las Vegas, you can choose from many affordable houses in different areas of the city. Renting will give you access to amenities such as gyms, recreational centers, and other facilities. With this in mind, you should first consider some factors like the length or period you want to stay in Las Vegas, your source of income, and more.
What Is the Average Salary in Las Vegas?
The average annual salary in Las Vegas is $63,694, according to ZipRecruiter. Entry-level jobs can earn an average wage of $27,727 per year, and most salaries in the city range from $19,375 to $128,538. The minimum wage is $9.75 per hour, equivalent to $20,280 per year. Some of the high-paying tech jobs in Las Vegas include electronics engineers and information security analysts.
Salary Comparison by City in the United States
|New York City||$65,904|
|North Las Vegas||$64,529|
What Is a Good Salary?
A good annual salary in Las Vegas is at least $40,000 to keep up with the standard of living. Plenty of tech job opportunities in Las Vegas are in demand and provide excellent salaries. Some of these are data scientists, who average $103,295; cyber security analysts, who make $85,354; and web developers, who earn $70,954.
The average salary is much higher than the average cost of living in Last Vegas. Residents earn an average annual wage of $63,694, and the cost of living is about $30,000 per year for a single person. You can apply for a wide variety of jobs in Las Vegas that offer competitive salaries and benefits and can help you cope with expenses.
Can You Afford the Average Cost of Living in Las Vegas?
If you earn an average annual salary of at least $35,000, you can afford the cost of living in Las Vegas. You should make sure to have a budget and avoid too many unnecessary expenses. Before moving to Las Vegas, assess the prices of common goods and services in the area and learn about job or business opportunities that can help support your everyday needs.
The data about the cost of living and salaries as well as skills and preferences will help you decide what source of income you should have to afford the cost of living in Las Vegas. Other matters you should consider aside from salaries are sales taxes, entertainment costs, and parking costs.
Cost of Living in Las Vegas FAQ
Las Vegas attractions include the Bellagio, the Las Vegas strip, the MGM Grand, the STRAT Hotel, Casino and SkyPod, the Neon Museum, New York-New York Hotel & Casino, Excalibur Hotel, and Fremont Street.
Some of the current in-demand careers in Las Vegas are sales associates, software engineers, technicians, bartenders, customer service representatives, administrative assistants, social workers, nurses, receptionists, teachers, and project managers. These are posted on several job sites in Las Vegas such as LinkedIn, Indeed, and Glassdoor.
Yes, living in Las Vegas is worth it. There are a lot of things to do in Sin City. Entertainment and recreational places will help relieve the stress of work, and there are many job opportunities as well. The unemployment rate in Las Vegas is lower than in other places in the United States. The cost of living is also relatively low.
Some popular schools in Las Vegas include the University of Nevada, Las Vegas, Roseman University of Health Sciences, Nevada State College, and the College of Southern Nevada. The University of Nevada, Las Vegas was ranked 249 among national universities according to the US News.