What’s the cost of living in Nevada?
When considering a move to a new state, understanding the cost of living is vital for effective budgeting and financial planning. If Nevada is on your radar, here are some current statistics related to the cost of living in the state that could help you make up your mind.
The average cost of living in Nevada
Nevada is home to over 3.1 million people.
According to research, the average salary after taxes in Nevada is $3919, which is enough to cover living expenses for 1.8 months.
While according to data gathered in 2022 from MERIC, the Missouri Economic Research and Information Center, the state ranks 32nd in a list of states with the lowest to the highest cost of living.
Housing costs in Nevada
As of March 2023, the average home value in Nevada is estimated to be around $412,244, according to the Zillow Home Value Index as of March 2023.
It’s important to note that housing prices can significantly differ across various regions within the state.
Typical Home Prices in Nevada (Zillow Data):
Reno: Average Home Value $519,434
Sparks: Average Home Value $484,259
Henderson: Average Home Value $455,684
Las Vegas: Average Home Value $392,159
North Las Vegas: Average Home Value $378,666
The monthly rental price ranges across the state for those considering renting in Nevada. For example, the average rent for an apartment in Las Vegas is $1,460
Utility costs in Nevada
Utility costs play a significant role in Nebraska's overall cost of living. According to Forbes, the average monthly cost is around $376.
Average Monthly Utility Costs in Nevada:
Energy bill: $110.17
Monthly water bill: $26
Natural gas: $56
Phone bill: $114
Grocery and food costs in Nevada
When it comes to groceries and food costs, Nebraska generally aligns with prices found elsewhere in the United States.
According to Zippia, those in Las Vegas pay over $293 on average each month.
According to 2021 data from the Bureau of Labor Statistics, the average spending on food at home is $5,259 annually, or about $438 per month for US households.
Transportation costs in Nevada
Transportation costs, including gas prices and vehicle maintenance, impact Nebraska's overall cost of living.
According to MIT, a single adult with no children can expect to pay upwards of $5,300.
Gas prices in Nebraska are typically in and around the national average. At the time of writing, Nebraska was lower than the national average. These prices fluctuate over time.
It is also worth noting that prices can vary across different regions within the state.
Healthcare costs in Nevada
Understanding healthcare expenses is crucial when considering the cost of living.
The specific healthcare costs in Nevada can vary depending on factors such as insurance coverage and individual circumstances. Therefore, it is advisable to research and consult with healthcare providers and insurance companies to obtain accurate cost estimates.
Annual Health Expenditure in Nevada Estimated by MIT:
One adult, no children: $2,961
One adult, one child: $8,590
One adult, two children: $8,600
Two adults (one working), no children: $6,449
Two adults (one working), one child: $8,600
Two adults (one working), two children: $8,525
Two adults (two working), no children: $6,449
Two adults (two working), one child: $8,600
Two adults (two working), two children: $8,525
Childcare costs in Nebraska
Families in Nebraska currently pay around $10,310 per year for childcare for one child. This figure doubles for two children.
However, it's important to note that this figure can vary across the state.
Taxation in Nevada
Nevada has no state income tax.
Taxes in Nevada compared to neighboring states:
Nevada Income Tax Rate: No state income tax
California Income Tax Rate: Progressive tax rates ranging from 1% to 13.3%
Arizona Income Tax Rate: Progressive tax rates ranging from 2.59% to 4.5%
Utah Income Tax Rate: Flat tax rate of 4.95%
Idaho Income Tax Rate: Progressive tax rates ranging from 1.125% to 6.925%
In Nevada, the statewide sales tax rate is 6.85%. However, it's important to note that sales tax rates can vary within the state as counties and municipalities may impose additional local sales taxes. Therefore, the total sales tax rate, including state and local taxes, can range from 6.85% to 8.375%, depending on the location.
The bottom line
The amount of money needed to live comfortably in Nevada can vary depending on location, lifestyle, family size, and personal preferences. However, as the most expensive state in the US, you may need more than you first think.
It's essential to consider these factors, along with personal circumstances and preferences, when evaluating the cost of living in Nevada. In addition, consulting with a financial advisor can provide valuable insights and assistance in managing expenses and financial planning.
Whether you’re retirement planning or considering relocating to chase a new career, Unbiased can assist you with your move's financial ins and outs. Find the right advisor for your needs today.
Charlie Barton is a writer at Unbiased. He has been writing about personal finance and investing since 2017, with extensive knowledge of platforms and products. Charlie has a first-class degree from the London School of Economics.