The city of lights has cheaper rent rates and access to higher wages.
Why just vacation in Vegas when you can live there? Not only are the glitz and glamour of the Gambling Capital of the World exciting — they’re pretty reasonable.
The median rent in Vegas is $1,327. Renters should only need to fork over 31.2 percent of their monthly income for their rent, says GoBankingRates.
How’s the cost of living in Vegas?
You can live comfortably in Vegas earning just under $50,000 a year, says a previous list from GoBankingRates. The personal finance site put together a list of the 31 cities you can afford to live in while earning less than $50,000 a year.
After searching through 270 of the biggest U.S. cities, Vegas made No. 26.
The survey broke down where you can live using half of your income for necessities like rent, groceries, utilities, transportation and healthcare. That way, there is 30 percent left for the finer things in life like going out and entertainment, while still keeping 20 percent to save for the future.
The rents may be a little higher than some other large cities, but the costs of healthcare, groceries and utilities are more affordable than most on the list, says the survey.
How about the whole family?
Not everyone moving out to Vegas is living the single life. The costs of living are actually cheaper in the city than in the suburbs of Las Vegas — if you have a family.
It costs $7,318 more to live in the suburbs of Vegas than the city when adding childcare expenses, says a survey from Zillow and care.com. Yearly mortgages and property taxes in the suburbs are $15,934 compared to $10,481 in the city. Child care costs are also higher in Vegas’ suburbs.
The average daycare costs for two children in the Vegas suburbs are $17,711, compared to the city where they are $15,846.
“Figuring out where your family will live and grow is arguably one of the most exciting and daunting times in a parent’s life,” says Joyce Hodel, data scientist at Care.com. “While moving to the suburbs often brings significant cost savings, city living can still be the right choice for some families and is less expensive in certain metro areas.”
Is it just Vegas or the whole state?
Las Vegas isn’t the only city in Nevada where you can live for under $50,000. If you’re not into being in the middle of the action — but don’t want to be so far you couldn’t drive there in a day — Reno may be more up your alley.
It’s about $2,500 cheaper yearly to live there. The state ranked No. 11 on GoBankingRates’ 31 cities where you can live under $50,000.
The economy’s a little more “family-friendly” than Vegas, too. Rather than relying on entertainment and gaming, there are many jobs in technology and healthcare, says the survey. It only takes $46,269 to live comfortably in Reno, according to GoBankingRates. And you can still make it out to Vegas on your weekends, or take up skiing in the Sierra Nevada.
Nevada is a state where it works out cheaper — at least monthly — to rent a home than own, says the GoBankingRates 2017 Renting vs. Owning list. You can save $80 a month renting. The monthly mortgage costs are $1,373 and the rents are only $1,293.
The median home list price in Nevada was $249,090 in 2016. That number increased to $279,000 last May, according to GoBankingRates. The state may be experiencing a housing bubble, the personal finance site says.
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Article last modified on February 14, 2018. Published by Debt.com, LLC . Mobile users may also access the AMP Version: Living in Las Vegas Is More Affordable Than You’d Think - AMP.