Looking to start over, and Las Vegas is at the top of your list for relocation destinations? Before you pack up your belongings and make the move, it’s important that you understand how the cost of living in the Silver State compares to where you currently live. In this guide, we break down the cost of living in Las Vegas, from housing expenses to food and healthcare costs. We’ll provide data from the local cost of living index and comparison tools and look at how Las Vegas ranks for livability compared to other U.S. cities. We’ll also share a handy set of online resources to measure and compare the cost of living and expenses in other Nevada cities.
When you’re planning to live in a new city, the cost of living there will be a combination of expenses required to maintain your desired lifestyle. Cambridge Dictionary defines cost of living as “the amount of money people need to spend to buy basic goods or services such as food, clothes, and a place to live.” This overall cost can vary significantly based on location, even within Nevada. But the living expenses you’ll pay for typically include the following categories: However, the costs often extend beyond these basics to cover other expenses, such as: These elements, when combined, establish the core costs associated with a particular way of living. However, the standard of living you achieve is largely influenced by your income and debts and how the dollar amounts compare to the costs of basic needs in your location or, in this case, the Las Vegas community where you might want to live. Let’s take a quick look at some ways you can compare your current living cost with what you might experience if you move to Las Vegas. A cost of living index (CLI) monitors how these basic expenses change over time in different states, cities, or regions. They provide a way to compare the price of maintaining a particular standard of living. The CLI for a city like Las Vegas is calculated by assessing the price of essential goods and services in different areas, such as housing, food, transportation, and healthcare. A local index is typically standardized, with a base city assigned a baseline index value (usually set at 100). Other cities are then compared against this benchmark. For example, a Nevada community with a CLI of 125 would signify that living there is 25% more expensive than the base location, while an index of 75 indicates it’s 25% less expensive. A cost of living index will typically break down and score each basic expense by category. Here are separate scores for Las Vegas from the Best Places Las Vegas Cost of Living Index: According to Best Places, Las Vegas is more expensive than the US average cost of living.What makes up the ‘cost of living’ in Las Vegas?
What’s a Las Vegas cost of living index (CLI)?
