If you've ever thought of living in Las Vegas, you might wonder what it would be like — and if it fits your lifestyle. With all of the cool amenities it offers, not to mention the perks residents get like discounted show tickets, Las Vegas might seem like an expensive place to live. However, the average rent is surprisingly affordable.
Whether you're looking to live under the lights of Downtown or the quiet suburbs of Southwest Las Vegas, there's definitely something on your wish list.
Las Vegas is seeing a lot of fluctuation in its rent prices. Since the city limits aren't really restricted by mountains or other constraints, there's plenty of room to grow and continue building new developments as needed. There are also a few areas going through a revitalization and attracting new crowds of residents.
Overall, the city has just about maintained rent prices year over year with a slight decrease of 0.84 percent. The median rent is $1,533. Surprisingly, rent in Las Vegas is actually less expensive than the state average of $1,749.
For a city like Vegas, that's a pretty reasonable price to pay, especially since you've got endless fun and excitement at your doorstep. Plus, you're right in between California and Utah, two states with plenty of outdoor activities, from national parks to relaxing beaches, and you have access to one of the best international airports in the nation.
While the Entertainment Capital of the World is traditionally known for jobs in the service and entertainment industry, Vegas is seeing lots of other business opportunities pop up for residents since the affordable cost of living is bringing in business owners. With a growing job market and ample room to grow, this city isn't slowing down any time soon.
Regardless of where you live, you have to pay for things like apartment rent and utilities, groceries, health care and other random expenses. So, rent may be reasonable, but how much will it cost to get out and about and enjoy all the city has to offer?
We took a look at the cost of living in Las Vegas to help paint a more clear picture of what expenses look like in this desert city.
As you can see, some areas are more or less expensive compared to the national average. You might save a little on rent compared to other cities but you'll pay more for transportation.
No matter what you value in a neighborhood, Las Vegas pretty much has it all. It's not all lights and excitement in the city, and there are quieter areas. What will really affect the price of your rental comes down to amenities and location.
If you're close to restaurants, shopping and fun activities, you'll pay a bit more. But if you prefer a quieter locale, you can always find the happy medium and nestle yourself in between the noise of the city and the peacefulness of the suburbs — with equal access to everything.
The more expensive neighborhoods tend to be in two types of areas that are almost completely opposite of each other. On the one hand, you have areas near all the classic Las Vegas attractions on the Strip and on the other hand, you've got the suburbs that are far away from all of the lights.
Although they're in different areas that seem nothing alike at first glance, they actually have a few things in common.
Here are the top five most expensive neighborhoods in Las Vegas.
These popular neighborhoods cost more than the average rent in Las Vegas, but the prices are still reasonable when you consider Vegas is one of the largest cities.
Since most of these neighborhoods sit right in between the secluded suburbs and the big city action, there aren't many big amenities located directly within them. These areas aren't as quiet as the suburbs that are further away from central Las Vegas, so you'll still get the feel of living in the city, but without immediate access to lots of restaurants and shopping.
However, these areas are close enough to both the quiet and the busy that you can easily reach whatever you're in the mood for. Feeling like a classic Vegas buffet dinner and a show? You've got plenty of them on the Strip within a reasonable 10-20 minute drive.
Or, if you're ready for a day out visiting a quiet boutique strip mall, you've got places like Summerlin that are also fairly close, so you can experience whatever you're in the mood for without having to trek across the entire city.
These are the least expensive communities in Las Vegas:
To get an idea of the average rent prices throughout Las Vegas, check out the chart below. You can see how rent varies from high to low in a variety of rental homes.
|Neighborhood||Average Rent Price||MoM Change||YoY Change|
|Southeast Las Vegas||$1,284||-2.77%||-0.39%|
|Southwest Las Vegas||$1,528||0.24%||-9.35%|
|The Section Seven||$1,628||-0.69%||-8.58%|
OK, so we've outlined the basic costs of living in different affordable neighborhoods, now let's look at how much renters need to make to live comfortably in this city.
Conventional wisdom advises renters to spend no more than 30 percent of their income on rent. If we take the cost of rent in Las Vegas — $1,552 — and multiply it by 12 months, you can expect to pay $18,624 in rent per year.
So, that means you need to make just around $62,000 to live comfortably here. The mean salary in Vegas is $50,360, so people will need to make a little more than average to make this place affordable.
Regardless of your living preferences, you'll find something that tickles your fancy in Las Vegas. You'll experience one of the most interesting and diverse cities you can imagine.
Find an apartment here and you'll constantly be surprised by what the city gives you.