Before moving, consider the cost of living in Nevada and how it will affect your financial situation. Overall, the average cost of living in Nevada is 6.91 percent higher than the US average. And with an unemployment rate of 12.6 percent, it’s clear that you absolutely need a reliable source of income before relocating to this state.
Though the state produces a relatively large amount of agricultural products, Nevada doesn’t produce much of its own energy yet (there are test sites for solar-powered and natural steam-fuelled plants). In addition, Nevada is the driest state in the US, and water management remains problematic, especially in areas such as Clark County.
When it comes to the cost of living in Nevada for a household of four, you can expect to pay around $550 on food and drink a month and over $250 on travel—which isn’t surprising, seeing at the average commute time in the state is 23.3 minutes.
Though Nevada doesn’t currently levy an income tax, there are property taxes at every level, starting with the state all the way down to school districts. If you’re a homeowner or own any investment properties, it’s clear that taxation can severely impact your cost of living in Nevada.
Home and Rental Prices in Nevada
Nevada’s real estate market is going through tough times. Large residential areas, especially in Las Vegas, Paradise and surrounding areas are seeing more and more foreclosures, while some areas that were still under development have been abandoned completely. Overall, home prices have dropped dramatically in the state, with the average selling price for a home in Nevada being $119,000 in 2011.
In Las Vegas, the average price of a two-bedroom home is $71,400, and for a three-bedroom home, you’d pay approximately $110,800. In Reno, which still has slightly higher prices than in the southeast, a two-bedroom home sells for $101,800 and a three-bedroom for $153,000. Average prices for rental homes are $1,100 for a two-bedroom home in Las Vegas, $1,000 for the same type of home in Reno, and $930 in Carson City. It’s important to understand, however, that there are large differences in the types of homes you can buy or rent, as well as their prices.
If you’re planning to move to Las Vegas, have your finances in order. Even if you take advantage of low real estate prices, the costs of utilities, as well as consumer goods are rising.