Las Vegas, known for its vibrant entertainment scene and bustling casinos, is also a city where many people choose to settle down. But how much does it cost to live in this desert oasis in 2023? Let's delve into the facts.
Housing is one of the major expenses in any city, and Las Vegas is no exception. The average cost of a one-bedroom apartment in Las Vegas is $1,280 per month. However, housing costs can vary, with studio apartments priced at around $1,100 per month and two-bedroom apartments priced at $1,595 per month.
Utility bills are another factor to consider when calculating the cost of living in Las Vegas. The average monthly utility cost for a 915-square-foot apartment is approximately $191.60. This includes expenses for electricity, heating, cooling, water, and garbage.
When it comes to income, the average annual salary in Las Vegas is $66,037 per year. This puts the city in an affordable bracket compared to other states and cities. Additionally, the cost of living in Las Vegas is 30.2% lower than in Los Angeles, California.
Transportation costs in Las Vegas also need to be taken into account. The city offers public transportation options, with a three-day RTC pass costing $20. Alternatively, services like Uber, Lyft, and taxis are available. Auto insurance coverage in Las Vegas is around $1,440 per year on average.
Other monthly expenses include internet and phone bills. A 60 Mbps internet plan costs approximately $86 per month, while phone bills may amount to around $160 per month.
Food costs in Las Vegas are slightly higher than the national average. An average inexpensive meal in a restaurant costs around $16 per person, while a fast-food meal is priced at approximately $8 per person.
Healthcare expenses are also a part of the cost of living in Las Vegas. The average health insurance premium for an employer-sponsored health plan is $1,235 per year.
Apart from the necessities, Las Vegas offers a plethora of entertainment options. Prices for attractions range from $23.50 for the High Roller observation wheel to $44 for places like Madame Tussauds Las Vegas and the Las Vegas Mob Museum.
It's important to consider other expenses as well, such as convenience store items, child care and schooling costs, gym memberships, and taxes. These additional costs can vary based on personal needs and preferences.
In terms of employment opportunities, Las Vegas is home to major employers like MGM Resorts International, Caesars Entertainment, and Johnson Electric. These companies contribute to the city's economy and provide job opportunities for residents.
In conclusion, the cost of living in Las Vegas in 2023 remains relatively affordable compared to many other cities. While housing and utility costs are significant, transportation, food, and entertainment expenses are also factors to consider. With its unique atmosphere and numerous employment opportunities, Las Vegas continues to attract individuals looking for a vibrant and affordable place to call home.