Cost of Living in Nevada: Everything That You Need to Know

Cost of Living in Nevada: Everything That You Need to Know

Part of the western region, Nevada is also known as the “Silver State.” This is because of the significance of silver in this state’s history. It also has the title of ‘’Battle Born State”, which stems from the fact that it achieved statehood during the famous Civil War. If you are planning to move there,

Part of the western region, Nevada is also known as the “Silver State.” This is because of the significance of silver in this state’s history. It also has the title of ‘’Battle Born State”, which stems from the fact that it achieved statehood during the famous Civil War. If you are planning to move there, learning about the cost of living in Nevada is important.

Although a majority of Nevada is a desert and semi-arid, it experiences about four seasons throughout the year. With diversified land and beautiful scenery, Nevada is one of the most popular tourist resorts in the US. With exotic tourist attractions such as Las Vegas, Lake Tahoe, the Red Rock Canyon, Hoover Dam, and other places, Nevada is the best state to move to if you’re looking for excitement.

So whether you’re worried about real estate prices or the living costs of Nevada, this article will provide some important details on all of it.

What’s the Cost of Living in Nevada?

Before moving to Nevada or buying a home after reading real estate trends, you should keep in mind some factors that contribute to the cost of living in Nevada.

Housing

The chief contribution to the living costs of any place initially comes from the housing. Whether you’re renting or buying a home, it’s important to calculate the costs you incur.

Nevada currently has one of the highest residential markets in the US. Moreover, with a growing population of over three million people in the whole state, the number of houses and apartments owned is over one million.

According to neighbourhoodscout.com, median home values vary to a price of $307,360. However, renting a home instead can wrap up a few costs of living. Some of the benefits of renting in Nevada involve:

  • Utility bills are covered in rent payments
  • Facilities such as pools, playing courts, etc. are inclusive of a rent home

Renting in Nevada might leave you with more disposable income. However, it will also give you a chance to fully commit before buying a home.

Health Care

Healthcare services ranked Nevada at 48th among other US states. Healthcare is not one of the strong points of living in Nevada. With poor patient experience rating, a low number of adults receiving treatment against a large number of them being sick, Nevada does not offer top-notch health care.

While some insurance coverage does work really well, having healthcare will contribute towards your cost of living in Nevada. Therefore, you have to check insurance rates and out-of-pocket medical payments that you may incur in the state.

Taxes

Nevada has the lowest overall tax rate in all of the US. These taxes will leave you with more disposable income than if you lived in any other state. Nevada does not impose high state income taxes or corporate taxes.

However, the overall sales tax in the state of Nevada can be as high as 8.2%, which is a lot! Considering a high sales tax will boost your food costs and utility bills significantly enough that it increases your living cost in Nevada. To put things into perspective, the average sales tax rate in Nevada is currently just over 4%.

Food and Utility Costs

National averages of the US account for the food costs in Nevada. You can purchase a loaf of white bread at the nominal cost of $2.2 and a dozen eggs at $2.3. Furthermore, grocery and food shopping in bulk will allow you economic savings and let you maintain consistent food bills every month.

The average utility cost of living in Nevada is related to its experience of four seasons in a year. Extreme cold or hot weather can occur. This will impact your utility bills such as electricity and water.

Final Thoughts

There are many reasons to choose Nevada as your next residential state if you’re planning to move.

With internationally known tourist cities such as Reno and Las Vegas, the enjoyment and thrill of life never end. As the tourist industry keeps pouring visitors into the state, the economy stays consistently healthy.

Beautiful scenery takes away the minds of viewers. An improving employment market of Nevada, which reached a top employment growth rate of 3.3% in 2017, is appealing for potential movers. If you decide to buy a home in Nevada or invest in its real estate, make sure to go through the info above.

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