What is the cost of living in Nevada?
The cost of living in Nevada is 3.5% higher than the US average. According to MIT, the required living wage for a family of four with two working parents in Nevada is $92,843 vs the national average for a family of four with two working parents of $89,744. The median income of a Nevada household is $62,043.
The average home price in Nevada is $290,200, which is higher than the US average home price of $229,800. Median rent in Nevada is $1,159/mo which is higher than the US average rent of $1,096/mo. If you want to adjust homes prices to local incomes, the ratio of home prices to median household income is about 4.7 to 1. That means it takes roughly 4.7 years of a full salary to pay off a house. That compares to the national average of 3.5 to 1.
All in all, Nevada has a high cost of living compared to America as a whole.
People Also Ask About Nevada
Is Nevada a dangerous state?
Yes, Nevada is a dangerous state as it ranks as the #18 most dangerous state in the United States based on our analysis of the latest FBI Crime Data. The violent crime rate in Nevada ranks 12th most dangerous in the United States -- 24.47% worse than US average violent crime rate. The property crime rate in the Silver State ranks 27th most dangerous in the United States -- 1.42% better than US average property crime rate. The latest reporting year from the FBI was 2022.
Is Henderson, NV a dangerous city?
No, Henderson is not a dangerous city. Henderson ranks as the #93 safest out of 328 major cities over 100,000 people in the United States based on our analysis of the latest FBI Crime Data. Keep in mind that are always safe and dangerous parts of any city, so even though Henderson might be considered safe you still need to be aware of where you are. For example, Paradise Hills is the safest in Henderson, while Whitney Ranch is considered dangerous by many based on recent crime stats.
Compared to other big cities, the violent crime rate in Henderson ranks 237th highest in America -- 45.3% better than US average violent crime rate. The property crime rate in the ranks 225th highest in the United States -- 29.69% better than US average property crime rate. Note the latest reporting year from the FBI was 2022 and that no city in America is "dangerous". Despite the uptick in murders, it's nothing like you'd see in Tijuana or Caracas where the murder rate is 2x any American city.
What county in Nevada has the lowest cost of living?
The county in Nevada with the lowest cost of living is Lander County. The average living wage in Lander County is $103,327 according to MIT data. Lander County has the lowest cost of living because it has relatively less expensive childcare and housing costs compared to Nevada as a whole. Childcare costs $30,118 a year in Lander County for two children compared to the Nevada average of $18,589. Housing costs, defined as a blend of the average rent and average mortgage payment, are $11,220 per year in Lander County compared to $13,548 on average in Nevada.
What is the cheapest housing market in Nevada?
The cheapest housing market in Nevada is Lovelock. The average home value in Lovelock is $118,100, the lowest in the state. The average home value in Nevada is $290,200, almost 2.5 times higher than Lovelock.