When you’re deciding to buy a home in Las Vegas, you need to consider the cost of living inside of the city. If you’re used to living somewhere less expensive, you could be surprised by how much it costs to move.
Working with an experienced local agent will ensure that you can set realistic financial goals for your new home. They’ll know how much the average cost of living is on top of the final sticker price of your home. Connecting with an agent who knows the city will open you up to the real cost of buying in Las Vegas.
Typical Home Prices in Las Vegas in 2019
If your dream was to live on the Las Vegas Strip, with enough money or luck you could end up finding a place there. However, to the west and east of the freeway, you’ll find plenty of affordable places that keep you within arm’s length of the action on the strip.
Choosing when and where to buy in the city is key to getting a good deal. Ask any real estate expert and they’ll tell you that the beginning of the real estate season is the start of spring. However, in Vegas, things pick up in the summer, meaning that winter and spring are some of the best times to get a great deal on a home.
Shop for a home starting in February if you want to score a great deal on a home that’s been sitting on the market.
The market in Las Vegas is cold right now and the median listing price is just under $300,000. A cold market means that buyers have a lot more leverage, so take into account how long a property has been on the market when working with your realtor to make an offer.
How Much Are Las Vegas Property Taxes?
Property taxes help to pay for the schools, public works, and infrastructure that surround your Las Vegas home. They’re calculated based on the assessed value that the county places on the home. Following each reassessment, tax departments will change the amount of that you’re expected to pay for property taxes.
Clark County’s property taxes range between 2.48% and 3.35%. Taxes, however, are only levied against 35% of the value of the home.
With a home valued at $300,000, you’re only taxed for $105,000 of it. If you’re being taxed at 3.35%, you’ll be paying $3,517.50 a year on your home. For buyers on a tight budget, this can be an unexpected expense, so make sure you talk with your realtor before making any major decisions.
If you want to learn more about how real estate taxes are calculated in this state, check out our guide.
Average Homeowners Insurance in Las Vegas
For most Americans, their home is one of the biggest assets they’ll ever own. If you don’t protect that asset with homeowners insurance, you could lose it through a natural disaster or man-made catastrophe. Rather than leaving something so valuable up to chance, get insurance to protect its value.
Homeowners insurance in Las Vegas is cheaper than in most other parts of the country. Expect to pay just around $1,100 a year. This entitles you to a $1,000 deductible and $100,000 of liability coverage.
While this is just an average, the lack of urban density and the lack of natural disasters that hit the region are an important factor that determines this number.
Common Home Maintenance and Repair Costs in Las Vegas
Maintaining a home in Las Vegas can be costly with the damage that heat, dry air, and winds can do to the exterior of a home. While in some temperate regions, a roof can last for 20 years, you might need to replace your roof in half that time with the beating that Nevada heat will put on it.
If you’re looking to have your roof repaired, you could pay upwards of $10,000 for a total replacement. However, if you’re just looking for some small repairs, expect to pay an average of $800 for the work that a roofer will do on your home.
With the heat you’ll be facing all year long, also take care of your HVAC and air conditioning system. This can cost you around $350 for every visit that your HVAC specialist makes to your home. Make sure you do as much maintenance as you can yourself by clearing out your ducts and changing your filters often.
Other Costs of Living in Las Vegas to Consider
Las Vegas is an exciting city with a lot to do any hour of the day or night. If you like the city for all the entertainment it offers, expect to have to pay something for the privilege. Whether it’s the ticket price to a show or the cost of overpriced drinks at a club, the city has a way of reaching its hands into your pocket whenever you leave the house.
You’ll have to pay for transportation around the city. Unlike some other cities, Las Vegas isn’t a walkable city. The cost of a car, vehicle maintenance, insurance, and gas will all add up if you’re moving from a city like Chicago or New York where you didn’t need to own a car before.
With the constant heat, you’ll also be paying for water and air conditioning costs when you’re at home. Make sure you make a realistic calculation of the costs or else you will be blindsided by those first bills.
If you have family and friends in the region, ask what they have to say. Talking to an experienced local real estate agent is another way to get some insight.
Find a Top Las Vegas Real Estate Agent
Working with an experienced local realtor is the best way to bring down your cost of living. When you have a realtor dedicated to saving you money every step of the way, you can ensure that your mortgage and all the costs of owning a home come down. You can also talk with your realtor about how much you can afford and they’ll help you find a part of the city that’s best suited for you.
Working with Clever allows our team to pair you up with a realtor who knows the Las Vegas market and will help you qualify for rebates. With their help, you’ll get a $1,000 rebate or 1% of any home over $500,000 to use on closing costs. Contact us today to be connected to the top Las Vegas Agent.