A+
12%
Overall NAT. AVG.
0%
Goods & Services NAT. AVG.
35%
Housing NAT. AVG.
Search Homes for Sale
Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Las Vegas New Mexico National
Cost of living8893100
Goods & Services10097100
Groceries9797100
Health care9697100
Housing6586100
Transportation9395100
Utilities9990100

An Overview of Cost of Living in Las Vegas, NM

Getting a feel for the cost of living in Las Vegas is essential for anyone planning to relocate, as it empowers them to make informed financial decisions, secure a comfortable lifestyle and maintain financial stability in their new environment. The cost of living in Las Vegas is 88, which is 12% lower than the national average. Relocating individuals may need to adjust their savings and investment strategies based on the cost of living in the new location. It influences decisions about retirement planning, investments and financial goals.

Is Las Vegas Affordable?

Is Las Vegas affordable? It's a key consideration when pondering a move, as affordability often shapes your choices. The cost of living index (we discussed it earlier), coupled with housing costs and income levels, serves as the cornerstone for determining a location's affordability. Take Las Vegas, for instance, where the median home price falls 34.1% lower than the national average, and monthly rent rates are 35.8% lower than usual. Additionally, median income levels contribute to the equation, with Las Vegas flaunting a median household income of $30,877, 44.2% lower than the national norm.

What Factors can Influence the Cost of Living in Las Vegas?

Transportation: When public transportation options are limited or non-existent, residents frequently resort to vehicle ownership, which can significantly contribute to the overall cost of living. Monthly financial obligations encompass fuel, insurance, regular maintenance and potentially lease or financing expenses. In Las Vegas, the transportation index is 7% lower than the national average.

Housing: Elevated demand for housing within coveted locales has the propensity to escalate both property values and rental rates, thereby serving as a primary catalyst for an augmented cost of living. Conversely, areas witnessing diminished housing demand, particularly within less desirable environs, often experience an inversely proportional effect, leading to price reductions and subsequently contributing to a more modest cost of living. In Las Vegas, the housing index is 34.6% lower than the national average.

Urbanization: Urban areas with extensive amenities and job opportunities tend to have a higher cost of living due to increased demand for services and relocation, resulting in higher home prices and higher rents. Less densely populated rural areas, or areas with less demand tend to have fewer amenities and slower job growth, which results in a lower cost of living.

Where is the Data From?

The cost of living data in Las Vegas displayed above is sourced from the C2ER cost of living index, which serves as a practical tool for comparing living expenses across urban areas. Published on a quarterly basis, this index aggregates data from over 300 independent researchers, encompassing more than 60 goods and services, in 6 different categories. The weightings assigned to cost differences rely on government survey data that tracks the spending habits of professional and executive households. It's worth noting that the C2ER index excludes data on sales or income tax rates, while AreaVibes integrates tax rates into the overall cost of living evaluation for each region.

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Cost Of Living Quick Facts

  • The cost of living in Las Vegas is 5% lower than the New Mexico average
  • The cost of living in Las Vegas is 12% lower than the national average
  • Las Vegas housing is 35% lower than the national average
  • New Mexico general sales tax is 2% lower than the national average
  • New Mexico state income tax is 35% lower than the national average

Most Affordable Places to Live in and Around Las Vegas

See all the best places to live around Las Vegas

Compare Las Vegas, NM Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$47,574$3,965$1,110$1,427
      Renters$16,807$1,401$392$504
      A good way to judge both the affordability of the housing and the cost of living in Las Vegas is by simply calculating the maximum that should be spent on housing, otherwise known as the debt-to-income ratio (DTI). The plan is to avoid spending more than 28 percent of the gross income on costs that pertain to housing and no more than 36 percent on all expenses and debts. Las Vegas has a median income of about $47,574 for people who own homes. Based on that number, a maximum of $1,110 should be spent on expenses related to housing. Renters have a slightly different median income, which is $16,807. Based on this average, renters should spend no more than $392 on all rental costs if they want to maintain a non-impoverished standard of living.

      New Mexico Sales Tax

      State General Sales Tax With Max Surtax
      New Mexico 5% 8.688%

      New Mexico Income Tax

      State Income Tax (Low) Income Tax (High)
      New Mexico 1.7% 5.9%

      Goods & Services

      Item Las Vegas National avg. Difference
      Haircut $31.90$24.2631.5%
      Beauty Salon $50.83$45.5611.6%
      Toothpaste $3.62$3.702.3%
      Shampoo $1.15$1.2810.5%
      Movie $12.54$12.133.3%
      Bowling $20.89$18.0016.1%

      Groceries

      Item Las Vegas National avg. Difference
      Ground Beef $5.11$5.8412.5%
      Fried Chicken $1.32$1.5716.1%
      Milk $4.63$4.671.0%
      Potatoes $4.18$4.9315.3%
      Pizza $13.42$12.0911.0%
      Beer $11.07$10.416.4%

      Health Care

      Item Las Vegas National avg. Difference
      Optometrist $136.89$125.688.9%
      Doctor $134.17$135.781.2%
      Dentist $111.42$113.291.7%
      Ibuprofen $10.43$10.652.1%
      Lipitor $380.06$468.6018.9%

      Housing

      Item Las Vegas National avg. Difference
      Home Price $121,700.00$184,700.0034.1%
      Avg. Mortgage Payment $1,905.97$2,346.6918.8%
      Apartment Rent $609.00$949.0035.8%

      Transportation

      Item Las Vegas National avg. Difference
      Gasoline $3.50$3.461.1%
      Tire Balancing $43.87$59.9226.8%

      Utilities

      Item Las Vegas National avg. Difference
      All Electricity $191.24$193.991.4%
      Phone $190.51$192.250.9%
      Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

      Nearby cities with low cost of living

      City Population Cost of Living Index National Avg.
      Watrous, NM93982.1%
      San Jose CDP (San Miguel County), NM1658713.1%
      San Jose, NM750945.5%
      Tecolote, NM1611011.2%
      Las Vegas, NM13,0558811.8%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Sarasota Springs, FL13,0531109.9%
      Annapolis Neck, MD13,04916564.8%
      Steamboat Springs, CO13,04814847.8%
      Trenton, OH13,046973.2%
      Jupiter Farms, FL13,04512929.3%
      Las Vegas, NM13,0558811.8%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.