Cost of Living in Henderson, NV
The Cost of Living in Henderson, Nevada
Are you wondering what the cost of living is in Henderson, Nevada? If you’re thinking of moving to the Las Vegas area, I’m going to break down how much it costs to live here in Henderson—from home costs and utilities to taxes and insurance. And don’t worry: I’ll give you a good estimate of what the fun stuff costs, too, to make sure you enjoy living close to the Strip.
The first cost of living you’ll need to know is the average home price of real estate here in Henderson. The median single-family residence here in Henderson is about $385,000. You can get something for a bit lower than that, or—like I’ve seen in just the past 30 days—for much higher: one house sold for $11,250,000. I’m sure you can only imagine what that house looked like! Whether you have a modest amount to spend or an unlimited budget, you’re bound to find something that fits for you and your family.
Utilities in Henderson are typically cheaper than others. Compared to most California cities, for example, we don’t carry all the additional taxes on top of utilities. Although we use a fair amount of water, it’s pretty affordable. The Southern Nevada Water Authority will even pay you $3 per foot to remove grass, a huge water consumer. Most houses have already converted to more drought-tolerant landscapes.
As for electricity, Henderson has power sources from the Hoover Dam to solar and wind farms. Electricity is plentiful, making the cost is a little bit lower than average. Many homes here have solar, either leased solar through a company like Solar City, Tesla, or Sunrun or purchased directly. Henderso ranks up there with the number one solar producer in the country.
We all know we need to pay taxes, though nobody really likes to talk about them. Thankfully, Nevada’s taxes aren’t too painful to talk about. Why? Because Nevada doesn’t require state income tax.
if you're out there in California, New York, or Connecticut, you're probably paying anywhere from 8-15% on state income tax. Your write-offs aren't like your federal write-offs, so you may be paying it on a gross amount, not just your net profit. Here in Henderson, with the same amount of pay, you could be taking home a lot more money.
Think about what that could do for your family, your children, your retirement, and your entertainment with all the extra money you’ll save. There might be a lot you’re not able to do in other places, simply because the cost of living is so much more when it comes to taxes.
The last thing to consider regarding taxes is property tax. Here in Nevada, our tax rate is phenomenal. The Henderson area, on average, is around 0.6-1% of your home's value on an annual basis. So your property taxes will likely be much lower than what you're used to.
DMV Fees And Insurance
Since other living costs in Nevada are cheaper, the state has to get a little more money somewhere. You’ll find that in vehicle registration fees at the DMV, which is based on the value of your car. Essentially, the nicer your car, the more you’re going to pay. If you're driving one of those fancy new Mercedes Benz, you might be paying $1,200 a year—decreasing over time as the car depreciates.
Because we’re a 4/7 town, we do have some higher auto insurance rates than many other places in the country. However, when it comes to California or New York, you're going to find rates to be about the same, or maybe even a little bit lower than some other big cities. Homeowners' insurance, however, is fairly low. The reason? We’re not in an area of major weather patterns. With no earthquakes, tornadoes, or hurricanes to report, you won’t have to pay extra to insure your home. This ensures that your overall premium will be reasonable. Having previously worked in insurance, I can tell you that separate policies for earthquakes and hurricanes can greatly increase your cost. Premiums in places like Oklahoma and the panhandle of Texas can be dramatically more expensive as a result of tornadoes that have ripped through those areas.
Now let’s get to the cost of the fun stuff—entertainment, food, and everything else you’ll want to go out and do. The costs really depend on what type of entertainment you’re looking for. Some restaurants cost lower than in other major cities, while some are higher. After all, Las Vegas is now a mecca for celebrity chefs and fine dining restaurants. You’re not likely to find a $7.99 steak and lobster deal anymore.
Since Las Vegas is the entertainment capital of the world, there’s plenty to see and do in the area. Aside from just going down to the Strip, gambling, or seeing a few shows, there’s much more. We have some of the best arenas, from the T-Mobile Arena and the new Allegiant Stadium to the MGM Grand Garden, as well as some smaller venues, like the theater at Planet Hollywood. Again, depending on what you want to do and see—and how often—the costs of entertainment can be low or high.
Living More For Less In Henderson
Overall, the cost of living here in Henderson is generally low—especially when you compare it to the bigger cities. You can enjoy a great lifestyle without breaking the bank. In the end, the cost of living depends on exactly how much cash control you have.
If this sounds like a place you’d like to explore, make sure to like, follow, subscribe, or reach out to me for more information on Henderson. I’ll be happy to share my knowledge with you!
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