Blog > Comparing Cost of Living: Las Vegas vs Los Angeles
No doubt Los Angeles and Las Vegas attract buyers and sellers throughout the year but for once forget the Hollywood mansions. Let’s talk about the reality of living in 2024 in both cities.
And before your dreams turn into a financial nightmare, it is time to gain deeper insight into the living details. From a bottle of beer to daily-usage grocery items, everything matters.
Let’s begin with the showdown of cost of living details both in Las Vegas and Los Angeles based on the latest research and studies. So pack your things, folks! It’s time to know do these global entertainers really belong to your hood. Keep reading!
What is the Cost of Living and Why Does it Matter?
First comes first. Let’s discuss what exactly is the cost of living.
In layman’s language, it is the level of prices relating to a range of everyday items. To be precise, it is the amount of money which is needed to cover some basic expenses like:
- Food
- Taxes
- Education
- Healthcare
- Housing
This cost is often used to compare the expenses of living in different cities. Speaking of cities in California, they top the charts when it comes to the most expensive places to live in the States.
Information via lahomes.com
Comparing Los Angeles and Las Vegas’s Cost of Living
Several factors affect the cost of living. These include housing, transportation, food healthcare etc. Let’s discuss each of them in detail:
Housing and Income
The median value of owner-occupied housing units in Las Vegas for 2018-2022 was $ 365,300. If we talk of median household income for the same range (in 2022 dollars), it was $66,356. On the contrary, the median value of owner-occupied housing units in Los Angeles for 2018-2022 was $822,600 and for the same time period, the median household income was $76,244. Source
Hence proved, that you will need more money for housing if you wish to live in Los Angeles. And renting ain’t much prettier in LA. as compared to Vegas. But of course, the income is higher in LA.
Quick Tip: To gain expert insight on housing and real estate, it’s best to listen to the real estate agents in Las Vegas as well as Los Angeles. They will guide you through thick and thin and you can shoot your shot thereafter.
Transportation and Daily Expenses
This is yet another important factor to consider. When you are in Los Angeles, you usually need a car to get around and the gas prices as well as the insurance rates are higher. The public transportation system in Los Angeles is a bit messier and you certainly need a high level of patience to cover a few miles. On the other hand, Las Vegas has a good system of transportation. You can easily commute around cheaply and conveniently.
Information via lahomes.com
Information via livingcost.org
Lifestyle Choices and Trade-Offs
The industries and career opportunities are booming in LA, while Vegas mostly thrives on tourism and hospitality. There is no state income tax in Las Vegas, leaving more in your pocket. Not only this, the groceries are higher in value in Los Angeles as compared to Las Vegas. Overall, for an easy-peasy lifestyle and saving options, you can go with Las Vegas. It gives you the perks of big cities while maintaining an image of manageable and not-so-overwhelming metropolitan feels.
Healthcare
A healthcare system portrays how well the citizens are treated. And to talk of Los Angeles, it is way higher as compared to Las Vegas. No doubt both the cities boast the best in healthcare services and hospitality sector but still Los Angeles will surely make a hole in your pocket somewhere in your journey.
The Final Round
There is no doubt that LA is costlier in terms of living as compared to Vegas. But anyhow, we cannot deny the fact that there is so much that depends on your priorities. Vegas is for budget-conscious single and young families. The key is to do your own research and find the most perfect and suitable option for yourself.
All in all, choose the city that makes your heart sing and your bank account sigh with relief.
Happy Housing!