Yahoo Finance Here’s the Living Wage a Single Person Needs To Live Comfortably in Nevada
If you’re considering a move to the Silver State, you need to know what kind of income you’ll need to make it work.
A good starting point is the 40x rent rule. This can help you get a sense of your budget. The rule suggests that your annual income should be around 40 times your monthly rent. This quick bit of math can give you a ballpark figure to help plan your move.
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What does it cost to live in Nevada? GOBankingRates took a look at the monthly expenses for a single person in four cities. Living expense and rent estimates were sourced from Numbeo. Here is the living wage a single person needs to live comfortably in Nevada.
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Las Vegas
Las Vegas is the entertainment capital of the world, famous for its casinos and nightlife. It attracts millions of visitors and residents every year.
According to Numbeo, a single person’s estimated monthly costs in Las Vegas come out to $1,109, not including rent. Renting a one-bedroom apartment in the city center averages $1,510 per month, while the same apartment outside the center rents for $1,364.
Using the 40x rule and the higher rent figure, you would need around $5,033 per month to enjoy a comfortable standard of living in Las Vegas. That’s equivalent to about $60,000 per year, or about $29 per hour. If you were able to live in the suburbs, you could reduce costs further.
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Henderson
Henderson is Nevada’s second-largest city. It offers a more suburban feel compared with Las Vegas, its flashy neighbor.
Renting a one-bedroom apartment in Henderson’s city center averages $1,600, and an equivalent apartment can be found outside the center for $1,860 per month.
With the higher figure in mind, a comfortable monthly budget if you lived in Henderson would be around $6,200 per month. That’s an annual salary of $74,400, or about $36 per hour, making Henderson the most expensive city in the state.
Reno
Reno is “The Biggest Little City in the World.” Like Vegas, it’s known for its casinos and nightlife, but it also attracts tech companies. Outdoor enthusiasts are drawn there as well due to its proximity to Lake Tahoe.
Cost of living estimates show Reno as moderately affordable compared with other cities in Nevada. To rent a one-bedroom apartment in Reno’s city center costs around $1,571 per month, while outside the center, that drops to $1,387.
With the higher rental accommodation included, a single person would need about $5,230 per month to live comfortably in Reno. That’s an annual salary of about $62,800, or $30 per hour.
Carson City
Carson City is the capital of Nevada, located near Lake Tahoe and the Sierra Nevada mountains.
Renting a one-bedroom apartment in the city center averages $1,683, while the same apartment outside the center is a steal at only $1,050.
Based on the higher rent figure, you could have a comfortable standard of living for $5,610 per month in Carson City, including rent for an apartment. That’s an annual salary of about $67,000, or $32 per hour.
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