Retirement in Las Vegas: It Costs You Less Than $50,000 a Year

As far as retirement destinations go, taking a trip to the Las Vegas Strip might not be high on your list, but it shouldn’t necessarily be ruled out. The first places to come to mind when you think of retiring in a warm climate and sunny weather may be Florida or California, but Las Vegas may have more to offer than casinos and Elvis impersonators.

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In fact, if you play your cards right, you can retire here for less than $50,000 a year .

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Quick Take: Is It a Gamble To Retire in Las Vegas?

GOBankingRates conducted a study to examine price breakdowns of the cost of living in Las Vegas for people of retirement age, including statistics for both before and after Social Security benefits are factored in, whether it’s tax-friendly, and access to retirement communities. Here are some key takeaways.

• Total population: 644,835
• Population of people aged 65 and up: 98,455
• Average home value: $441,334
• Average monthly mortgage payments: $2,648
• Average monthly costs of expenditures: $1,881
• Average monthly costs after Social Security: $2,665
• Total estimated annual cost of expenditures: $22,577
• Total estimated annual cost of living after Social Security: $31,978

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Retirement in Nevada: You Can Live in Las Vegas for Less Than $50,000 a Year

Las Vegas, often thought of as a playground for tourists and gamblers, is also an excellent choice for retirees who are looking to live out their golden years without paying the price of a golden ticket. Here are five reasons retiring in Las Vegas can cost you less than $50,000 a year.

Affordable Housing in Las Vegas

Though more known as a fun-filled weekend destination, Las Vegas offers a variety of affordable options for permanent residents. Whether you’re looking for a condo, a townhouse or a single-family home, the real estate market in Las Vegas is quite reasonable compared with other major cities. GOBankingRates found the average home value to be $441,334 and the average monthly mortgage payments to come in around $2,648.

No State Income Tax in Nevada

Nevada is one of the few states in the U.S. that does not have a state income tax, which means you do not have to file a state income tax return. This is important if you are on a fixed income, as your retirement income is not infinite. Keep in mind that you will still have to factor property taxes into your overall budget.

Whether it’s Social Security benefits, pensions or investments, more of your money stays in your pocket. This lack of state income tax can significantly reduce your annual expenses, helping you live comfortably on less than $50,000 a year.

Entertainment and Recreation

Las Vegas is home to many big attractions that don’t require you to spend an arm and a leg. For example, the Strip’s iconic lights and fountains are free to enjoy. Your monthly expenses don’t have to exclude fun or leisure activities. GOBankingRates found that the average monthly costs of expenditures was estimated to be $1,881, whereas the average monthly costs after Social Security was accounted for was $2,665.

For those who enjoy outdoor activities, the nearby Red Rock Canyon and Lake Mead offer affordable options for hiking, boating and picnicking. Additionally, senior discounts are prevalent at many venues, golf courses and restaurants, allowing you to enjoy the city’s vibrant culture without breaking the bank.

Healthcare Accessibility

Access to quality healthcare is a crucial consideration for retirees, and Las Vegas excels in this area compared with other Nevada cities and small towns. The city has numerous hospitals and specialized medical centers, ensuring that you receive top-notch care. Medical bills can be a big budgetary consideration when figuring out how to allocate your retirement funds.

Moreover, many healthcare facilities in Las Vegas are relatively affordable, and there are several clinics that offer services on a sliding scale based on income. Medicare coverage further helps to manage healthcare costs effectively.

Lower Cost of Living

Las Vegas boasts a cost of living that is slightly below the national average. Utilities, groceries and healthcare costs are all seemingly more reasonably priced. Though estimates will vary depending on your specific retirement requirements and lifestyle choices, the total estimated annual cost of expenditures is around $22,577, and your total estimated annual cost of living after Social Security is about $31,978.

Final Take To GO

The bottom line is that retiring in Las Vegas can be not so much a gamble as a smart financial decision. It can allow you to enjoy a high quality of life without exceeding a budget of $50,000 a year. Whether it’s reasonable housing prices, no state income tax or just a general cost of living that fits within your fixed income, Las Vegas can be an attractive destination for retirees looking to make the most of their retirement savings.

Whether you’re drawn to the city for its vibrant entertainment scene or its sunny weather, Las Vegas offers an enticing and cost-effective retirement option. Consider making Las Vegas your new home and enjoy all that this dynamic city has to offer while keeping your expenses in check.

Methodology: For this study, GOBankingRates analyzed major U.S. cities to find the places where you can afford to retire on less than $50,000 a year. First, GOBankingRates found the most populated U.S. cities as sourced from the U.S. Census American Community Survey. For each city, a number of factors were found, including total population, population aged 65 and over both sourced from the U.S. Census American Community Survey, the average home value from April 2024 as sourced from Zillow Home Value Index, the average Social Security benefits as sourced from the Social Security Administration, the cost of living indexes as sourced from Sperling’s BestPlaces, and the livability index as sourced from AreaVibes. All cities with a livability of 75 or below were removed for this study, as they represent cities with a low quality of life. The average national expenditure costs for residents aged 65 and over was sourced from the Bureau of Labor Statistics Consumer Expenditure Survey for residents aged 65 and over and used to calculated the average expenditure cost for each city. The average home value was used, and by assuming a 10% down payment and using the national 30-year fixed mortgage rate, as sourced from the Federal Reserve Economic Data, the average mortgage costs can be calculated. The mortgage and expenditures can be used to find the total cost of living for each city. Assuming a retired resident received Social Security benefits, the total cost of living after Social Security benefits was calculated. The cities with an annual cost of living above $50,000 were removed for this study. The top 100 cities by population with all correlating data were kept with the rest removed and the remaining cities were sorted by their total cost of living. All data was collected on and is up to date as of May 17, 2024.

This article originally appeared on GOBankingRates.com : Retirement in Las Vegas: It Costs You Less Than $50,000 a Year