When it comes to evaluating the cost of living in any given area, there are a number of different factors to consider, not all of which are financial. For instance, while home prices may be cheaper in one area over another, that might be due to a high crime rate or lack of available jobs. Generally, the more desirable an area is, the higher the cost of living but that desirability can occur for different reasons. Home prices tend to be high in Silicon Valley due to an abundance of high-paying jobs which make those high-priced homes affordable. Home prices are also high in Malibu, but not due to a wealth of available high-paying jobs.
While the cost of living in Las Vegas is considered to be relatively low in comparison to many cities in the U.S., that doesn’t necessarily mean that it is cheap to live in Las Vegas. For instance, while the cost of living in Las Vegas is roughly twenty percent lower than living in the greater Los Angeles area, it is actually slightly higher than that of Bakersfield, California. In addition, Las Vegas has a number of unique factors to consider that are not strictly financial but definitely have an impact on the total cost of living in Las Vegas.
Other factors to consider
It cannot be denied that by far the largest industry in Las Vegas is the casino industry, which is something of a hybrid between the hospitality and entertainment industries. That being said, all of the workers in the casino industry also have all the same needs as anyone living in any other city. So, the breakdown of jobs in Las Vegas can be summed up as either casino jobs or jobs that provide services to workers in the casino industry. For instance, Las Vegas still has schools, fire and police departments, dry cleaners, laundromats, restaurants, banks and all of the other service-oriented businesses. It is also important to consider, however, that competition for these jobs may be fierce simply due to the number of people already living in Las Vegas that might be trying to exit the casino industry.
By far the largest number of jobs available in Las Vegas are in the casinos. In addition, however, Las Vegas does a great deal of its business at night, which means many of those employment opportunities might also be overnight opportunities. Over time, working at night can have a significant impact on physical, mental and emotional health. It is important to also consider that should you take employment in the casino industry and later decide you no longer wish to work in the casino industry, finding employment elsewhere in Las Vegas might be difficult.
While there are certainly several suburbs of Las Vegas, it is also important to remember that the Las Vegas metroplex exists in the middle of a desert, which limits the number of available jobs without having to move a great distance. In a city with a large metropolitan area like Los Angeles, if you lose one job, you stand a better chance of replacing it without having to move or move very far. The same may not be said for Las Vegas. All-in-all if you are dependent on finding local employment and are not interested in working in a casino, moving to Las Vegas might not be your best option.
Although it is true that the direct dollar-for-dollar cost of living in Las Vegas is considerably lower than many other large cities in the U.S., Las Vegas presents some unique challenges and factors that make a direct dollar-to-dollar comparison less effective than when considering other cities.
If you decide that living in Las Vegas is right for you, we would love to help you find the home of your dreams. Give Jessica Cory a call today at 702-840-4415