What is the cost of living in Henderson NV, a Las Vegas area suburb?
If you're relocating and moving to Las Vegas or Henderson, you're probably wondering how much it costs to live in the area. Unfortunately, the cost of living in Henderson, NV has risen since our last update.
Here are the major factors to consider when planning a move to Henderson:
1. Income
The median household income in Henderson is $80,000.
The minimum wage per hour in the city is $10.50 for businesses that do not offer health benefits or $9.50 for businesses that offer health benefits to their employees. The minimum hourly wage in Henderson will go up to $12 an hour by July 2024.
2. Housing Costs
The current average price for a single-family home is approximately $500,000. It is higher than the average cost for Clark County, which is $430,000.
Over recent months, the home prices in the Las Vegas real estate market are softening, and Henderson remains to be one of the most sought-after real estate destinations for home buyers and investors. For this reason, zip codes within Henderson have been steadily seeing price increases each year.
The average home prices in Henderson could translate to as much as a $3,000 monthly payment on homes purchased via loan (with the current interest rates and for a 20% down payment on the home).
For those looking to rent in Henderson, the average rental fee in the city is $1,782 per month. It is still higher than the average rent in Las Vegas, which is $1,500.
3. Taxes
The low tax rate is another important factor to consider when evaluating the cost of living in Henderson, NV. It is one of the things that attract potential home buyers to the area. But how does it fare in 2023?
Good news – the property taxes in Henderson (and the whole Las Vegas area) are reasonable! The property tax rate in Henderson is $0.71 per $100 of assessed value. It is cheaper than the tax rates in Las Vegas and North Las Vegas.
In addition, owner-occupied properties have a maximum tax rate of 3%. New homes get an even better deal because you can get a tax of 1% of the total sales price. For example, if you purchased a new home construction worth $500,000 in Henderson, NV, you will pay a tax of $5,000. On the other hand, older homes will have an average annual tax rate of $2,500.
There is also no state income tax in Las Vegas or Nevada!
4. Utility Costs
The essential utilities form a huge chunk of your monthly living expenses. Therefore, you must consider this before deciding to move to Henderson. The average utility costs in Henderson range from $200 to $1,000 depending on your lifestyle.
Up to 70% of Henderson, NV homes use gas heaters while 30% use electricity. The average electric bill is $150 per month. Of course, the average electric costs will depend on the size of the home and the number of occupants.
The water bill system in Henderson is highly efficient. Most homes spend an average of $80 a month on water. On the other hand, basic internet service will start at $70 a month and can go upward to $120 for more advanced services.
The cost of groceries in Henderson is slightly above the national average and the state average. An average Henderson citizen spends an average of $294 per month on groceries.
The transportation costs in Henderson can be good or bad. While gas prices in Nevada are higher than in other states, the cost of insurance in Henderson is lower than in other cities or states. Henderson consistently ranks as one of the safest places to live in the US, which means you can access cheaper car insurance compared to other cities in Nevada.
According to Move.org, Nevada ranks 38th in the country in terms of average utility costs out of 50 states.
Are you considering Henderson as your new home in Las Vegas? We'd love to help. Schedule a FREE consultation today!
We pride ourselves in helping our clients realize their real estate goals through great communication, expert negotiation, and genuine service.
Kristen Thomas & Katherine Harouni
The Thomas Group - Real Broker, LLC
(702) 605-2269
info@thethomasgrouplv.com
thethomasgrouplv.com
License S.0179182, S.0185994
#hendersonnv #hendersonrealestate #hendersonrealtor
00:00 Introduction
00:58 Recent Changes to Cost of Living in Henderson
01:46 Income
02:08 Housing
03:24 Utilities
06:20 Taxes
09:28 Groceries
09:57 Transportation
12:06 Healthcare
13:02 Comparisons to Other Major Cities
