Best Affordable Places to Live in Nevada in 2024

Nevada, a western state of about 3.2 million people, is one of the sunniest in the country. The south boasts mild winters, while the north experiences four seasons. It’s home to natural wonders, including stunning mountains, the Great Basin, and Lake Tahoe, the nation’s largest alpine lake, which straddles the border with California. Nevada is also the undisputed gaming capital of the U.S. with entertainment and gaming hot spots like Las Vegas and Reno.

The average cost of living in Nevada is just north of the national average, and the state’s average effective property tax rate is 0.48%, well below the national average of 0.99%, so you can likely find a place to meet your budget. Let’s take a look at the best affordable places to live in Nevada and the cost of living in some of Nevada’s big cities and smaller towns.

Best Places to Live in Nevada

Ultimately, the best place to live in Nevada will depend on your needs and wants, whether you’re a young professional looking for a job, a retiree seeking a place to spend your golden years, or you’re outdoorsy and itching for a wilderness adventure. If you’re a big-city person, Las Vegas and neighboring cities may be your ticket, but there are plenty of small towns if you want a quieter lifestyle.

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Best Affordable Places to Live in Nevada

Nevada is one of the U.S. states where wages have failed to keep pace with rising home prices in recent years, meaning you will see higher price-to-income ratios here than in many other states. However, even Nevada’s bigger cities offer affordable options. If you’re looking to buy a home and you are a first-time homebuyer, look into programs that can help you save on a home mortgage and more. Consider going through the mortgage preapproval process to make yourself more competitive in the housing market. And check out this list of most affordable places to live in Nevada.

1. Carson City

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Carson City, located in the northern part of the state, is the capital city of Nevada and is 32 miles from Reno. The city boasts beautiful parks, scenic trails, museums, art venues, and many shops and restaurants. It provides easy access to the great outdoors with Lake Tahoe just 20 miles away.

Population: 58,130

Median Household Income: $62,217

Cost of Living: 99% of the U.S. average

Median Rent Price: $1,850

Home Price-to-Income Ratio: 7.4

Average Property Tax: 0.53%

Housing Affordability: The median monthly rent in Carson City is $1,850, or 7% lower than the national median. The rental market is cool, and decreasing demand may mean that rent prices fall in the future.

2. Las Vegas

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Perhaps Nevada’s most famous — and infamous — destination, Las Vegas boasts hotels, casinos, night life, and diverse restaurants, so there’s always plenty to do. Winters are mild, but summers are very hot. When you’re tired of hanging out on the strip and feel the need to commune with nature, nearby parks, like Red Rock Canyon, provide access to the great outdoors.

Population: 656,274

Median Household Income: $61,356

Cost of Living: 101% of the U.S. average

Median Rent Price: $1,925

Home Price-to-Income Ratio: 6.5

Average Property Tax: 0.64%

Housing Affordability: Median rent price in Las Vegas is $1,925, 4% lower than the national median. Prices have been falling year-over-year, but a warm market suggests they may begin to rise.

3. Boulder City

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Home of the Hoover Dam, and established to house its builders, Boulder City provides easy access to outdoor activities on Lake Mead, in Black Canyon, and on the Colorado River. It’s just 26 miles outside of Las Vegas, so it offers quick access to the resources of a much bigger city.

Population: 14,890

Median Household Income: $69,746

Cost of Living: 101% of the U.S. average

Median Rent Price: $1,400

Home Price-to-Income Ratio: 6.3

Average Property Tax: 0.64%

Housing Affordability: Median rent prices in Boulder City are 30% lower than the national median at $1,400 per month. Rental prices have dropped precipitously over the past year, and a cooling market suggests that trend may continue.

4. Reno

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Reno calls itself “The Biggest Little City in the World.” Located in Northern Nevada, it has a semi-arid climate that goes through four seasons. The city has a thriving food scene, with lots of local restaurants, bars, and coffee shops. It’s home to casinos and nightlife, and cultural institutions like the Nevada Art Museum. Reno is just 45 minutes from Lake Tahoe, and has easy access to hiking, water sports, and world renowned skiing.

Population: 273,448

Median Household Income: $67,557

Cost of Living: 105.4% of the U.S. average

Median Rent Price: $1,800

Home Price-to-Income Ratio: 7.8

Average Property Tax: 0.56%

Housing Affordability: Median rents in Reno are $1,800, below the national median. What’s more, rents have fallen year-over-year in a cool market, which means they may continue to fall. The average home value here is over $520,000, and many are priced far higher so there are definitely buyers in Reno who will need a jumbo mortgage loan.

5. Gardnerville

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With the Sierra Nevada mountains as a backdrop, this small town offers lovely views and has century-old downtown buildings that house local art, crafts, and antique stores. About 60% of households here are families. The commute to Reno isn’t about an hour, and the drive to Lake Tahoe takes only 30 minutes.

Population: 6,037

Median Household Income: $62,143

Cost of Living: 98% of the U.S. average

Median Rent Price: $2,150

Home Price-to-Income Ratio: 9.2

Average Property Tax: 0.56%

Housing Affordability: With a home price-to-income ratio of 9.2, Gardnerville has few lower-priced properties; if you’re looking for a home for under $400,000, you may have to bide your time here.

Recommended: Mortgage Prequalification vs. Preapproval

Best Places to Live in Nevada for Families

Looking to raise a family in Nevada? Here are five cities to consider.

1. Winnemucca

Located in northwestern Nevada, Winnemucca is one of the smaller cities on our list. It offers a spread-out suburban feel, and families can explore local attractions like the Humboldt Museum, get in a round of bowling at Spare Time, or picnic in Vesco Park. Water Canyon Recreation Area offers hiking, biking, and camping. Families may appreciate the city’s above-average schools.

Population: 8,388

Median Household Income: $70,543

Cost of Living: 89% of the U.S. average

Median Rent Price: $1,600

Home Price-to-Income Ratio: 4.3

Average Property Tax: 0.62%

Housing Affordability: Though median rents in Winnemucca are 20% below the national median at $1,600 per month, prices have risen significantly year-over-year. That said, a cool market may put a damper on that trend.

2. Elko

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A bit bigger than Winnemucca, and toward the eastern part of the state, Elko offers a similar suburban feel. Families may enjoy the Ruby Mountain Balloon Festival, heading to the rodeo at the Silver State Stampede, or hiking, horseback riding and snow sledding in the Humboldt National Forest. (Parents also like the above-average school system.)

Population: 20,756

Median Household Income: $80,148

Cost of Living: 93% of the U.S. average

Median Rent Price: $1,425

Home Price-to-Income Ratio: 4.1

Average Property Tax: 0.56%

Housing Affordability: Like the cost of living in Elko, median rents here are below average. That said, the rental market is warm, and rents have been on the rise over the past year. The home price-to-income ratio is one of the state’s best — good news for those looking to buy. If you’re one of them, consider these tips to qualify for a mortgage.

3. Carson City

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In addition to its many parks and green spaces, Carson City, boasts family-friendly activities, including the Children’s Museum of North Nevada, the Nevada State Railroad Museum, and the Carson City Aquatic Facility. Families are also drawn here by the public schools, which are above average.

Population: 58,130

Median Household Income: $62,217

Cost of Living: 99% of the U.S. average

Median Rent Price: $1,850

Home Price-to-Income Ratio: 7.4

Average Property Tax: 0.53%

Housing Affordability: The median monthly rent in Carson City is $1,850, or 7% lower than the national median. The rental market is cool and decreasing demand may mean that rent prices fall in the future.

4. Reno

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There are nearly 38,000 family households in Reno, and kids may enjoy The Discovery science center or a weekend excursion to the Reno Riverwalk or National Automobile Museum. Outdoorsy families will be happy just 45 minutes from Lake Tahoe, where they can enjoy hiking, swimming in the lake, or skiing in the winter.

Population: 273,448

Median Household Income: $67,557

Cost of Living: 105.4% of the U.S. average

Median Rent Price: $1,800

Home Price-to-Income Ratio: 7.8

Average Property Tax: 0.56%

Housing Affordability: Median rents in Reno are $1,800, below the national median. What’s more, rents have fallen year-over-year in a cool market, which means they may continue to fall.

5. Henderson

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Right next door to Las Vegas, Henderson is the second-largest city in Nevada. Parents might look here because of its well-rated school system. The city is also in close proximity to the University of Nevada, Las Vegas. Outdoor recreation areas like Cornerstone Park, which features a 31-acre lake, nature trails, picnic areas, sports facilities, and a playground, provide spaces for families to gather and play.

Population: 331,415

Median Household Income: $79,611

Cost of Living: 108% of the U.S. average

Median Rent Price: $2,192

Home Price-to-Income Ratio: 5.8

Average Property Tax: 0.64%

Housing Affordability: Henderson offers a relatively affordable option for individuals looking to live in a bigger city. Median rent prices are about 10% higher than the national median. Average home values hover around $460,000.