What It Costs Retirees To Rent in These 4 Nevada Cities
Written by
Jordan Rosenfeld
Edited by
Molly Sullivan
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Housing costs tend to be one of the biggest expenses in anyone’s monthly budget, no matter your stage of life. In fact, according to the Bureau of Labor Statistics, housing ate up about 33% of the average person’s monthly budget in 2023. By the time you reach retirement age, some retirees find themselves renting again, whether they’ve paid off their homes and decide to sell them for cash or are facing financial hardship.
If you’re renting, thus not building equity, you’re going to want to find the most affordable cities in which to rent. The Northwestern state of Nevada might just be a great choice for you, with four significant cities to choose from with affordable rent.
To determine the lowest rent for retirees in these (and other) cities, GOBankingRates analyzed the average rental cost of major U.S. cities and the cost of living in those cities. Drawing data from the U.S. Census, Sperling’s BestPlaces, ApartmentList and Zillow, among others, these four Nevada cities turned up as great places for retirees to rent.
Las Vegas
Las Vegas is more than just a place to gamble and hit The Strip — it’s a wonderful place to retire with a warm climate, no state taxes, plenty of amenities that cater to retirees and affordable rents. In fact, 15.3% of its population of 644,835 are ages 65 and older. Here, the rent is around $1,100 each month for a one-bedroom apartment, while total monthly costs average $3,564 per month. A two-bedroom apartment averages $1,334. Las Vegas also has a high livability score of 82.
Henderson
The city of Henderson comes with similar benefits as Las Vegas, minus the tourist attractions. According to RetireBetterNow.com, the city is replete with parks, golf courses, fitness, recreation and other establishments that support a healthy retirement lifestyle. It attracts even more retirees than Vegas, too, with 20% of its 318,063 population being ages 65 and older. Here, you’ll pay around $1,373 per month for a one-bedroom apartment and $1,625 for a two-bedroom, making it even cheaper for roommates. The livability score is still decent here, as well, at 74.
Reno
Another city with a reputation for gambling that may unnecessarily put people off, Reno is even more affordable than Las Vegas and very welcoming to retirees. Here, you’ll pay around $1,036 per month for a one-bedroom apartment and $1,296 per month for a two-bedroom. Cost of living overall is also cheaper than Vegas at just $3,200 per month. With 15.8% of the population ages 65 and older, you’ll find a like-minded community here.Â
North Las Vegas
Despite its name, North Las Vegas is not just the northern part of Las Vegas — it’s a city in its own right, the fourth largest in Nevada, in fact, and one of the fastest growing, too. It has a rich history and is a wonderful place to retire on a budget. Your wallet will like living here, too, as it’s only $1,047 per month to rent a one-bedroom apartment and $1,275 to rent a two-bedroom. The average monthly cost of living here is around $3,654. With a livability score of 76, retirees can make a truly comfortable life here.
Methodology: First, GOBankingRates found the 100 most populated cities according to the U.S. Census American Community Survey. For each city, a number of factors were found including; total population, total households, population ages 65 and over, household median income all sourced from the U.S. Census American Community Survey, the cost of living indexes as sourced from Sperling’s BestPlaces, the average overall rental cost, 1-bedroom rental cost, and 2-bedroom rental cost all sourced from ApartmentList, the average cost of a condo or coop as sourced from Zillow Home Value Index, and the livability index as sourced from AreaVibes. Using the cost of living indexes and using the national average expenditure costs for all residents as sourced from Bureau of Labor Statistics Consumer Expenditure Survey. Using the average condo/coop value, assuming a 10% down payment, and using the national average 30-year fixed mortgage rate the average mortgage can be calculated. Using the overall rental cost and expenditure costs the total cost of living for each city can be calculated. The cities were sorted to show the highest population places first showcasing the average apartment costs in major U.S. Cities. All data was collected on and is up to date as of Sept. 13, 2024.
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