LAS VEGAS — Living comfortably in Las Vegas has become a challenge for many— inflation and rising costs put a strain on household budgets.
According to a recent study by Bankrate, the income needed to live comfortably in the valley has skyrocketed to $111,416 per year—a sharp increase from last year’s figure of around $98,000.
For many locals, earning over $100,000 a year in today's economy seems out of reach.
Demarion Jackson, a lifelong Las Vegas resident and father of four, said he works two jobs to make ends meet.
I’d say it’s accurate. I’m about $20,000 to $30,000 off from that. I’m comfortable, but not as comfortable as I’d like to be.
The Bankrate study found that residents now need over $111,000 annually to cover basic living expenses like housing, utilities, food and transportation.
In comparison, San Francisco residents need more than $160,000, while those in New York require about $144,000 for a similar lifestyle.
Isaac Perez, a San Jose native who has lived in Las Vegas for 13 years, said that while living here may be more affordable than California, it's still a struggle.
“I found it easier out here, but somehow, it’s still a grind. There’s always a need for more money,” Perez, a car salesman, said.
Financial expert, Jeremy Aguero, recommends sticking to a budget and cutting unnecessary expenses to help ease the financial burden.
“Eliminate additional expenses, particularly those that need to be financed,” Aguero advised.
However, for some residents, the rising costs have become too much. Warren Jackson, another local, has decided to move away from Las Vegas altogether.
“It’s too high living out here. I’m leaving—my stuff is already packed,” Jackson said before driving away.
Despite the challenges, Perez said he has no plans to leave the city.
I love Las Vegas. I can’t leave, I’m stuck here, but I’ll make it work.
While Las Vegas may not be as expensive as cities like San Francisco or New York, locals are still feeling the pressure on their wallets.
For those looking to save, Channel 13's Shakeria Hawkins found a few tips to help cut costs:
- Cancel any unused subscriptions
- Pack lunches for work instead of eating out
- Choose generic brands for groceries and household items whenever possible
