B
23%
Overall NAT. AVG.
1%
Goods & Services NAT. AVG.
72%
Housing NAT. AVG.
Search Homes for Sale
Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Reno Nevada National
Cost of living123100100
Goods & Services9992100
Groceries101103100
Health care9592100
Housing172104100
Transportation122117100
Utilities9299100

An Overview of Cost of Living in Reno, NV

Understanding the cost of living in Reno can help future residents assess whether their current financial situation aligns with the expenses they will encounter. It enables them to plan for potential changes in their budget and lifestyle. The Reno cost of living index is 123, which is 23% higher than the national average. The cost of living index is calculated by taking into account multiple categories, which encompass both the cost of everyday expenditures and larger expenses as well.

If you prioritize affordability when seeking a new place to live, Reno may not be your ideal choice, as it ranks among the most expensive locations in the entire United States. A very small amount of areas exhibit a cost of living at least 20% higher than the national average, and unfortunately, Reno falls into this category, which may not align with your preferences for a budget-friendly living environment.

Housing costs are a very significant part of the Reno cost of living index and generally encompass a large percentage of take-home income. Unfortunately, in this area, the housing costs for both homes and rentals were 71.8% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.

What Do Locals Say About the Cost of Living in Reno?

When it comes to knowing a city, its residents are the experts. We conducted a survey with 34 locals to understand their opinions on the cost of living in Reno. The results indicated that 21% found it reasonably priced with decreasing prices of goods and services, while 79% viewed it as quite expensive, with increasing prices.

Is Reno Affordable?

Is Reno affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in Reno, the median home price is 95.5% higher than the national average and monthly rent prices are 16.6% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Reno boasting a median household income of $61,860, 11.8% higher than the national average.

What Factors can Influence the Cost of Living in Reno?

Taxes: Regions that impose higher taxes, including sales and income taxes, can contribute to an increased cost of living. Higher taxes for everyday necessities such as clothing, utilities and food inevitably leads to higher expenditures. Additionally, a higher income tax rate can also play a role in elevating the overall cost of living. In Reno, the prevailing sales tax rate starts at 6.85%, and income tax rates kick off at 0%.

Healthcare: Healthcare costs and insurance premiums can undergo substantial fluctuations based on the city or state of residence. Elements such as the availability of healthcare facilities, out-of-pocket costs for medical consultations, dental expenses, prescription medication charges and specialized medical care fees all contribute to variations in the cost of living. In Reno, healthcare costs are 5.3% lower than the national average.

Urbanization: Urban areas with a wealth of amenities and employment opportunities tend to come with a higher price tag for living. Why? Well, more people want to be there, which drives up home prices and rents. On the flip side, less densely populated rural areas or places where there's not as much demand usually mean fewer attractions, things to do and slower job growth. That often results in a lower cost of living.

Where is the Data From?

The cost of living data in Reno displayed above is sourced from the C2ER cost of living index, which serves as a practical tool for comparing living expenses across urban areas. Published on a quarterly basis, this index aggregates data from over 300 independent researchers, encompassing more than 60 goods and services, in 6 different categories. The weightings assigned to cost differences rely on government survey data that tracks the spending habits of professional and executive households. It's worth noting that the C2ER index excludes data on sales or income tax rates, while AreaVibes integrates tax rates into the overall cost of living evaluation for each region.

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Cost Of Living Quick Facts

  • The cost of living in Reno is 23% higher than the Nevada average
  • The cost of living in Reno is 23% higher than the national average
  • Reno housing is 72% higher than the national average
  • Nevada general sales tax is 34% higher than the national average
  • Nevada state income tax is 100% lower than the national average

Most Affordable Places to Live in and Around Reno

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Compare Reno, NV Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$88,693$7,391$2,069$2,661
      Renters$45,315$3,776$1,057$1,360
      The affordability of the housing market in Reno, NV as well as the overall cost of living can be predicted by what percent of the monthly income is spent on housing related costs. This is konwn as the debt-to-income ratio (DTI). The overall rule of thumb is that no more than 28% of your gross income should be spent on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Reno homeowners, the median income is $88,693. This indicates that a monthly maximum of $2,069 should be spent by homeowners on all housing related costs. Renters have a median income of $45,315. This indicates that renters would have a maximum of $1,057 for their rent related monthly costs.

      Nevada Sales Tax

      State General Sales Tax With Max Surtax
      Nevada 6.85% 8.25%

      Nevada Income Tax

      State Income Tax (Low) Income Tax (High)
      Nevada 0% 0%

      Goods & Services

      Item Reno National avg. Difference
      Haircut $25.78$24.266.2%
      Beauty Salon $42.67$45.566.4%
      Toothpaste $3.72$3.700.4%
      Shampoo $1.37$1.286.7%
      Movie $11.00$12.139.3%
      Bowling $21.95$18.0021.9%

      Groceries

      Item Reno National avg. Difference
      Ground Beef $5.87$5.840.5%
      Fried Chicken $1.87$1.5718.7%
      Milk $4.60$4.671.6%
      Potatoes $4.57$4.937.4%
      Pizza $12.67$12.094.9%
      Beer $9.41$10.419.6%

      Health Care

      Item Reno National avg. Difference
      Optometrist $115.11$125.688.4%
      Doctor $129.11$135.784.9%
      Dentist $118.11$113.294.3%
      Ibuprofen $10.85$10.651.8%
      Lipitor $349.59$468.6025.4%

      Housing

      Item Reno National avg. Difference
      Home Price $361,100.00$184,700.0095.5%
      Avg. Mortgage Payment $2,701.18$2,346.6915.1%
      Apartment Rent $1,107.00$949.0016.6%

      Transportation

      Item Reno National avg. Difference
      Gasoline $4.40$3.4627.1%
      Tire Balancing $66.55$59.9211.1%

      Utilities

      Item Reno National avg. Difference
      All Electricity $171.07$193.9911.8%
      Phone $185.80$192.253.4%
      Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

      Nearby cities with low cost of living

      City Population Cost of Living Index National Avg.
      Floriston, CA281021.5%
      Sun Valley, NV21,1791022.1%
      Lemmon Valley, NV5,18311514.6%
      Cold Springs, NV10,70411717.3%
      Sparks, NV102,89512019.7%
      Reno, NV250,90312322.6%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Glendale, AZ250,2901043.7%
      Longueuil, QC249,920n/a 
      Gilbert, AZ248,34913232.0%
      North Las Vegas, NV247,2481088.0%
      Scottsdale, AZ254,99513737.3%
      Reno, NV250,90312322.6%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.