The median home price in Nevada is $433,000, which has increased by 6.1% since the last year. The Nevada housing market has witnessed a 19.7% year-over-year growth in the number of homes listed. With only a 3-month supply left, you will get your choice of house with the seller being more willing to negotiate.
As per our research, home prices are relatively higher in the central part of the state near Austin, NV. On the other hand, as you move towards the west of the Silver State, like Fernley, you can find cheaper housing options
4 Reasons to live in Nevada 🌆
- Cheaper Houses: The median home sale price in Nevada is ~$433K. But you can get houses between $176K and $328K in cities like Carlin, Yerington, and Pahrump.
- Tax Benefits: Nevada does not impose personal income tax, allowing residents to keep more of their earnings.
- Affordable Utilities: Utilities in cities that are listed below is up to 18% lower than the national average.
- Cheaper Rentals: The rent prices of these cities are lower than national average. You can save up to $425 per month in rent.
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View 22 Homes For Sale in Nevada
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Cheapest Places to Live in Nevada in 2024
This list provides insights into the average household income, median listing price, population, unemployment rate, and poverty rate of the cities.
| City | Median Household Income | Median Home Value | Population | Unemployment Rate | Poverty Rate |
|---|---|---|---|---|---|
| Carlin | $72,734 | $176,477 | 2,279 | 3.3% | 7.44% |
| Ely | $64,347 | $189,449 | 3,983 | 3.7% | 13.3% |
| West Wendover | $54,075 | $259,823 | 4,517 | 3.3% | 14.3% |
| Yerington | $37,438 | $281,209 | 3,093 | 5.4% | 21.2% |
| Winnemucca | $78,16 | $301,033 | 8,388 | 3.5% | 12.4% |
| Elko | $80,148 | $326,774 | 20,391 | 3.9% | 12.3%% |
| Pahrump | $53,743 | $328,945 | 42,471 | 6.9% | 14.4% |
7 Cheapest Places to Live in NV
The annual population growth of 17.6% since 2010 is reflective of people’s intention to move to Nevada. If you’re considering shifting to the Silver State, here are some cities that offer affordable living options:
1. Carlin
| 🟢 Cost of Living Compared to National Average | 0.9%⬆️ |
| 🏡 Median Home Price | $176,477 |
| 💲 Median Rent | $1,050 |
| 🌅 Known For | Gold Mines |
Carlin is an affordable place to live in Nevada. Its median house rent ranges from $750 – $1,150. It also offers very affordable housing which is 39.2% lower than the national average.
Carlin stands out as a budget-friendly city. It is significant as the gateway to the world’s largest gold mines. Mining is a major employment in the city.
» Homes for Sale in Carlin, NV: Find your dream home in this city.
2. Ely
| 🟢 Cost of Living Compared to National Average | 20.7%⬇️ |
| 🏡 Median Home Price | $189,449 |
| 💲 Median Rent | $1,000 |
| 🏞️ Known For | Copper Mining Heritage |
Ely is one of the most budget-friendly rental destinations in Nevada with an average home rent ranging from $1,000 – $1,900. It also offers affordable transportation which is 24.6% lower than the national average.
Ely is a great place for people looking to buy a home. Its offers a range of outdoor experiences, including fishing, hiking, stargazing, and guided tours. The area’s abundant flora and fauna contribute to a diverse set of recreational opportunities.
» Homes for Sale in Ely, NV: Browse thousands of property listings in Ely.
3. West Wendover
| 🟢 Cost of Living Compared to National Average | 0.9%⬆️ |
| 🏡 Median Home Price | $259,823 |
| 💲 Median Rent | $1,200 |
| 🏖️ Known For | Casino Resorts |
Also known as the ‘Gateway to the Great Salt Lake Desert,’ West Wendover’s median home price is $259,823. The average utilities expenses are 17.2% lower than the national average.
Living in West Wendover is special because it provides a range of experiences, including gaming, entertainment, and outdoor adventures. Additionally, the city is filled with casinos like Resort at Wendover and Montego Bay Casino, which can be appealing for those interested in entertainment and nightlife.
» Homes for Sale in West Wendover, NV: View all the properties for sale in this city.
4. Yerington
| 🟢 Cost of Living Compared to National Average | 5%⬆️ |
| 🏡 Median Home Price | $281,209 |
| 💲 Median Rent | $1,575 |
| 🏖️ Known For | Wovoka Wilderness |
Yerington offers budget-friendly living with a median rent that is $425 lower than the national median. Moreover, grocery costs are 2% below the national average in the city.
Yerington is surrounded by picturesque landscapes. Sierra Nevada Range and 160 acres of wooded land offers the residents the opportunities for outdoor activities such as hiking, camping, and fishing, contributing to a fulfilling quality of life.
» Homes for Sale in Yerington, NV: Browse through thousands of affordable properties.
5. Winnemucca
| 🟢 Cost of Living Compared to National Average | 3.6%⬇️ |
| 🏡 Median Home Price | $301,033 |
| 💲 Median Rent | $1,500 |
| 🎨 Known For | Outdoor Recreation Hub |
With rental costs below the national average, Winnemucca stands as one of the most affordable cities to live in Nevada. The house rent price is between $1,300 – $1,945.
Winnemucca’s affordable food, health, housing, and transportation facilities make the city one of the cheapest places to live in the US.
» Homes for Sale in Winnemucca, NV: Browse through thousands of properties in this affordable city.
6. Elko
| 🟢 Cost of Living Compared to National Average | 0.9%⬇️ |
| 🏡 Median Home Price | $326,774 |
| 💲 Median Rent | $1,400 |
| 🏫 Known For | Historical Attractions |
The house rent in Elko is between $650 – $2,800. With an average household income of $80,148, you can comfortably live in this city.
Elko boasts wonderful Basque food, offering residents and visitors a unique culinary experience. It also provides various entertainment options, including gambling and casino entertainment, ensuring there’s always something to do for leisure.
» Homes for Sale in Elko, NV: Find a home in one of the cheapest places to live in Nevada.
7. Pahrump
| 🟢 Cost of Living Compared to National Average | 6.5%⬇️ |
| 🏡 Median Home Price | $328,945 |
| 💲 Median Rent | $1,400 |
| 🖼️ Known For | Outdoor Activities |
Pahrump is one of the best places to live in Nevada. The monthly expenditure on food for an individual amounts to $560, making it one of the most budget-friendly options across the country.
Pahrump is located 60 miles from Las Vegas and only eight miles from the Nevada-California border. It provides a fantastic living environment with beautiful nature and many attractions.
» Homes for Sale in Pahrump, NV: Get yourself a home in Pahrump.
- 🏡 Do You Need Professional Assistance While Buying a Home?
Look no further! You can access a network of top real estate professionals through Houzeo Pros. They will cater to all your needs and requirements.
The Bottom Line
The cost of living in Nevada is 9.7% higher than the national average. It is also home to some of the most expensive cities in America. However, if you want to shift to Nevada, you can find affordable housing in cities like Carlin, Ely, and West Wendover.
Cities like Elko and Pahrump have a slightly expensive cost of living but provide better job opportunities. You must research the city’s home prices and living costs before relocating.
Find Homes for Sale in NV Under Your Specific Budget
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With thousands of property listings, Houzeo.com is one of the biggest property listing sites in the US. Find condos, townhouses, co-ops, and other types of homes for sale in Nevada on Houzeo.
Find Your Dream Home 🏡
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Find Your Dream Home 🏡
View 22 Homes For Sale in Nevada
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» Need More Clarity? Read these exclusive Houzeo reviews and learn why the platform is the best in America’s competitive housing market.
Research Methodology
We’ve created this list by considering factors such as cost of living, median home price, and rental price range. We have also accounted for the population, median household income, poverty rate, and unemployment rate in these cities.
To compile this list of the cheapest areas to live in Nevada, we have drawn data from the Economic Research Institute, World Population Review, Rent Cafe, and Zillow, Best Places.
FAQs
What is the cheapest place to live in Nevada?
The cheapest place to live in Nevada is Carlin.
» 7 Cheapest Places to Live in Nevada: Find out the other cheapest places to live in Nevada!
Is Nevada the cheapest place to live in?
No, it is not. The median home value is $433,000. If you're looking for cities with affordable housing and a low cost of living, you can try your luck in some of these cheapest places in America.
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