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There's a reason millions of people flock to Burning Man in Black Rock City and the casinos in Las Vegas and end up staying, Nevada has some of the most affordable places in the country to live.
So, if you're reading this, you've definitely played your cards right today. HomeSnacks has researched where your slot machine winnings will go the furthest: we've created a list of the top ten most affordable places to live in Nevada for 2020.
How did we determine the most affordable places in Nevada? We took a look at the US Census and the cost of living data for the Silver State. We were especially interested in home and rental prices in places with more than 1,000 residents.
We discovered that whether it's hip millennial cities like Reno, family oriented cities like Sparks, or great places to retire to like Henderson, Nevada has plenty of affordable places to live for every stage of life and every budget. And that's a good thing, because the less you spend on your cost of living, the more you'll have to spend on the fun things to do and see in the Sagebrush State. Like, scoring a ticket to the Area 51 party in Groom Lake or spending a night at the Clown Motel in Tonopah.
So, want to know where you won't have to beat the blackjack dealer to live in one of the most affordable places in Nevada? Keep reading.
Now, just because these places in Nevada are affordable, doesn't mean they're not nice. Many of the cities on Nevada's most affordable list are also on its safest list. It's not rocket science, folks. When you save money on your cost of living, you're usually in a better place to invest in your community.
So, what's the cheapest place to live in Nevada? The place where you can truly live like high roller on a blue collar budget would be Caliente, the cheapest place in Nevada..
To see how your city compared, take a look below.
And if you already knew these places were cheap, check out some more reading about Nevada and the cheapest places in the country:
The 10 Cheapest Places To Live In Nevada For 2020
/10
Population: 1,135
Rank Last Year: 1 (No Change)
Home Price To Income Ratio: 2.1x (2nd most affordable)
Income To Rent Ratio: 95.5x (2nd cheapest)
More On Caliente: Homes For Sale | Data | Photos
The median income in Caliente comes in at $57,218 and the median home value is $118,300 for 2020.
/10
Population: 2,023
Rank Last Year: 2 (No Change)
Home Price To Income Ratio: 1.5x (1st most affordable)
Income To Rent Ratio: 75.7x (5th cheapest)
More On Carlin: Homes For Sale | Data | Photos
Carlin is a small city located near the western border of Elko County in northeast Nevada, 23 miles west of the city of Elko. It is part of the Elko Micropolitan Statistical Area. Carlin sits along Interstate 80 at an elevation of approximately 4,900 feet. As of the 2010 census, its population was 2,368, up from 2,161 at the 2000 census. The city was named for Civil War general William Passmore Carlin. Its slogan is "Where the Train Stops...And the Gold Rush Begins".
The median income in Carlin comes in at $79,740 and the median home value is $118,100 for 2020.
/10
Population: 1,806
Rank Last Year: 4 (Up 1)
Home Price To Income Ratio: 2.2x (3rd most affordable)
Income To Rent Ratio: 63.3x (8th cheapest)
More On Lovelock: Homes For Sale | Data | Photos
The median income in Lovelock comes in at $41,696 and the median home value is $90,000 for 2020.
/10
Population: 4,063
Rank Last Year: 3 (Down 1)
Home Price To Income Ratio: 2.4x (4th most affordable)
Income To Rent Ratio: 89.4x (3rd cheapest)
More On Ely: Homes For Sale | Data | Photos
The median income in Ely comes in at $58,200 and the median home value is $139,100 for 2020.
/10
Population: 4,320
Rank Last Year: 8 (Up 3)
Home Price To Income Ratio: 2.4x (5th most affordable)
Income To Rent Ratio: 76.3x (4th cheapest)
More On West Wendover: Homes For Sale | Data | Photos
West Wendover is a small city in Elko County, Nevada, United States. The population was 4,410 at the 2010 census. It is part of the Elko micropolitan area. West Wendover is located on the eastern border of Nevada and the western edge of the Great Salt Lake Desert and is contiguous with Wendover, Utah, with which it is sometimes confused. Interstate 80 runs just north of the cities, while Interstate 80 Business runs through the two cities.
The median income in West Wendover comes in at $56,029 and the median home value is $135,500 for 2020.
/10
Population: 7,798
Rank Last Year: 7 (Up 1)
Home Price To Income Ratio: 2.7x (8th most affordable)
Income To Rent Ratio: 95.6x (1st cheapest)
More On Winnemucca: Homes For Sale | Data | Photos
Winnemucca ) is the only incorporated city in and is the county seat of Humboldt County, Nevada, United States. As of the 2010 census, the city had a total population of 7,396, up 3.1 percent from the 2000 census figure of 7,174. Interstate 80 passes through the city, where it meets U.S. Route 95.
The median income in Winnemucca comes in at $71,518 and the median home value is $195,300 for 2020.
/10
Population: 1,150
Rank Last Year: 6 (Down 1)
Home Price To Income Ratio: 2.6x (6th most affordable)
Income To Rent Ratio: 74.1x (7th cheapest)
More On Wells: Homes For Sale | Data | Photos
The median income in Wells comes in at $54,545 and the median home value is $140,700 for 2020.
/10
Population: 3,103
Rank Last Year: 5 (Down 3)
Home Price To Income Ratio: 2.7x (7th most affordable)
Income To Rent Ratio: 54.8x (16th cheapest)
More On Yerington: Homes For Sale | Data | Photos
Yerington is a city in Lyon County, Nevada, United States. The population was 3,048 at the 2010 census. It is named after Henry M. Yerington, Superintendent of the Virginia and Truckee Railroad from 1868 to 1910. The city incorporated in 1907. It is the current county seat of Lyon County, the first county seat being established at Dayton on November 29, 1861. After the Dayton Court House burned down in 1909, the seat was moved to Yerington in 1911.
The median income in Yerington comes in at $36,047 and the median home value is $98,400 for 2020.
/10
Population: 20,247
Rank Last Year: 9 (No Change)
Home Price To Income Ratio: 3.0x (10th most affordable)
Income To Rent Ratio: 75.4x (6th cheapest)
More On Elko: Homes For Sale | Data | Photos
Coordinates: 4050N 11546W 40.833; -115.767 Elko is the largest city and county seat of Elko County, Nevada, United States. The population was 18,297 at the 2010 census. The city straddles the Humboldt River.
The median income in Elko comes in at $77,011 and the median home value is $228,900 for 2020.
/10
Population: 19,573
Rank Last Year: 10 (No Change)
Home Price To Income Ratio: 2.9x (9th most affordable)
Income To Rent Ratio: 57.9x (12th cheapest)
More On Fernley: Homes For Sale | Data | Photos
Coordinates: 393555N 1191254W 39.59861; -119.21500 Fernley is a city in Lyon County, Nevada, United States, east of the Reno-Sparks metropolitan area. The city incorporated in 2001; prior to that it was a census-designated place. The population of the city was 19,368 at the 2010 census. Fernley is home to the Reno-Fernley Raceway.
The median income in Fernley comes in at $63,880 and the median home value is $187,200 for 2020.
How We Determined The Most Affordable Places To Live In The Silver State For 2020
The two most important things to think about when it comes to being able to afford if you can live comes down to:
- How much do money do I make?
- How much do I have spend to live there?
You need to understand your costs in the context of how much money you make.
For example, if the median household earns $100,000 and spends $40,000 on housing it's actually cheaper to live there than a place with a median income of $50,000 and housing costs of $21,000. You might spend more on housing, but you have more money overall to play with.
With that example in mind, we derived several statistics from the latest Census American Community Survey 2014-2018 around incomes and costs. They are:
- Median Home Price / Median Income (lower is better)
- Median Income / Median Rent (Higher is better)
- Median Home Price
We added simply median home price because high home prices generally correlate with higher expenses for all costs related to homes (heating, electricity, etc).
You can then compare these metrics in each of the places in Nevada to figure out which is the least expensive.
What you are left with is a "Cost of Living Index" by taking the average rank of each of these metrics for each city.
So we used that cost of living index in order to rank all of the 19 places in Nevada that have more than 1,000 people.
The place with the lowest cost of living in Nevada according to the data is Caliente. You can download the data here.
There You Have It Mr. Or Mrs. Nevada Cheapskate
If you're looking at the cost of living numbers in Nevada, this is an accurate list of the most affordable places to live in Nevada for 2020.
Here's a look at the most expensive cities in Nevada according to the data:
- Reno
- Las Vegas
- Sparks
For more Nevada reading, check out:
- Best Places To Raise A Family In Nevada
- Richest Cities In Nevada
- Best Places To Buy A House In Nevada
Where Are The Most Affordable Places To Live In Nevada?
| Rank | City | CheapScore |
|---|---|---|
| 1 | Caliente | 2.67 |
| 2 | Carlin | 3.0 |
| 3 | Lovelock | 4.0 |
| 4 | Ely | 4.33 |
| 5 | West Wendover | 4.67 |
| 6 | Winnemucca | 6.33 |
| 7 | Wells | 6.67 |
| 8 | Yerington | 8.33 |
| 9 | Elko | 9.67 |
| 10 | Fernley | 10.0 |
