Have you ever wondered why Las Vegas, famously known as the Entertainment Capital of the World, is also one of the most sought-after places to live?
In this post, we dive into Las Vegas to uncover the top 10 reasons that make it an irresistible choice for many.
From the financial benefits of no state income tax to the burgeoning job market, affordable housing, and the unexpected family-friendly atmosphere, join us as we explore the multifaceted appeal of living in Las Vegas.
Whether you’re considering a move for the lifestyle, the climate, or the opportunities, this post sheds light on what life in Vegas truly offers.
Ready to see Las Vegas in a new light? Read to learn about:
- The significant advantage of no state income tax in Las Vegas.
- Las Vegas as the booming entertainment capital: Beyond casinos and shows.
- Expansive job opportunities across various sectors.
- The reality of affordable housing in a competitive market.
- Outdoor adventures within a stone’s throw from the city.
- The rich cultural diversity and world-class culinary scene.
- Family-friendly amenities and communities.
- The growing appeal of Las Vegas for retirees.
- Insightful discussion on the Las Vegas real estate market dynamics.
- The importance of understanding property ownership nuances in Vegas.
#1 There’s no state income tax in Nevada
One of the biggest reasons people move to Las Vegas is there’s no state income tax here. California’s state tax, by comparison, is 13%! So, if you’re retiring with a monthly income of $5,000, you’ll save $500 to $600 by moving to Las Vegas from California.
Note: Additionally, when it comes to property taxes, Nevada and California have some notable differences. Nevada has one of the lower median property tax rates in the country.
#2 Las Vegas is the entertainment capital of the world
Las Vegas is known for its dynamic entertainment scene. The Raiders, playing at the impressive Allegiant Stadium, are a big draw, but there are other major events like the Super Bowl and big-name concerts.
Beyond sports, you can find world-class entertainment and shows on The Strip. The Strip features nightly performances ranging from magic and music to comedy and acrobatics. There is so much to see and explore.
The city also has the classic Las Vegas offerings that you generally think of – casinos, nightclubs, and gourmet dining.
And the best part? Las Vegas continues to evolve, constantly adding new attractions and shows, ensuring that it remains a top destination for visitors seeking excitement and entertainment.
#3 Las Vegas gets lots of sunshine
One of the best parts about living in Las Vegas is the climate. In fact, we have 300 sunny days a year. I and many other residents love the climate here.
When it’s sunny, it could be like 60 degrees, and it’s perfect for being outdoors and exploring the areas surrounding the city, such as Red Rock Canyon or Lake Mead. I can hang those couple of weeks in the summer where it’s 115. To be honest, the climate in Las Vegas is a lot better than in other parts of the country.
#4 Las Vegas has tons of job opportunities
If there is one thing true about Las Vegas, it’s that it has huge job opportunities, thanks to the casino industry and the entertainment industry as a whole. And the market is expanding!
It’s going to keep opening up jobs as more people move into the city. Recent developments, such as the openings of Resort World and the Durango project, are good examples. Fontainebleau Las Vegas is another.
These resorts offer a variety of experiences, from shopping in elegant lobbies to dining in exquisite restaurants, before even stepping foot into the gaming areas.
With new resorts employing thousands of people—as many as 3,000 to 5,000 people each, it’s easy to find work here. The current unemployment rate is hovering around 3 to 4%, which proves the point.
The inclusivity of Las Vegas’s job market is also noteworthy. It’s a place where educational qualifications are not always barriers to securing well-paying positions. You can meet a lot of people with success stories who come from all sorts of backgrounds.
I’m the perfect example. I barely finished junior high school, and look at me—I’m selling real estate.
#5 Las Vegas has an affordable housing market
There is a reason a mass exodus from California is happening right now. It’s because of rising prices. The median price of homes is sky-high right now.
Fortunately, compared to California and most major cities across the USA, we have a fairly affordable housing market in Las Vegas. The median sales price just came out, and it’s $460,000, which is pretty low.
There are good buying opportunities available here, especially for first-time homebuyers, and programs like “Home Is Possible” offer assistance.
These programs provide up to 5% towards the purchase of a home. For a house priced at $450,000, and with the right credit qualifications, this can substantially lower the initial financial burden.
For example, a down payment could be covered along with a portion of the closing costs, making homeownership more accessible.
D.R. Horton and other developers are contributing to this accessibility by offering incentives, such as $5,000 towards closing costs in certain communities. This can make the dream of homeownership a reality, even for those who may find the prospect tough.
By the way, while mortgage payments might seem higher than current rental rates, the long-term financial benefits of homeownership, including tax deductions on interest payments, can offset these costs. This is a huge consideration.
This aspect is particularly appealing for renters currently paying high monthly rates, as it presents an opportunity to invest in one’s future while potentially maintaining similar monthly expenses.
The current market does present challenges, with a relatively low inventory of single-family homes making it a seller’s market. However, with the right guidance and resources, navigating these challenges is entirely possible. New construction homes, in particular, offer a promising path for many prospective buyers.
Las Vegas’s housing market, with its combination of affordability, assistance programs, and incentives, makes it an attractive option for those looking to purchase a home.
#6 The Las Vegas area offers numerous outdoor activities
Let’s talk about something outside the city. Everybody knows Las Vegas for Las Vegas Boulevard, but the truth is, there are quite a few outdoor activities within 45 minutes, maybe an hour, or at the most a two-hour drive from the city.
You can basically enjoy anything in the surrounding area besides the beach, which is about four hours away, depending on how you drive. We do have beaches at Lake Mead, but nothing like what you’d find in California.
For those who NEED beach energy in the city, check out Mandalay Bay, which has great music, cocktail service, and cabanas. And there are no sharks!
For mountain recreation, you can get up to Mount Charleston in 30 to 45 minutes from Las Vegas and ski there as late as March. We also have Red Rock Loop and the Red Rock Scenic Group.
The Scenic Loop has all the different hiking trails, including Pine Tree Trail. There is also Trail Icebox Canyon. If you haven’t hiked those before, I highly recommend them. I’ve done them both a dozen times over the years.
For families and for kids, there are lazy rivers, pools, and all kinds of things. We have Utah, just right up the street. So you could head up to St. George.
Other destinations include Cedar City, Duck Creek, Brian Head, and the Grand Canyon. The Grand Canyon is about four or five hours away.
#7 Las Vegas is a diverse place with amazing restaurants
Las Vegas is a culturally diverse place, which is why it has such an amazing restaurant industry – one of the best in the world. There are hundreds of fantastic restaurants in the city with a variety of global cuisines.
With such an extensive selection, one could dine out every day and still discover new flavors and experiences without ever growing tired of the options. If you love good food and dining out, Las Vegas is one of the best places to move.
Some top-tier establishments include Fleming’s, which is a popular choice for steak enthusiasts, but it’s just one of many. AMO Steakhouse, located in the Downtown area, is another exceptional venue.
Oscar’s Steakhouse at the Plaza is yet another destination for those seeking a remarkable steak dinner, while Frankie’s Uptown offers its own unique charm and menu.
Beyond the cuisine, Las Vegas has evolved to offer family-friendly amenities, meaning the city caters to all ages and not just those seeking adult entertainment. This transformation is important for families and has made Las Vegas a more inclusive destination.
#8 Las Vegas has excellent retirement communities
Las Vegas has a robust retirement community, and it is growing exponentially. This is largely due to the problems in California.
Right now, Las Vegas is seeing an influx of retirees who are living on fixed incomes and realizing the importance of finding a place where they can enjoy a high quality of life without breaking the bank.
The city’s retirement communities are designed for seniors, offering a range of housing options, from independent living apartments to assisted living facilities and memory care units.
These communities come with fitness centers, swimming pools, and social spaces and promote an active lifestyle.
#9 Las Vegas supports small and medium-sized businesses
Las Vegas supports small and medium-sized businesses, which is a major reason the city is growing so well. Frankly, it’s easier to operate a business here than in neighboring cities, and it also has many people who want to support working moms and dads.
The local economic development department, for instance, has undoubtedly done an amazing job offering resources and guidance to local businesses by providing information on opportunity zones and the favorable tax structures unique to Las Vegas.
This is a major reason businesses are shifting from neighboring cities to Las Vegas. Tons of people are moving here to give their families the best opportunities, which is good for the economy and a top reason to move to Las Vegas.
The city’s approach contrasts sharply with more restrictive policies elsewhere that stifle small business growth. The COVID-19 pandemic highlighted the vulnerability of smaller businesses, many of which did not survive.
The pandemic underscored the importance of supporting small businesses, and it’s why plans are in motion to make Las Vegas even more attractive for entrepreneurs and business owners.
These include grassroots efforts to support local businesses, which are, in fact, already in motion. During the pandemic, the Las Vegas community rallied to support its small businesses, showing strong grassroots support.
#10 Las Vegas has thousands of homes on the market
Las Vegas is a city that has seen its fair share of real estate controversies and disputes, including the Badlands golf course controversy.
Despite these challenges, Las Vegas’s real estate market remains strong, with thousands of homes available for sale. Right now, there are several hundred high-quality homes that are selling quickly, often within a week or less.
For those looking to enter the housing market, condos, and townhouses, which make up a significant portion of the available properties, might be a more affordable option. Prices range from $300,000 to $400,000.
For sellers, the current market conditions present a favorable opportunity to list homes. With the help of experienced real estate professionals, such as the team at The Real Estate Guys, sellers can navigate the process and maximize their returns. Buyers, too, can benefit from the expertise of these professionals in finding the right property to meet their needs and budget.
