Sixty miles south of Reno, Nevada lies a city unlike any other. With glimmering lights and hotels shaped like pyramids, Mandalay Bay and the Luxor seem to welcome visitors to an oasis of entertainment in the middle of a desert.
Las Vegas is famous for its casinos, but it’s Las Vegas’ ability to attract workers that has helped build its economy. It is an attractive place for companies to set up shop because of the pool of willing, young employees looking for work.
So, what’s the cost of living in Las Vegas? Well, we’ll delve into the answer in the content below. Just keep reading.
What Keeps the Economy in Las Vegas Thriving?
Many people flock to Las Vegas in the hopes of finding a job and beginning their life. This influx helps to keep wages down while creating enough demand to make consumer prices relatively high.
A new resident may discover that Las Vegas has a different cost of living than many other U.S. cities. However, they’ll still enjoy the fun and glitz associated with living in Sin City.
Las Vegas’ core industries are tourism, hospitality, construction, and gaming. All of them are service-oriented businesses that have relatively low start-up costs. This allows companies to profit from a large population.
In addition, being so close to California’s Sierra Nevada Mountains draws many people looking for adventure tourism, as well as those who work in the ski industry. In fact, Las Vegas’ largest employer is the gaming and resort sector.
Because of all of these factors, buying a home in Las Vegas is high—even though its underlying land is worth much less than land in other cities.
Las Vegas Vs. Other Major Cities
Las Vegas’ low-cost business climate makes it attractive to companies that don’t want to spend the money to hire people in places like San Francisco or New York.
These major cities can have higher living costs. That’s because the jobs usually pay well enough for employees to afford the high rents. By contrast, the average rent in Las Vegas is $957, and the median home price is $220,000.
Las Vegas has a relatively low sales tax of about 8.15 percent. This helps keep prices down, even with high rents and housing costs. For context, New York City and Los Angeles sales taxes are roughly 8.75 percent and 9.75 percent.
Residents also create a lower cost of living by taking advantage of the many free things to do in Las Vegas. Estimates indicate that there are more than 15,000 hotel rooms within 20 minutes of Las Vegas’ major attractions.
In addition, Clark County has more than 200 parks and 2,700 acres of recreation areas. These activities are open to the public and free for residents. But the prices don’t stop at entertainment.
Groceries, dining out and miscellaneous expenses like haircuts tend to cost less in Las Vegas than in other major cities around the U.S. For example, a loaf of bread costs an average of $2.31 in Las Vegas, but $3.58 on the West Coast.
Las Vegas is a city that offers fun and opportunity at prices lower than its coastal competitors. That makes it an attractive place to live, even if your wallet isn’t as full as you’d like.
Is a House in Las Vegas a Good Investment?
You may be wondering if it’s wise to buy a home in Vegas? Of course, these are the types of questions that everyone interested in investing needs to have answered before they buy. To make this decision easier for you, we’ve listed the pros and cons associated with buying real estate in Las Vegas.
Pros of Buying Real Estate in Las Vegas
Las Vegas is experiencing a real estate boom. This has led to an increase in the price of houses, which makes this an excellent time for homeownership. While it may cost more to get into a house, home loans are plentiful.
On the other hand, it also means that renters are especially vulnerable to rent increases at this time. Whatever your feelings about the market, there is still no denying that this is an exceptional time to buy.
If you’re serious about buying a home in Las Vegas, consider applying for a multi-family loan.
Cons of Buying Real Estate in Las Vegas
The climate in Las Vegas is extremely hot, which means that air conditioning is crucial. Therefore, utility bills are pretty high. This fact paired with the increase in housing prices makes it very expensive for buyers to find houses that meet their needs.
Another con of buying real estate in Las Vegas is that it’s difficult to find local jobs if you are not already employed at the time of purchase. Of course, this factor depends on the industry that you work in, etc.
These are just a few insights about buying a home in Las Vegas. Hopefully, they’re enough to give you a good idea of what it’s like to invest in Sin City.
Just keep in mind that Las Vegas real estate is an excellent investment when purchased at the right price with care and forethought.
Examining the Cost of Living in Las Vegas
As you can see, the cost of living in Las Vegas isn’t too shabby. Given that it’s such a huge city with so much to do, it’s great that it’s still relatively affordable. In comparison to other major cities, Las Vegas truly gives residents more bang for their buck.
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