Las Vegas, Nevada -- Each year, the AARP creates a list of, “The Best Places to Retire in the United States.” Florida, Palm Springs and Arizona have always topped the list; however, many retirees are now choosing Las Vegas, NV as their ideal retirement destination.
As the Baby Boomers age, about four million Americans are retiring each year and several times that number are considering it. Retirement often means living on less income, but it also presents an opportunity to relocate to an area with a lower cost of living and a variety of interesting ways to pass the time. Las Vegas is the perfect city for retirees.
Here are five reasons you might want to consider retiring in Las Vegas:
NO STATE INCOME TAXES
Many associate Nevada with the glitz and glamour of the Las Vegas Strip, but there’s far more to The Silver State than casinos and cocktail lounges. Nevada has no state income taxes. This puts more money in the pockets of retirees. The lack of individual and corporate income taxes is a big draw for both businesses and residents alike. Nevada's gaming and tourism industry has long been the state's main draw, though its non-gambling tourism has grown over the years through shows, conventions, retail, nightclubs, and electronic dance music. This makes Nevada a shining jewel in the desert.
LOWER COST OF LIVING
According to Zillow, the median home value in Nevada is $240,000. (Data collected from Zillow on June 30, 2017) Nevada home values have gone up 9.6% over the past year and Zillow predicts they will rise 5.6% within the next year. What does this mean for retirees? Home values in places like Palm Springs, Scottsdale and many areas of Florida are 2-3 times more expensive. In many cases, even more. A person who lives in California approaching retirement age can sell their home, move to Las Vegas and use their equity to buy a home for cash. With Las Vegas inexpensive home prices, you get way more home for the money. Townhomes and condos are even cheaper. It’s not difficult to find a beautiful two-bedroom townhome for under $200K. Retiring with no rent or mortgage payment (and no state income taxes) offers a very secure and attractive scenario for retirees.
LAS VEGAS SUNNY WEATHER
The best perk of all is Las Vegas gorgeous weather! No hurricanes, no shoveling snow in the winter, very few earthquakes and tornadoes are almost non-existent. Although Las Vegas is famous for triple-digit temperatures in the summer, the rest of the year tends to be mild and warm. The city’s dry desert climate helps make the hotter months more bearable, as well. And there is no shortage of air-conditioned locations to escape to when the mercury climbs. If you are a retiree who enjoys a change of seasons, this is not the city for you. But for those craving (or needing, for health reasons) a warm, sunny climate, it’s hard to beat the benefits of this desert community.
There’s always something fun to do in Las Vegas, either on or off the Strip. Besides the casinos, the city offers an endless supply of restaurants, shopping, and people watching. Foodies will love Las Vegas’ world-class restaurants and it would take years to experience the towns many shows, musicals, concerts and entertainment options. Las Vegas is also the new home of the Raiders NFL football team with their new stadium scheduled to open in 2020. Las Vegas has a professional NHL hockey team too, "The Vegas Golden Knights."
Due to the ever-increasing number of seniors who have been visiting and retiring in Las Vegas, many local businesses are offering senior discounts. Some casinos have “Senior Days” on which special incentives, ranging from multipliers on slot winnings to reduced prices on dining are offered. Retirees can also score discounts on show tickets, public transportation and dining.
LOTS OF VISITORS
Las Vegas is an attractive tourist destination for just about everyone, which means you can count on frequent visits from friends and family. The city has a surprising number of kid friendly eateries and attractions, making it convenient for grandchildren of all ages. Try taking the kids to attractions such as Hoover Dam, Lake Mead, The Forum Shops at Caesars Palace or the Lazy River at Mandalay Bay – or let them enjoy one of the many “under-21” arcades located at the Strip’s hotels. Many of Las Vegas’ famous buffets offer discounts for kids, too.
Flights at Las Vegas’ McCarran International Airport are plentiful and often discounted to and from major cities, so it is easy for guests to visit – or for you to fly out and enjoy traveling in your retirement years. If you’re up for a road trip, just hop in your car and drive to Los Angeles, San Jose, San Diego, Phoenix or Salt Lake City. They are just a few hours away.
Bill and Francoise Myers with Simply Vegas Real Estate are Las Vegas Top Real Estate Agents. Additionally, they are Las Vegas relocation experts. Please call them for your relocation needs.
Call The Myers Team at: 702-677-4343
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The Myers Team are licensed Real Estate Agents. They are not CPA’s, Accountants or Attorneys. The content above is for information purposes only and should not be construed as tax or legal advice. The information provided is obtained from public records, it is deemed reliable but not guaranteed.