About Las Vegas
The city of Las Vegas covers a land area of 83.1 square miles. In addition, Las Vegas has several surrounding metropolitan cities and unincorporated communities including Henderson, N. Las Vegas, Mesquite, and Boulder City. Las Vegas is know for its entertainment and for over a century now people have flocked here from all over the world to join in the action. A great quality of Las Vegas less popular than the glitz and glamour but equally as exciting and important is Las Vegas's real estate market. Over the past several years Las Vegas real estate has made an impression on the world because of the tremendous growth and appreciation in real estate values. There are several factors to the popularity and growth of Las Vegas such as the job and investment opportunities, lifestyle, weather, and cost of living.
Las Vegas Jobs
Believe it or not, less than 75% of all Las Vegas jobs are associated with the Hotel/Gaming industry. This may be a surprise to some of those who believe that all people that live in Las Vegas live in a casino. It may be even more shocking to those to realize that there are over 750,000 residential houses in Las Vegas, 175,000 apartment units, and nearly 100,000 luxury condominium units. Because of Las Vegas's tax structure, no personal income tax, state income tax, inheritance tax, gift or estate tax, businesses eagerly open up shop. Las Vegas lead the country in 2006 for the number of new or expanding companies when compared to other large cities. Thousands of new jobs are created in Las Vegas each year.
The Following is a break down of what people in Las Vegas do for work:
6.2% - Homemaker
3.0% - Student
9.0% - Self -Employed
13.1% - Hotel/Gaming
32.3% - Non-Hotel/Gaming
5.8% - Non-Hotel/Gaming - Part time
4.5% - Un-employed
2.5% - Retired & Part-time
23.6% - Retired
Las Vegas Investments
Being a resident of Las Vegas bodes well for any investor considering the tax benefits alone. Whether you invest in stocks or Las Vegas real estate you will always come ahead not having to pay personal or state income tax on any of your returns. If you are an investor who is investing in the Las Vegas real estate market then your returns will predictably be great. No doubt an investor has heard of past explosions of appreciation in Las Vegas nor would it be too great to expect them to of heard of the projected growth of Las Vegas. In 2006 a report was published in the local newspaper projecting 50% growth in Las Vegas over the following 10 years, which would put Las Vegas at a growth of about 9,000 people a month. As of the end of 2006 only 36,000 acres of land is available for development in Las Vegas. Typically 6,000 acres are developed each year, due the math. It takes little calculation to realize the potential of an investment in Las Vegas real estate of any kind.
Las Vegas Life
Las Vegas life can be whatever you want it to be. If you love the excitement of bright light, big shows, limos, and Lamborghinis, then it's all here and in great abundance. There is a large array of entertainment to choose from nightclubs, casinos, concerts, sports events, celebrities, and whole lot of other people who are excited to be in Las Vegas as well. Just by shear virtue that Las Vegas is Las Vegas people want to be near its fame and acclaim. We find that most people buy a home in Las Vegas just because they spend so much time here any way that it only made sense.
Fortunately for those who desire a slower calmer lifestyle there is no better place to own a home then in Las Vegas. Las Vegas boasts a large community outside of the Hotel/Gaming industry that includes quite neighborhoods, parks, physical recreation, golf courses, scenery, and a host of other great activities. Do not discount the Strip when it comes to wholesome activities as many of the casinos offer worthwhile activities for the family like roller coasters, animal shows, and aquatic life.
Las Vegas Weather
July and August are the two hottest months in Las Vegas averaging over 100 degrees. Though a few summer months are hot Las Vegas only averages 80F as a high and 58F as a low. In comparison to other parts of the country, particularly the Midwest where the average high is 90F as well 90% humidity, Las Vegas has very enjoyable weather. Thousands of people have moved to Las Vegas because of the dry atmosphere and the 310 (avg.) days of beautiful sunshine. With Lake Mead just around the corner, buying a house in Las Vegas only makes sense for the lovers of the water.
Las Vegas Cost of Living
Most individuals who live in Las Vegas are not native. A large contributor to that statistic is due to the cost of living for Las Vegas. Of newcomers to Las Vegas 37% are from California while another 19% come form the N. East region of the U.S. most of which have higher cost of living than Las Vegas. When jobs are in abundance and pay is better it makes it easier for families to relocate to Las Vegas. Home prices in Las Vegas are only a fraction of the cost compared to other cities across the nation (median home price is just above $300,000.000). The cost of living in Las Vegas is just above the national average in most categories.
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