Many people have begun to ask why Las Vegas is such a great place to invest in real estate. There are many contributing factors to the popularity of Las Vegas but first I feel it is important to check out the facts and figures to confirm that the market there is as hot as the realtors would have us think.
In the five years between 1995 and 2000 Nevada saw the highest number of migrants over the age of 65 in the whole of the US. This beat even Florida and Arizona, states which are famed for the retired population. It appears that this trend has shifted slightly and now Vegas is THE place for retirees to gamble away the kids’ inheritance. On average, 5000 people relocate to Las Vegas every month. This includes businesses as well as those simply moving home and so the commercial side of life in Vegas is thriving too. Add to this the huge amount of tourism generated by the city every year and the amount of money made in the casinos and wedding chapels that Vegas is famed for, and you have a very good economy attracting new residents. The local phone directory has to be reprinted twice a year in order to accommodate all of the new residents who are moving in in their thousands.
The tax level in Las Vegas is low, and beats every other city of a comparable size by some way. This obviously is a benefit for many and so makes the city even more appealing. For the elderly and retired, the climate is attractive as it stays warm all year round. In fact, over the hottest months it can be seen as being too hot, but all of the buildings and vehicles have air conditioning so that is never a problem for the residents. This climate brings with it health benefits and the sunshine can keep away illness and poor health, obviously beneficial to the older generation. The cost of living is low too in Vegas and so those on a pension or limited income can reap the benefits of living in a vibrant city without having to pay the costs usually associated with the lifestyle.
Retirement villages are springing up around Las Vegas to provide purpose built accommodation for the elderly. Vegas knows the people it is attracting and so the local companies have started to target them directly. These communities are not aimed at the frail but rather offer the retired generation the chance to live a full and active lifestyle, all of which you would expect from a city with Las Vegas’s reputation. Tennis courts, swimming pools, gyms and hiking routes are all mainstays of the majority of these exclusive villages. It is this kind of lifestyle and the ability to remain a valued member of a community rather than being patronised and excluded that appeals to so many of America’s older residents. Little wonder, then, that they are flocking to the bright lights of the city in their thousands every month.
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More About Dennis Conner: The author regularly contributes to Hot Housing Markets where more real estate investing help and local real estate price data is freely available. |
