Las Vegas is most commonly referred to as The Entertainment Capital of the World, but to many others, it’s also known as The Land of Opportunity – and for good reason. Thanks to Las Vegas’ affordable real estate market, low cost of living, quality of life and a business-friendly climate, opportunists from all across the country have their eye on the prize and are pursuing Las Vegas as home sweet home.
Our neighboring state, California, is the perfect example. Southern Nevada offers all the solutions for Californians’ top reasons for leaving the Golden State – high taxes, high cost of living, traffic congestion and a mediocre quality of life.
Take it from tax and accounting professional Bob Croasdale, a long-time San Diego resident who uprooted his life and small business for Las Vegas last year. “Las Vegas’ unrivaled cost of living, no property taxes and unmatched array of dining and entertainment on the world-famous Strip drew me here to start and a new life. I made such a large profit on selling my San Diego home, I was even able to purchase an RV, which I use to commute between Las Vegas and San Diego where I still do business,” said Croasdale.
According to a recent Redfin.com report, Las Vegas is a top destination for home searchers from California, and the largest share of incomers came from high-priced coastal cities, including Los Angeles, among others. While single-family home prices are inching higher, homes in Las Vegas are still priced 20 percent below their 2006 pre-recession peak pricing and that is especially true for first-generation condominium homes which are still selling well below replacement cost. According to a recent Yahoo! Finance article, Southern Nevada is still among one of the most affordable metropolitan areas for homeownership in the U.S.
And while Las Vegas has plenty of glitz and glamour to go around, it’s also become more appealing for businesses, thanks to our location and accessibility, tax advantages climate and lifestyle. For business-owners who rack up the sky miles for work, Las Vegas’ McCarran International Airport, one of the busiest of the country, make it easy for residents to travel. Moreover, with no state income tax and no business income tax, it’s no wonder our state is 5th in the nation for most favorable business climate, according to the Tax Foundation’s 2018 State Business Tax Climate Index. But we didn’t get it overnight.
“A concerted effort at the state and local levels to work with companies large and small, an emphasis on strategic workforce development and an emerging focus on high-tech innovation all combine to make the Entertainment Capital of the World a dynamic place to do business,” said former Nevada Governor, Brian Sandoval.
Some other reasons why companies should consider Las Vegas for their next home to do business and for an overall improved quality of life include:
So for those still chasing the American Dream, you might have found the jackpot right here in Las Vegas. Our city is continuing to reinvent itself and ranks top on multiple national ranking reports and we can’t wait to see what’s next!