*Updated: December 2020
Amidst a continuing pandemic, real estate sales throughout the state of California fell, but prices continue to substantially rise as supply becomes the key factor for California residents looking to move. As the California real estate market continues to get more and more competitive with listings selling at very high prices, it’s no wonder that homeowners continue to look for housing outside the state border and inside the state of Nevada. The recovering job market, housing costs, and lower cost of living are all reasons to consider buying in the Silver State and calling the deserts of Nevada your home.
The numbers don’t lie. The Nevada housing market is extremely hot and much more affordable than California’s real estate options. For example, the median value of owner-occupied homes and condos in California is $950K, compared to Nevada’s $320K. This breaks down to about $558/square foot versus only $181/square foot with an average square footage of 1,500. In addition, there has been a 5.4% year-over-year appreciation of Las Vegas condos, compared to Los Angeles’ mere 2.6%. Combine this with the fact that Los Angeles is overcrowded with a population of 4 million and a traffic index of 341.97 whereas Las Vegas boasts only 621,662 residents and a traffic index of 127.74, you can truly see the appeal of this booming desert city.
Not only is it easier to buy a condo in Las Vegas, but there are also plenty of jobs available and more are becoming available as the economy picks back up following the impact of the COVID-19 pandemic. In fact, Las Vegas employment reached 1.05 million in December 2019, representing a 2.5% annual growth rate that exceeded the national rate of 1.4% due to job opportunities in the real estate, construction, leisure, and hospitality sectors. Despite the challenges that Nevada has faced during the pandemic, the state and Las Vegas have both shown speedy recoveries as additions such as the Raiders’ Stadium, Resorts World Las Vegas, Circa Resort & Casino, and other construction projects continue to push this state as a marketable economic hub. In addition to this, Nevada is emerging as an industry leader in the field of clean energy, generating a promising future for residents and job seekers throughout the state.
Comparatively, California’s job market and growth is slowing down and continues to slow down due to the impact of COVID-19. During the pandemic, California has been subject to the harshest restrictions on business in the nation. On top of that, living in California still boasts the same roadblocks as it did before – high cost of living, slow job growth, and high income taxes.
Need a little more convincing? On top of a booming job market and being able to get more home for your money, starting a business in Nevada is more affordable, too. With no state corporate income tax or franchise tax, Nevada ranks fourth in the nation for lowest state and local tax burden. As the economy bounces back to recovery following the outbreak of COVID-19, now is the time to start investing!
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