When it came to population growth last year, Las Vegas grew by more people than can fit into Allegiant Stadium, making it one of the fastest growing cities in the nation.
Growing in population at a rate exceeding 10 percent over the last five years, the Entertainment and Sports Capital of the world holds the number five position on a list of the 15 fastest growing metro areas, according to a study by the Inspection Support Network and reported by Money Talk News.
A separate study by 24/7 Wall Street, found Las Vegas’ population grew by 18.7 percent from 2010 to 2020. Even in 2020, amidst a raging pandemic, a report based solely on relocation data by Updater, placed Las Vegas as the second fastest growing city in the nation moving six spaces up from the previous year. And the University of Nevada Las Vegas Center for Business and Economic Research predicts that Las Vegas and Southern Nevada will be home to approximately 3.3+ million people by 2060 – a 42 percent surge.
Clark County and the Las Vegas metro area are attractive for numerous reasons. Low housing costs compared with much of California, no state income tax, abundant outdoor activities and year-round sunshine make Southern Nevada an idyllic place to call home. The region’s economic turbine – casinos, hospitality and tourism – has come roaring back post-pandemic and while employment in that sector lags behind, those figures are steadily improving.
Las Vegas has also benefited from decades of forward-thinking business leaders, policymakers and government agencies that continually add to the city’s economic strength and livability. These efforts are evidenced by Las Vegas becoming a top destination for business and industry, especially a flourishing high tech employment sector.
In addition, what seems like overnight but took years of planning, Las Vegas has become “the” sports haven with the NFL Las Vegas Raiders, NHL Vegas Golden Knights, WNBA Las Vegas Aces and Minor League Baseball’s Las Vegas Aviators. Plus, Las Vegas is home to UNLV, a major research university and numerous top-tiered medical schools. The city’s leaders have also placed great emphasis on redevelopment in such areas as downtown Las Vegas, which now includes a dynamic arts district as well as an abundance of retail and dining options.
Apart from a strong economy and expanding job market, Las Vegas also has a slew of options to satisfy the outdoor enthusiast. The city is surrounded by seven National Parks, all within minutes to a few hours’ drive.
A sure sign of Las Vegas’ growing popularity as a place to set down roots, is its robust housing market including a red-hot condominium market. One such condo-community is Juhl in downtown Las Vegas, with fewer than 125 loft-style condo-homes remaining for sale.
“Many buyers who have never considered a condominium lifestyle are discovering that Las Vegas condo living offers both spacious and the benefits of resort-style living without the high-price tag usually associated with similar condos in locations like Los Angeles where the average family would have to spend in excess of 84 percent of their annual income to own a home,” said Vaknin. “Plus, local single-family home prices continue to rise while inventory decreases. This has prompted some local buyers to look for more affordable, yet roomy options, like luxury condominiums.”
Juhl, for example, has condo-homes that range in size from 700 to nearly 2,000 square feet, including the “Penterraces” collection that offers private outdoor living areas on the pool deck level as well as the community’s hot-selling two-story live-work condos. Prices range from the mid-$200,000s to the $800,000s.
According to the most recent Las Vegas Realtors report In September, 93.8 percent of all existing local condos and townhomes sold within 60 days with a medium price of $230,000 up 17.6 percent from September of 2020.
“Facts and figures aside, it’s the people who actually make Las Vegas simply a great place to live, work, play and do business,” said Vaknin. “Newcomers to this big city with a small-town attitude soon becomes cherished neighbors.”