As the California real estate market continues to get more and more competitive, it’s no wonder that homeowners are trading sands and abandoning the beaches of California for the deserts of Nevada. The job market, housing costs, and lower cost of living are all reasons to consider buying a home in the Silver State.
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 Los Angeles is $458,500, compared to Las Vegas’ $254,200. This breaks down to about $632/square foot versus $154/square foot. In addition, there has been a 13% year-over-year appreciation of Las Vegas condos, compared to Los Angeles’ mere 4%. Combine this with the fact that Los Angeles is overcrowded with a population of 4 million and Las Vegas boasts only 600,000 residents, and you’ll see the appeal this growing area has.
Overall, Las Vegas is nearly 45% less expensive to live in than Los Angeles.
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 grows. In fact, Nevada had the fastest private sector job growth nationwide last year, added 40,000 new jobs between 2016 and 2017, and was included in CNBC’s Top States to Find a Job in 2017. The economy is expected to grow 8.7% in 2018.
Comparatively, California's job market and growth is slowing down and most sectors in the state either lost jobs or grew more slowly in 2017. Not to bash on our coastal counterpart, but Forbes actually named California the 2nd worst state for making a living last year!
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 second in the nation for lowest state and local tax burden.
Owning a home in Nevada is a smart move for many reasons. To learn more about the luxury condo living in Las Vegas, contact us today!
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