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Finding the Best Places to Retire Since 2006!
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Finding the Best Places to Retire Since 2006!
Reader Requested Short Review of Las Vegas, Nevada
Las Vegas, the "Entertainment Capital of the World," started out as a watering hole along the Old Spanish Trail, a trade route between Santa Fe and Los Angeles, in the early 19th century. It gained a seedy reputation in the 1910s and 1920s and was headed nowhere until construction began on nearby Hoover Dam and Lake Mead in 1931. This huge building project drew thousands of male workers to the city, and gambling establishments were erected to keep them occupied.
Once the dam and lake (reservoir) were completed, tourists began arriving, and bigger, flashier hotels and casinos soon followed. Next came organized crime, Howard Hughes, mega resorts and explosive growth from the 1940s to the 2000s. Then the Great Recession arrived in 2008 and knocked Las Vegas to its knees.
Today, Las Vegas is recovering nicely, although some issues remain. It has more than doubled in size during the last 10 to 15 years, and the cost of living is 4% above the national average. The median home price is $225,000, double what it was when the real estate market hit its lowest point in 2012 and a 9% increase over a year ago. The foreclosure rate is still double the national average but down 15% since this same time last year. Investors have been scooping up many of the foreclosures, turning them into rental properties and depleting available inventory.
Commercial construction has returned, too. Large projects that were abandoned during the Great Recession are once again underway. Tourists are returning in larger numbers, too, creating more jobs in the entertainment and hospitality sectors. All of this has helped bring the unemployment rate down from a staggering 14% during the econonic downturn to 5.8% today. It is still higher than the national average but is headed in the right direction.
Population growth projections have also improved, with solid growth expected for the next 18 years. One of the fastest growing segments is and will continue to be the retirement age demographic. Today, 32% of the population is age 45 or better. The majority of residents lean to the left politically, and 21% of them hold at least a four year college degree. The city is racially diverse.
On the down side, Las Vegas' air quality is poor, and its crime rate is still above the national average. This region has also been suffering through a record-setting drought. According to a recent study by the University of California at San Diego, Lake Mead, which is largest reservoir in the U.S. and the key water source for this area, has a 50% chance of drying up by the year 2021. In response to the drought, Las Vegas has watering restrictions in place.
Yet, despite all of these problems, Las Vegas does have many things going for it. It has several attractive 55+ developments, and it is harder to find a city with more amenities. Of course, gambling, shopping, dining and live entertainment are all here, but so are more than 60 golf courses and plenty of outdoor recreation venues. Two sandstone geological parks, Valley of Fire and Red Rock Canyon, bookend the city, drawing nature lovers from around the country. Even the Grand Canyon is within a day's drive. And even though Lake Mead's water levels are at historic lows, it is still open for boating and fishing. Most neighborhoods and subdivisions are far from the hustle and bustle of the Strip, the 4.2 mile long road of hotels and casinos, and are quiet.
Health care is top-notch, with a dozen hospitals and/or medical centers in the city, several of which are award-winning. Two of the best are University Medical Center (540 beds) and Valley Hospital (300 beds). University is accredited by the Joint Commission and is the area's only Level I trauma center. It is also a teaching hospital. Valley is also accredited by the Joint Commission and is an accredited Heart Failure Center. Medicare patients are accepted by both. North Las Vegas has a VA hospital.
Retirees who live here have access to more than a dozen senior centers that provide everything from health screenings and nutritional seminars to legal advice and transportation. The Senior Citizens Center of Las Vegas is an excellent resource, as is the Las Vegas Seniors' Guide, a publication that lists many local senior services.
CAT (Citizens Area Transit) is the local bus system, but there are also shuttles and trollies for getting in and around the Strip.
How hot is Las Vegas? Summer temperatures can easily reach the low-100s, but every building is air conditioned. The city is surrounded by mountains, so escape from the summer heat can also be found at higher elevations. During the winter months, temperatures are in the 30s, 40s, 50s and 60s. Rain is rare, just 4 inches per year on average. The sun shines 295 days of the year.
Recommended as a Retirement Spot? Yes, but.... | Is Nevada Tax-Friendly at Retirement? Yes
An improving foreclosure rate, a dropping unemployment rate, stronger growth projections, unlimited amenities, outstanding medical facilities and abundant outdoor recreation are all pluses, but the high crime rate, poor air quality and drought conditions should be weighed if thinking about this desert city as a retirement destination.
Nevada:
The Sagebrush State entered the Union during the Civil War on October 31, 1864. It was the first state to ratify the 15th Amendment and give African American men the right to vote. Gambling may be Nevada's claim to fame. The state has approximately one slot machine for every 10 residents. Las Vegas has more hotel rooms than any other city on earth.
Although Nevada is the home of Lake Mead, Hoover Dam, and Lake Tahoe, water is a scarce commodity. The landscape can be characterized by alkalai sinks and sage brush. Nevada's named mountain ranges include the Battle, Monitor, Sierra Nevada, and Snake chains. Winters in Northwest Nevada can be cold. Summers in the south can be inhospitable.
Nevada is the largest gold producing state in the nation. Copper, silver, and mercury add to the state's wealth. Tourism, however, drives the state. Gambling taxes are its chief source of revenue.
Stats:
Population - 2,940,058
Persons 65 years old and over - 15%
High school graduates, persons age 25+ - 85%
Bachelor's degree or higher, persons age 25+ - 23%
Persons of Hispanic or Latino origin - 28%
White persons, not Hispanic - 55%
Median household income - $51,824
Median home value - $173,700
Social Security taxed? No
Source: U.S. Census Bureau
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