Why Is Las Vegas A Real Estate Hot Spot?
Many people have begun to ask why Las Vegas is such a great
place to invest in real estate. There are many contributing
factors to the popularity of Las Vegas but first I feel it is
important to check out the facts and figures to confirm that
the market there is as hot as the realtors would have us think.
In the five years between 1995 and 2000 Nevada saw the highest
number of migrants over the age of 65 in the whole of the US.
This beat even Florida and Arizona, states which are famed for
the retired population. It appears that this trend has shifted
slightly and now Vegas is THE place for retirees to gamble away
the kids’ inheritance. On average, 5000 people relocate to Las
Vegas every month. This includes businesses as well as those
simply moving home and so the commercial side of life in Vegas
is thriving too. Add to this the huge amount of tourism
generated by the city every year and the amount of money made
in the casinos and wedding chapels that Vegas is famed for, and
you have a very good economy attracting new residents. The local
phone directory has to be reprinted twice a year in order to
accommodate all of the new residents who are moving in in their
thousands.
The tax level in Las Vegas is low, and beats every other city
of a comparable size by some way. This obviously is a benefit
for many and so makes the city even more appealing. For the
elderly and retired, the climate is attractive as it stays warm
all year round. In fact, over the hottest months it can be seen
as being too hot, but all of the buildings and vehicles have
air conditioning so that is never a problem for the residents.
This climate brings with it health benefits and the sunshine
can keep away illness and poor health, obviously beneficial to
the older generation. The cost of living is low too in Vegas
and so those on a pension or limited income can reap the
benefits of living in a vibrant city without having to pay the
costs usually associated with the lifestyle.
Retirement villages are springing up around Las Vegas to
provide purpose built accommodation for the elderly. Vegas
knows the people it is attracting and so the local companies
have started to target them directly. These communities are not
aimed at the frail but rather offer the retired generation the
chance to live a full and active lifestyle, all of which you
would expect from a city with Las Vegas’s reputation. Tennis
courts, swimming pools, gyms and hiking routes are all
mainstays of the majority of these exclusive villages. It is
this kind of lifestyle and the ability to remain a valued
member of a community rather than being patronised and excluded
that appeals to so many of America’s older residents. Little
wonder, then, that they are flocking to the bright lights of
the city in their thousands every month.