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Destination Retirement - Las Vegas
written by Mike Ballew December 5, 2018
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Welcome to the second installment in our series on retirement destinations. This time we’re headed to the entertainment capital of the world, fabulous Las Vegas! You might be thinking, it’s a nice place to visit but who would want to live there? Open your mind and let some fresh air in, you might be surprised.

Viva Las Vegas

2.2 million people live in Las Vegas and the surrounding area making it the 28th largest metropolitan area in the nation. Las Vegas is located in the southern part of Nevada in the heart of the Mojave Desert. The temperature on most summer days exceeds 100 degrees and it can hit 105 on the worst days. 

But it’s a dry heat. Most people prefer the dry heat to the stifling humidity of the southeast – places like Louisiana, Mississippi, Alabama, Florida and Georgia. One traveler put it this way: “I’ll take the hottest day in Vegas over 90 degrees and 90 percent humidity back home.”

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The spring and fall in Las Vegas are comfortable and the winters are mild. Daytime temperatures during the winter are in the 50s and at night it gets down into the upper 30s.

Financial Considerations

The cost of living in Las Vegas is slightly higher than many places in the U.S. Here are a few cities for comparison (find yours at Area Vibes):

Las Vegas vs. St. Louis, MO: The cost of living in Las Vegas is 40 percent higher.
Las Vegas vs. Jacksonville, FL: The cost of living in Las Vegas is 20 percent higher.
Las Vegas vs. Albuquerque, NM: The cost of living in Las Vegas is 5 percent higher.
Las Vegas vs. Denver, CO: The cost of living in Las Vegas is 40 percent lower.
Las Vegas vs. San Francisco: The cost of living in Las Vegas is 150 percent lower.

If you are coming from a state such as New Jersey, Michigan, Florida or Missouri, you will pay less in property taxes in Las Vegas. If you come from a state such as Tennessee, New Mexico or Colorado, you will pay more in property taxes in Las Vegas (find yours at Wallet Hub). Nevada is one of only seven states that does not have a state income tax; the others are Alaska, Florida, South Dakota, Texas, Washington, and Wyoming.

Crime and Safety

Crime on a per-capita basis in Las Vegas is bad. Not as bad as places like St. Louis, Baltimore, Atlanta, or New Orleans, but bad. However, as with any urban area, once you get outside the city things improve dramatically.

Where to Live

Life in the suburbs of Las Vegas affords you the opportunity to hit the strip when you want but live in relative peace and quiet. Let's look at the two best locations.

Summerlin

Located west of Las Vegas is the acclaimed master-planned community of Summerlin. This award-winning neighborhood overlooks the breathtaking views of Red Rock Canyon. Heralded by Money Magazine as One of America’s Best Places to Live, Summerlin is home to over 200 parks, nine golf courses, three resort hotels, a state-of-the-art medical facility and more than 150 miles of nationally-recognized hiking trails. With its abundance of amenities and recreational opportunities, it’s no wonder National Geographic put Summerlin at the top of their list of The Best Places to Live.

Henderson

The thriving community of Henderson is located to the southeast of Las Vegas. Henderson is nationally-recognized for its many parks, trails, and master-planned communities. It was named One of America’s Best Places to Live by Money Magazine, One of America’s Best Cities by Business Week, and One of the Safest Cities in America by Forbes. Henderson has a lot to offer, not the least of which is its proximity to The Strip which is only 12-minutes away.

Photo credit: Pixabay Eggstack News will never post an article influenced by an outside company or advertiser. Our mission is to help you overcome uncertainty about retirement planning and inspire confidence in your financial future.
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MIKE BALLEW
Financial Planning Association member, engineer, author, and founder at Eggstack.