Moving to another state is a big deal. If you've been thinking about moving to Nevada, learn about its quality of life, its job and economic outlook, and its housing market. Then contact a Clever Partner Agent to get your big move started.
Sequins and showgirls. Canyons and canoes. Nevada is a state where you can go from the strip’s glamour to hiking in the desert in less than an hour. The job market has been growing and the population rising, too. If you’ve been attracted to the Silver State, here’s everything you need to know about moving and buying a home in Nevada.
Top 5 Reasons to Move to Nevada
There’s a lot more to Nevada than the Strip. Gorgeous desserts in the south, forests in the north, and both with stunning views for hikers, think beyond Las Vegas (though you can plan a weekend trip…).
1. A Hot Housing Market. Nevada home prices rose 10.9% year over year in 2018.
2. Racial and Ethnic Diversity. People come from all over the country and world to live and work in Nevada. You’ll find diverse cultures, vibrant food scenes, and a welcoming environment for your family.
3. Low State Taxes. There are no state income taxes in Nevada, and food and medicine aren’t taxed, either.
4. There’s Always Something to Do. Jazz clubs, bars, and pop singers on the Strip, there’s always something to do in Nevada. Head out to the desert to enjoy nature, or to one of the many ski resorts to hit the slopes.
5. Job Growth. In 2018, Nevada had a job growth rate of 3.9%. Jobs in construction, mining, and resource management are booming. Las Vegas, Reno, and Carson City are all growing.
Quality of Life
Quality of life can mean everything from the housing market to job opportunities, to arts and cultural activities. Las Vegas and Reno rotate performances, concerts, and shows constantly. Locals receive discounts on tickets with a local driver’s license, too.
Nevada’s geography goes from deserts in the south to mountain ranges with great skiing along the Sierra Nevada. The state is second only to Alaska for the number of mountains it houses. It’s an outdoor lovers paradise, with biking in Red Rock Canyon, swimming in Lake Tahoe, and exploring caves at the Great Basin National Park.
The cost of living in Nevada is higher than the national average, but this is almost entirely due to the housing market.
Economic Outlook of Nevada
Nevada has a strong economic outlook for 2019 and beyond. The state has strong employment combined with population growth. Increasing personal income has driven robust consumer spending and high taxable sales.
In 2018, the unemployment rate was 4.4%, slightly above the national average. These numbers will be impacted by the part-time nature of entertainment and hospitality jobs. The median household income was $58,003, which represents growth of 8.77% in the past three years.
If you work in aerospace and defense, IT, manufacturing and logistics, mining, or healthcare, you’ll be able to find a job in Nevada as all of these industries are growing. The tourism and hospitality industry, which most people associate with Nevada, also continues to be strong.
It’s always a good idea to involve a local realtor in your plans to relocate because neighborhoods and towns in Nevada vary significantly. They will know where companies in your industry are located and the best neighborhoods nearby, the areas with affordable housing, and more.
Housing Market Forecast for 2019
Overall housing prices in Nevada rose 10.9% in 2018. Homes sold at a median price of $294,800. But this story changes depending on the city. In Las Vegas, the median price of homes sold is $278,700, but in Reno, it’s $394,600 and in Carson City, it’s $304,400 with a whopping 16.7% growth in value year over year.
Las Vegas has three major universities, including the College of Southern Nevada and the University of Nevada, and college students rarely buy homes. The student population combined with those who move in and out for entertainment and hospitality jobs, is partially why only 52.7% of people in Las Vegas own their homes.
Carson City also has a low homeownership rate, at 55.5%. The industry is heavily concentrated in mining and utilities, both of which tend to attract short-term employees.
Reno has the lowest homeownership rate of them all, at 46.4%, and the highest poverty rate. Top industries are retail, accommodation and food services, and health care.
The housing market in Nevada is expensive when compared to other areas, but does offer the price appreciation buyers look for in the future.
Convinced that you should look into moving to Nevada? Make a list of possible employers and job locations and start keeping on eye on open job listings. If your occupation is in high demand they might be willing to pay relocation costs.
While you’re at it, contact a buyer’s agent about the markets in cities that interest you. An agent can help you analyze deals, teach you about the current demand, and clue you in on the cities different neighborhoods and schools.
Talk to a Clever Partner Agent about a possible move to Nevada today and you could be packing your boxes tomorrow.