10 Things To Know About Buying a Home in Las Vegas
From “The Hangover” to Hunter Thompson’s “Fear and Loathing in Las Vegas,” there has always been cultural interest in Las Vegas. Yet people new to the city don’t always consider the practical considerations of moving here. Despite the city’s reputation, we don’t all live in hotels or spend our weekend gambling. Actually, Las Vegas is a great place to make a home. But, if you want to move here, there are some things you should know first.
The Housing Market is Skyrocketing
Last year, the average home price in Las Vegas rose to $355,000 which is an increase of 16 percent from 2016. This is because there has been an influx of homebuyers on the market. Of course, home prices do range throughout the city: in Historic Westside the median home price is $149,900, but in Southwest, the median is $442,500. If you see a deal, you better move fast, because condos and houses sell quickly here.
Las Vegas Has Low Property Taxes
The perk of living in Nevada is that we don’t pay much in property taxes. According to SmartAsset, the average property tax is 0.96 percent. This is good news wherever you wish to move in the Valley, giving homeowners a break considering sales tax is more than 8 percent and on the rise.
Most Builds Are Newer
While you’ll find a fair amount of historical homes in the Valley, Las Vegas is known for its master-planned communities like Green Valley and Summerlin, most of which were built in the last 15 years. If you do want to find more historic homes, Historic Westside and Downtown have many to offer.
There’s a Chance of Earthquakes
Most people — locals included — have no idea that Las Vegas rests on half a dozen seismic faults that are capable of causing major earthquakes. While, for the most part, Vegas hasn’t experienced much major seismic activity, it’s important to consider when buying a home in the Valley. Most homeowner policies don’t include earthquake insurance, so make sure you double-check with yours. Don’t wait until a big one happens either as insurance companies will often put a moratorium on earthquake insurance after a major event.
So Many Shopping Complexes
From Container Park, a shopping mall made up entirely of shipping containers in Downtown, to Tivoli Village, an Italian-themed shopping center that also has a five-story Restoration Hardware gallery, Las Vegas has no shortage of great shopping. If your favorite store hasn’t hit the Valley yet, chances are it will soon enough. This means that no matter where you are in the Valley, you’ll probably be close to shopping and grocery stores. It’s not something you need to worry about too much when buying a home.
It Gets Really Hot in the Summer
If you’re from a city with lots of humidity, our 100-degree plus summer temperatures may come as a surprise. Don’t believe the “dry heat” hype. Contrary to popular belief, our weather is just as severe as that of more humid cities. That’s why so many Vegas homes have pools and decks, and these may be features to add to your wishlist if you want to venture outside during the months of May through September. Consider what the condo complex or home community has to offer when it comes to cool-down options.
We Don’t Get Much Rain
The record for the longest Las Vegas has ever gone without rain was recently broken when the city went over 102 days without rain. We’re also in a drought: Lake Mead’s levels continue to decrease, which is why you can only water your lawn on certain days of the week. Find your days with this handy schedule from Las Vegas Valley Water District. If you have the chance, you may want to consider buying a home with a xeriscape garden (or landscaping after you buy).
Public Transportation is Still Developing
While we do have several six-lane highways and plenty of services like Uber and Lyft to get around the Valley, we still have a ways to go to improve public transportation. RTC runs a regular bus route throughout the city and a bike-share program in Downtown, but we only have a handful of rail services between hotels and the Las Vegas Convention Center. The point is, you’re gonna need a vehicle to live here.
Downtown is a Thriving Cultural Metropolis
Even locals used to admit that Las Vegas didn’t have culture, but you don’t hear people saying that anymore. From regular author readings at The Writer’s Block to the annual Life is Beautiful Festival that takes over 18 city blocks and brings food, art, and music to 137,000 festival goers, Downtown is now a thriving cultural area. Not only is it home to Las Vegas’ oldest freestanding bar, Atomic Liquors, and The Smith Center, the city’s first performing arts center, but it’s also among the best places to shop locally. If you want to live near the action without paying Paradise prices, try to live close to Downtown.
More Than Just Hospitality and Gaming
Contrary to what many expect, Las Vegans work in other industries besides hospitality. There are plenty of startups, e-commerce companies, and tech giants constantly growing in fields outside of gaming. And now that we have a medical school in town, we may just have more doctors and medical professionals staying here for the long haul. Couple all of that with the impending arrival of an NFL team, and Vegas just keeps adding more reasons for people to call it home.