Retiring in Las Vegas

RETIRING IN LAS VEGAS

When getting to retire to a new place... Ask yourself these important questions:

How does the cost of living compare to other cities?
Do I see myself living my best life here? Are there activities that interest you? Will you enjoy the year-round climate?

Are you thinking about retiring in Las Vegas? 

Las Vegas is a fantastic place to retire and live out your golden years. In this amazing stereotyped city, there is something for everyone - all year long. 

Whether you like sporting events, concerts, shows, or the peace and quiet of the outdoors, Las Vegas is worth taking a serious look at for your retirement. In fact, the state of Nevada often appears in Top 10 lists for the best places to retire. 

The greater Las Vegas-Henderson area is so much more than just the Strip and cocktails. There are plenty of relaxing and quiet neighborhoods for you to live with a large range of activities – from golfing to hiking – to keep you busy.

Before you retire, you want to do your homework and consider the cost of living of all of the potential cities or towns that you are considering retiring in. 

LAS VEGAS WEATHER

Las Vegas has amazing weather for the majority of the year and yes, the summer is hot, it’s a dry heat, with single or low double-digit humidity.  In fact, many people from humid regions of the world, love the Las Vegas heat for its dryness. And people from the bitter cold states of the midwest and northeast love our extremely mild and sun-soaked winters. 

Summer: Beginning in June, average highs hover around 102° F and July sees average highs of 107° – it takes a little getting used to but once accustomed, people just go about with their daily routine: golf, a walk in the park, or a trip to their favorite restaurant. You aren’t going to sweat like you would in the southern or eastern U.S. 

Winter: The winter months are simply hard to beat, especially if you are not a fan of bone-chilling cold and snow-covered highways. Retiring in Las Vegas will help you avoid the snow. At a maximum, you may see some snowfall of a few inches within the city every few years.  Snow can be seen on the mountain peaks of the surrounding Red Rock mountains. And if you want to spend some time in the snow, you can take the quick 1-hour drive to Lee Canyon or Mt. Charleston. 

Average highs in November, December, January, and February are 70°, 60°, 59°, and 66° F respectively. It can get chilly at night, however.  

Winter in Las Vegas truly is a great way to spend retirement!

LAS VEGAS ENTERTAINMENT

MUSIC AND SPORTS

Las Vegas is known for its world-class entertainment that draw millions of visitors to the city.  Then there are the concerts. If you have a favorite artist chances are that they will tour through Las Vegas. We see names big and small, domestic and international, added with several music festivals throughout the year. 

Las Vegas sport is evolving and finally, the city has the NHL Golden Knights and the new NFL Las Vegas Raiders in 2020-2021. 

Boxing and the UFC are common headliners and Las Vegas hosts the biggest and most important fights in the world. 

Other entertainment venues and events to enjoy your Las Vegas retirement include the NFR Rodeo every November, the UNLV sports teams, NBA Summer League, and international soccer friendly matches. 

DO YOU LIKE THE OUTDOORS?

If you want something other than sports, shows and concerts, you can get away and enjoy the beautiful Nevada outdoors. 

Outdoor spots in the Las Vegas Valley can include:

• Red Rock Canyon

• Colorado River

• Hoover Dam

• Lake Mead

• The Arizona Hotsprings, Lake Mead Recreational Area

• Lake Las Vegas

• Valley of Fire

• Mount Charleston 

• Lee Canyon

Being retired in Las Vegas puts you in close proximity to the Grand Canyon, Zion National Park, and Arizona, Utah and California.  

Other activities may include a round of golf, a tennis match, or hopping on your bike to see some trails for some exercise.

DO YOU LOVE FOOD?

Vegas locals have some many selections when it comes to food. There are famous stops as well as the normal run of the mill chain restaurants depending upon your taste. 

You can enjoy American, Thai, Japanese, Korean, Chinese, Cuban, Mexican, Brazilian, Italian, Philipino, German, and British cuisine all over the city and on every night of the week. 

If buffets are your thing, well then, Las Vegas has plenty of theose for breakfast, lunch, or dinner. 

And if you are a true foodie, you won’t want to miss the Las Vegas Food Expo, held in October of every year at The Mandalay Bay. 

THE FINANCIALS ASPECT OF RETIRING IN LAS VEGAS

LAS VEGAS TAXES

Nevada is considered a "tax friendly" state. This is a major reason people move to the state to live, work, and especially to retire in Las Vegas. 

Let’s look at how taxes are treated in the state of Nevada:

• -No personal income tax

• -Social Security income is not taxed

• -Pension income is not taxed

• -Withdrawals made from retirement accounts aren’t taxed

• -Sales tax is roughly 6-8% (Clark County has the highest rate)

• -No inheritance or estate tax

-Property tax in Clark County actually has one of the higher median property tax rates in the country. It currently runs around 3.3% of the assessed property value.
-However, the county offers certain tax abatements so the effective rate is closer to 0.72% – 0.92% of assessed property value. 

LAS VEGAS, NV COST OF LIVING

A Las Vegas retirement would allow you to live in a state and a city with an attractive cost of living. 

Let’s look at some numbers.

According to Zillow.com, the median home price in Las Vegas hovers around $270,000 – although the median price was $300,000 in January of 2019. This is slightly above the national median home price.

Utility prices, according to payscale.com are 10% lower than the national average.

The average internet cost is approximately $68.28 per month.

You can enjoy bang for your buck when it comes to food prices – either at the grocery store or at a famous Las Vegas buffet.

Transportation is, unfortunately, not the best here in Las Vegas. Of course, it all depends on how far you need to travel.

If you have to get from one side of the city to the other, it’s going to take a long time. There is no light rail train (not counting the inter-casino Monorail) like in other cities to help you with a commute. A monthly bus pass costs $65, or $32 for seniors.

Car insurance in Las Vegas can be a little pricey, with the city average being approximately $1,600 -$2,000 a year whereas the national average is just shy of $900 per year.

ARE YOU READY TO RETIRE IN LAS VEGAS?

Retiring in Las Vegas has so many perks. The city and surrounding areas are truly special and that’s why I love living here!

If you have questions about your retirement planning, don’t hesitate to contact me!

Check out my YouTube channel and videos about Retiring in Las Vegas! 

Aundrea Beach-Greco
Mortgage Advisor, CMPS
702-326-7866
www.AundreaBeach.com

Top 5 Down Payment Myths Debunked

Top 5 down payment myths debunked

More markets are looking at affordable housing strategies to attract and retain important services.

Down Payment Resource, the nationwide database for homebuyer programs, released its Fourth Quarter 2019 Homeownership Program Index (HPI). The latest HPI data debunks five common down payment myths that may be keeping buyers on the sidelines longer than necessary.

Myth #1 - You need 20% down to buy a home.

A survey found that 41% of people believe a high down payment is required to purchase a home. In fact, there are many low down payment loans and programs available. New data shows that a lower down payment may even be better for many new buyers, as it provides a valuable cash cushion. Research by the JPMorgan Chase Institute found that liquidity — having at least three months of mortgage payments available — is a better measure of homeownership success than a large down payment. 

There are a wide range of homeownership programs that can help with the down payment and closing costs.

Myth #2: Down payment help is only for first-time homebuyers.


The industry often associates homeownership programs with first-time homebuyers, but eligibility is actually broader. The official definition of a first-time homebuyer — according to HUD — is someone who hasn't owned a home in the last three years. In addition, the HPI reports that 41% of homeownership programs do not have a first-time homebuyer requirement and are available for eligible repeat homebuyers.

Myth #3: Down payment programs aren’t available in my area.

Down payment programs are available in every market across the country. The HPI reports 70% of programs are available in a specific local area, such as a city, county or neighborhood and nearly 30% of programs are available state-wide through state housing finance agencies — a 2% increase from the previous HPI. States with the greatest number of down payment programs remained consistent —California, Florida and Texas are the top three.

View a complete list of state-by-state program data.

Myth #4: It’s too expensive to buy a home in my market.

Down payment help is available in every market, including high cost areas. The HPI reports that 11% of programs offer incentives and even specific programs for community service workers, including educators, police officers, firefighters and healthcare workers — a 3% increase from the previous HPI.

Plus, more than 6% (6.3%) of programs have benefits for veterans, members of the military and surviving spouses. These programs can also be layered with zero down payment VA loans.

One-to-four unit multi-family properties can also qualify for down payment help. 25% percent of programs allow buyers to purchase a multi-family property as long as the buyer occupies one of the units, which allows the homeowner to earn income from their rental units to help pay the mortgage.

Myth #5: Down payment programs make home financing more difficult.

There are 2,451 homeownership programs available in the nation and 83% currently have funds available to eligible homebuyers. Exploring home financing options should be the first step for prospective buyers, however, they don’t have to go it alone — housing agencies, program administrators and participating lenders can provide expert guidance.

Homebuyers can get a jump start by completing the homeownership education course typically required to qualify for a program. This education is usually free, online and gives buyers confidence with the home buying process, financing options and budgeting. Homebuyers should refer to the specific requirements and education providers as specified by the program.

After a homebuyer is approved for a program, the agency will provide documentation that can be submitted with an offer. Sellers can also benefit because the down payment program may help cover closing costs.

Let's see what your eligibility is TODAY! 

Contact us.

702-326-7866

info@aundreabeach.com

www.AundreaBeach.com

Aundrea Beach-Greco
NMLS 333739
Mortgage Advisor, CMPS