Investing in a Las Vegas property is a great option, as Las Vegas has very low investment property taxes and has no personal income taxes. The average effective property tax in Las Vegas (Clark County) is 0.70%, slightly higher than the state average, but still significantly lower than the national average. In recent years, the Las Vegas real estate investment market has shown a trend in rising home and property prices in the valley. This increase has been almost 30% in recent years and is expected to continue to increase in the next year.
This increase is likely due to the increase in people moving from California to Las Vegas. Because California has high property taxes and prices, people leave the area in search of lower taxes. Las Vegas is a popular choice for moving, as it is one of the most affordable cities to live in. Avoid mistakes by leveraging the knowledge of more than 2 million members.
Condos are a great choice of home for people looking to move to the Las Vegas area, as competition in the condo market isn't as tough as it is in family-style homes in Las Vegas. Nevada may be known for Las Vegas, gambling, Area 51 and its free-spirited people, but this state has a lot to offer its residents and is a great option for rental investment properties. It should also be noted that the Las Vegas strip only constitutes a small part of Las Vegas. This neighborhood offers the serene seclusion of Sahara Lake and fun ways to enjoy the Las Vegas weather, such as swimming, boating, and fishing.
Buyers looking to invest in rental properties in Las Vegas should familiarize themselves with some of its many neighborhoods, no matter their budget when buying a rental property, as there are homes that cater to all levels of investment. While there are fewer and fewer homes available on the market in downtown Las Vegas, the suburbs are expected to become a popular place for families to move. If this is your first time living in Las Vegas, it might be helpful to know the terrain before committing to a long-term location. While most people only know Las Vegas, other cities such as Paradise, Reno, Henderson and Carson City provide fertile ground for investment opportunities.
Although housing costs are rising rapidly in Las Vegas, Nevada is where many employers and individuals want to call home. Now that you have some specific areas to start looking for these rental properties, you should consider some of the current trends in the Las Vegas real estate investment market as you search for properties. Many companies and start-ups are moving to Las Vegas from other cities as the industry increases. While Las Vegas, home to 75% of Nevada's population, is by far the largest market in the state, there are other cities to look out for.
If you are an investor considering buying property in the Las Vegas area, you should do so soon, as properties are selling very quickly. Although Las Vegas is reputed to be the place where adults go to play, there are many suburban communities and beautiful parks just off the Strip. Whether you're planning to buy or rent in Las Vegas, Extra Space Storage has convenient storage facilities located throughout the valley that can help you with your transition. Home to more than 2.2 million people in the metropolitan area, Vegas is the financial, commercial and cultural center of Nevada and the greater mojave desert region.