Vegas is swelling — and not just because of the heat. Young professionals are flocking to the city for jobs and are seeking a new home. The allure of the nightlife, the rise in tech companies, and the affordable home prices put many nearby Southern California cities at a disadvantage because they are having a hard time competing with the appeal of Sin City.
Here are five reasons why young professionals are beelining to Las Vegas to start a new life in the desert.
1. Rising Tech and Startup Scene
Las Vegas is on track for billions of dollars in developments such as the Resorts World Hotel, the MSG Sphere, and the new Raiders stadium. But the city is also earning a name for itself because of the tech development and the startup world. As of 2017, 82% of entrepreneurs in Las Vegas were creating new businesses based on opportunity, not a necessity. And after digital retail giant Zappos located its headquarters in Las Vegas — which has drawn a large hiring pool to the city — new companies are springing up and taking advantage of this influx of talent.
Young professionals will find advantages in the burgeoning startup scene, which is predicted to grow over the coming years.
2. Reasonable Cost of Living
There has been a population increase in Las Vegas over the last several years, and a whopping 16% of these people are coming from the Los Angeles area. This migration to Las Vegas is in part because housing is significantly cheaper than in large neighboring California cities. Additionally, everything — from food to transportation — is more budget-friendly.
Young professionals who want to pay off student loans while they build professional experience will appreciate the cost of living in Las Vegas — it is on par with the national average, something rare for a thriving city.
3. Affordable State Taxes
Nevada residents have to pay sales tax, but the state doesn’t impose any state income tax. Nevada also forgoes estate tax (a tax on your right to transfer property at your death) which is applicable in many other states.
Clark County (which encompasses Las Vegas) announced in 2017 that property taxes would remain flat for the tenth year in a row. The low tax rate is a stark contrast to many neighboring states, and it is one of the many reasons that Las Vegas attracts young professionals and businesses looking for a cheaper place to put down roots.
4. Buzzing Nightlife and Entertainment Scene
It’s no secret that the nightlife and music scene in Las Vegas is hard to parallel. Understandably, people in their 20s and early 30s find the plethora of entertainment options in Sin City to be something of a siren song. Places like Planet Hollywood and Caesars Palace have played host to the likes of Elton John, Britney Spears, and other famous musical acts. The list of theatrical performances is also extensive, and includes a bevy of Cirque du Soleil shows that are in constant rotation.
5. Ample Housing Options
Young professionals moving to Las Vegas can choose from a lot of housing options. Luxury high-rise condos with sweeping views give way to expansive communities with glistening swimming pools. The housing boom of the early 2000s was no stranger to Vegas, and it came with an increase in luxury high-rise apartment buildings and large single-family homes. Las Vegas offers young professionals housing depending on the type of Las Vegas lifestyle they want to pursue.
Las Vegas is an appealing destination for vacation, but it’s becoming increasingly popular among young professionals who are looking for an affordable and upbeat place to live. From access to the great outdoors to celebrity chef restaurants, it was only a matter of time before this desert city arrived on the hot list of the most liveable cities.
Want to see if luxury living in Las Vegas is for you? Contact Sky Condos for a tour of our properties located right on Las Vegas Boulevard in the up-and-coming North Strip area.