Your Real Estate Team
According to Zillow, the median home value in Las Vegas is $197,500. Las Vegas home values have risen 10% in the past year. The city was hit hard by the mortgage crisis and recovered relatively slowly. Prices in Sin City are currently still affordable, though upward pressure on prices may change that. One advantage of the Las Vegas sprawl is that home prices haven’t skyrocketed like they have in places like San Francisco, where development is much more constrained.
Zappos CEO Tony Hsieh and other Las Vegas entrepreneurs have put a lot of money and effort into revitalizing downtown Las Vegas and turning it into a thriving district. Hsieh personally put $350 million into the project, which includes a Container Park that houses local businesses. If you’re worried that Las Vegas won’t have a downtown feel you can rest easy.
Las Vegas boasts some low taxes. For one thing, Nevada has no state income tax. The bad news is that Las Vegas has a sales tax of 8.15%. On the other hand, property tax rates are low. The hotel taxes that tourists pay when they visit Las Vegas help line the government’s coffers so locals can continue to pay low taxes.