Nevada Retirement Guide
Nevada, population almost 3.1 million in 2020, has been one of the fastest growing states in the union, which means there are plenty of best places to retire in Nevada. Its population continues to increase and the median age is 38.4, about the same as in the total U.S. The Silver State attracts a growing number of baby boomers to retire in Nevada. The capital is Carson City and the largest city is Las Vegas. Most of the state is unsettled, desolate wilderness. The Mojave Desert occupies much of the southern part of the state; the Great Basin is in the north. The state is known for its relaxed laws on gambling, at least in locations like Reno and Las Vegas. It also home to many families and 55+ communities. The Wikipedia entry for Nevada has more interesting facts. Updated Oct. 2020
The reviews on this site can help you narrow your choice about where to retire in Nevada and other states - we have important information about real estate prices; what makes each community special and not so special; along with important facts about the cultural, economic, medical, and transportation infrastructure.
The Nevada climate is that of the steppe, characterized by aridity and an altitude above 3000 feet. Summers are hot and dry; there is plenty of sunshine. There can be dry snow in the mountains.
Economy & Home Prices in Nevada
Nevada's 2020 household income was $63,276, just below the U.S. median of $65,712. Cost of living is 38th lowest in the country according to MERIC. Tourism, mining, and agriculture drive the economy. The Las Vegas real estate market was one of the 3 hardest hit in the nation in the 2007-9 recesson; prices crashed and many homes were foreclosed. Since then the market has recovered strongly. Jobs in the tourist industry in Las Vegas and Reno have been hit hard in the 2020 pandemic. The median home price in late 2020 for the state was $316,275 according to Zillow, more than double what it was in 2012. The median home in the Las Vegas area sold for $317,800 in mid 2020 vs. the national median of $291,300 (NAR). In Reno the median selling price was $408,100. There is a tremendous range of prices for apartments and homes in the Las Vegas region. .
Tax Burden: Nevada is a low-tax paradise. At 8.3% Total tax burden in Nevada is 43rd highest in the U.S.
Marginal Income Tax Rates. Nevada has no income tax.
Social Security and Retirement Exemptions. They are not taxed.
Sales Tax: State sales tax is 6.85%, but localities can increase that to 8.1%.
Property Taxes: The state ranked 28th highest for property tax collections in 2020. As a percent of value, property tax paid is .84%.
Homestead Exemption. We are not aware of a homestead exemption although you should check with the State about that.
Estate and/or Inheritance Taxes. Nevada does not have an estate or an inheritance tax.
Link to Nevada Dept of Taxation
Certified Retirement Communities
Nevada does not have a certified retirement community program.
Best retirement communities in Nevada
Henderson near Las Vegas and Mesquite are two important centers for retirees. Both had experienced explosive growth, but are now caught in the current real estate mess. Retirees are starting to move to the Lake Tahoe and Carson City region as well. Las Vegas, Paradise, and Sunrise Manor have many retirees. Reno is thought by some to be a particularly nice spot for retirees. Carson City is expensive and not a great city from a tourist standpoint, although its setting in the Sierra Nevadas is great. Nearby to Carson City are the smaller towns of Minden and Gardnerville, which are attracting retirees. The small town of Pahrump appeals to many retirees for its low costs and friendly atmosphere. The University of Nevada has campuses in Reno and Las Vegas. Incline Village-Crystal Bay is the wealthiest community in Nevada, followed by Kingsbury and Mount Charleston.
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