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Las Vegas is the most populated City in Nevada and the Clark County seat. It is world famous as an entertainment center and known as The Entertainment Capital of the World. It is an important center for gambling, music, shows and the adult entertainment industry. The city's tolerance for many activities like gambling and prostitution has resulted in it being popularly as Sin City. While Las Vegas has capitalized on this image to attract tourists and to be a prominent backdrop in books, movies and TV; Las Vegas is growing quickly as a family-friendly city and a good destination for retirees.

The real estate trends reflect this changing image of Las Vegas. The fact is that some of the world's most prized real estate is located in the area known as the Las Vegas strip and the average price per square foot has increased around 130% in the last year alone. The housing bubble hit Las Vegas particularly hard.  Now there are more than 36,600 homes in some stage of foreclosure. This could be an excellent opportunity for real estate speculators; especially with the way the city has tried to remake its image as a family entertainment central and a warm climate for retirees; more Disney World than Sodom and Gomorrah, in other words.

Thanks to the cities reliance on the tourist trade, special care is taken to make sure that Las Vegas is always clean and safe. The rates of violent crime are surprisingly low for a city of its size and particular circumstances. It is also a good thing that Las Vegas has branched out in the last couple of decades since it was recently overtaken by Macau as the world-gambling center. Las Vegas is an exciting place to live in which there is always something to see or do. It offers a stream of entertainment that seems to never end.

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Introduction to Las Vegas, NV

Called “The Entertainment Capital of the World” and “Sin City”, Las Vegas is known across the world as a city for gambling, shopping, resorts, and fine dining. Having a population of 583,756 makes it the most populated city in Nevada and the 28th most populated city in the country. Las Vegas has a subtropical desert climate due to its proximity to the desert and its location in the Mountain region of the Northwest. There is evidence of human settlement in Las Vegas dating back to prehistoric times. American settlers didn’t officially inhabit the area until the late 1800s. In the early 19th century Las Vegas’s position near water and between the West and East caused it to become a water stop for wagon caravans and railroads. It also became a prominent mining country. With its railroad presence and mining colony, Las Vegas prospered for most of the 19th century. The creation of the Hoover Dam in the 1930s caused the population of Las Vegas to grow exponentially. In 1931, Las Vegas legalized gambling, beginning the creation of casinos and resort hotels. The gambling and nightlife industries of the city continued to grow throughout the mid-20th century. To date, the casinos are Las Vegas’s largest economic source and their biggest tourist attraction.

Living in the City

Must of Las Vegas’s land is consumed with casinos and resort hotels. Residential areas are spread out across the city, though most border the outlying Las Vegas Valley area. The culture in Las Vegas proper is quite unique, due in part to its diverse population. Its nearby communities include Henderson, North Las Vegas, Paradise, Enterprise, Sunrise Manor, Spring Valley, and Boulder City. These communities make up the Las Vegas metropolitan area which has a population of 1,952,269. While its casinos are the main attraction for the city, Las Vegas has many museums and attractions. Some of the well known museums are the Neon Museums, the Las Vegas Museum of Organized Crime and Law Enforcement, the Las Vegas Natural History Museum, the Lied Discovery Children’s Museum, the Las Vegas Mormon State Historic Park, the Southern Nevada Zoological-Botanical Park, the Smith Center for the Performing Arts, the Las Vegas Springs Preserve, and the Floyd Lamb Park at Tule Springs. Many of the notable colleges in the area include the College of Southern Nevada (which has the third largest community college enrollment in the country), University of Southern Nevada, University of Nevada School of Medicine, University of Nevada, Le Cordon Bleu College of Culinary Arts, Las Vegas State College, Desert Research Institute, Touro University Nevada, and the International Academy of Design & Technology Las Vegas. Las Vegas also provides public transportation around the city through RTC Transit. The services include an intercity bus route to many of the neighboring communities. The city is also connected to Interstate 15, Interstate 515, and U.S. Route 95.

Job Opportunities

The three main industries of Las Vegas are tourism, casinos, and resorts. Around 50% of the city’s economy is based in these industries. Secondary industries such as restaurants and retail are fueled by tourism, casinos, and resorts. With so much of the city encompassed by hotels and casinos, it’s no wonder that most of the job opportunities available in the city are within one of these two industries. For the casinos, job opportunities range from performers to table dealers to bartenders. Most of the major casinos in downtown Las Vegas are located on the Freemont Street Experience. The major casinos are the Golden Nugget, Stratosphere Las Vegas, California, Main Street Station, Fremont, Four Queens, Binion’s Fitzgeralds, El Cortez, Plaza, and Las Vegas Club. Many of these casinos have restaurants and shopping inside them, offering a great deal of employment opportunities. One casino alone employs around 2,000 – 5,000 people. The hotels in the city are along the Las Vegas Strip which is the colloquial term for Fremont Street. Some of the more well known hotels include the Venetian, Casino Royale, the Imperial Palace, Treasure Island, The Mirage, Caesars Palace, the Bellagio, Bally’s, Paris, Planet Hollywood, Aria, Mandarin Oriental, Monte Carlo, New York-New York, Grand Chateau, MGM Grand, The Signature, the Riviera, Excalibur, Luxor, THEHotel, Tropicana, Mandalay Bay and the Four Seasons. One hotel alone can employ a couple thousand people. However, despite the heavy tourism and gambling industry supporting the city, almost 14% of the population is unemployed. Additionally, it’s been noted that Las Vegas is one of the worst places to try and start your own business as most people visit for the casinos and don’t explore the businesses outside of the casino neighborhoods.

Real Estate Market

Nevada’s real estate market is high, especially for its region of the country. The high housing prices are mostly likely due to the economic problems the city is having and the high real estate rates imposed on the casinos and hotels. The average price per square foot is $728 which is an increase of 586.8% as compared to 2010. The average sales price for a home is $112,500 which is a decrease of 13% and $16,800. In the past year the number of completed home sales increased by 0.3%. The average listing price for a home is $239,335 which is a decrease of 0.3% and $666. The popular neighborhoods in Las Vegas are Las Vegas proper, Summerlin, Sunrise Manor, Spring Valley, and Summerlin South. The listing price for these areas ranges from $89,511 to $1084,278. The median home cost in Las Vegas is $207,500 with a home appreciation rate of -9.55%. Of all the homes in the city, 35% are valued between $200,000 and $299,999. The current homeowner percentage in Las Vegas is 51,95%. The number of houses on the market that are vacant is 9.55% and 38.49% of the population rents houses, condos, or apartments. The average price range for apartments in Las Vegas is $700 to $800 for a studio, $800 to $950 for a one bedroom, $900 to $1,100 for a two bedroom, and $1,100 to $1,350 for a three bedroom.

Weather

Las Vegas has a subtropical desert climate. The summer season lasts from June to September and is extremely hot and dry. The average temperature high is between 94 to 104 degrees Fahrenheit with a nighttime low of 69 to 78 degrees Fahrenheit. The city experiences about 300 sunny days per year which averages out to over 3,800 hours of sunshine. There are around 133 days above 90 degrees and 72 days over 100 degrees. Humidity, however, is usually less than 10% of the temperature. Winters in Las Vegas are very mild and much shorter than the summer season. The average high temperature is around 60 degrees Fahrenheit with a nighttime low of 40 degrees Fahrenheit. The mountain ranges around the city gather snow, but snow rarely falls onto the city. Though temperatures sometimes drop to freezing, it rarely drops below 30 degrees Fahrenheit. Throughout the year, Las Vegas usually has 29 days of precipitation with about 4 inches of rain. March is the wettest month and June is the driest month.

Cost of Living

The standard of living in Las Vegas is well above the natural average, making it an expensive city to live in. The high real estate prices and declining economy contributes to the overall high cost of living. While the city has tried to push redevelopment, it hasn’t successfully happened. The average salary for a household is $53,000 while the average salary for a family is $58,465. Men have an average salary of $35,511 whereas women have an average salary of $27,554. The per capita income in Las Vegas is $22,060. Around 10% of the population earn less than $15,000, while 10% earn between $15,000 and $25,000, and 11% earn between $25,000 and $35,000. Out of the entire population, 9% of people are living at or below the poverty line. Las Vegas institutes a sales tax of 7,75%, an income tax of 0%, and a property tax of 1%.