:max_bytes(150000):strip_icc():format(jpeg)/GettyImages-75161449-9239e2a1014c45659afc8b242b9267b1.jpg)
Key Takeaways
- With low property taxes, no state income tax, and a low cost of living, Las Vegas has a lot of financial appeal to retirees.
- The entertainment value of Vegas cannot be denied with its casinos, restaurants, and daily live shows.
- Las Vegas also has a number of great hospitals to meet the medical needs of retirees as they age.
Surprise! Las Vegas is a rising retirement destination. Financial perks such as affordability, low taxes, entertainment, sunshine, and access to healthcare appeal to seniors looking to spend their retirement years in Vegas. Sin City, known for its casinos and gambling, has become a retirement hub.
Retirees Are Moving to Las Vegas
According to a SmartAsset study, the state of Nevada ranked seventh for where retirees are moving to retire. In 2023, Nevada had a net migration of 5,782 retirees moving to the state and a total population of those ages 60 and older of 757,348.
How does Nevada compare to other states with retirees? Florida ranked first, with a net migration of 44,504. North Carolina, Arizona, South Carolina, and Georgia are other top states for retirees.
Four cities near Las Vegas ranked in the top 10 of cities for retirees. North Las Vegas was the second-ranked city where people 60 and up are moving to. The city had a net migration of 1,420 and a total population of those 60 and older of 52,082.
Paradise ranked no. 3, Spring Valley ranked fifth, and Henderson ranked no. 6. Each of these cities had net gains of more than 1,000 people ages 60 and older in 2023.
Low Taxes, High Savings
There is no state income tax in Nevada. Everything from your retirement income to your Social Security and earnings from investments lasts longer. Property taxes are low in Nevada, and there are limits to how much property taxes can go up each year, which is another tax advantage to living in Nevada.
Neighboring states to Nevada have much higher individual income tax rates. California has a top rate of 13.3%, Oregon has a top rate of 9.9%, Idaho’s top rate is 5.695%, Arizona’s rate maxes out at 2.5%, and Utah has a peak tax rate of 4.55%.
| How Nevada’s Tax Climate Compares to Popular Retirement States | |
|---|---|
| State | Income tax rate |
| Nevada | No state income tax |
| Florida | No state income tax |
| North Carolina | 4.25% |
| South Carolina | 6.2% |
| Georgia | 5.39% |
| Arizona | 2.5% |
Source: Tax Foundation
Affordability and Cost of Living
The average home value in Las Vegas is $430,139, according to Zillow. This is higher than the average home value in the United States, which is $363,505 but still affordable.
The cost of living in Las Vegas is 2% lower than the national average, making it a cost-effective choice for retirees, especially those on a fixed budget. But there are costs of living in Las Vegas that are higher than the national average, such as utilities, which are 9% higher, and groceries, which are 4% higher.
A big savings for retirees living in Las Vegas is the healthcare costs. Healthcare in Las Vegas is 16% lower than the national average. A doctor’s visit costs $122.74. Prescription drugs cost $17.54.
Can Retirees Stretch Their Dollar Further in Las Vegas?
With grocery prices slightly higher than the national average, retirees will want to shop smart at the grocery store while living in Las Vegas. They will also want to take care with their utility bill, since it’s higher than the national average as well. With such affordable healthcare, they will want to take advantage of cost-effective trips to the doctor, dentist (average cost: $100.19), and optometrist (average cost: $111.26). The 16% savings on healthcare are too good to pass up.
Energy, Entertainment, and Lifestyle
Las Vegas is a lively place to live with casinos, live shows, and concerts every night, plus a range of cultural attractions and museums. For those who love to hike, there are nearby Red Rock Canyon, Lake Mead, and the Mojave Desert.
Why Active Retirees Thrive in Las Vegas
Retirees looking to be entertained have their pick of live shows, plus casinos and other attractions. Vegas is on every night, so any night a retiree is ready to head out, there is plenty of entertainment and restaurants to choose from. Healthy retirees who enjoy the outdoors can go for scenic hikes. There is much to see and do in Las Vegas.
Healthcare and Quality of Life
Las Vegas has several top hospitals, including the Cleveland Clinic and Intermountain Health. There are also specialized care centers and three medical schools in the region. Retirees will have their pick of top medical care when they reach out for medical advice and services.
Healthcare Access for Aging Adults
Having a good doctor whom you can count on is so important for aging adults. They may feel fine when they retire, but there may be health issues that arise. So having good care, including specialty care, is vital. Las Vegas has a wide range of doctors, hospitals, and services to meet a retiree’s medical needs.
The Retirement Tradeoffs
Like any city, Las Vegas has its challenges, including summer heat and a scarcity of water. With so many visitors, Las Vegas can have a transient feel. The bright lights of Vegas may not appeal to everyone. Someone who prefers a quieter life may wish to retire to a small town with less going on. In addition, desert living isn’t for everyone. Those who enjoy coastal living may miss the water and the shoreline.
The Bottom Line
Why retire to Las Vegas? It is a high-energy option that makes excellent financial sense. Nevada has no state income tax, and property taxes are relatively low. Vegas has a low cost of living and several excellent hospitals. Additionally, it offers all the excitement of casinos, live shows, and restaurants. And a hike with stunning views is just around the corner.
