*Updated: December 2020
California and Nevada share a border – but the two states are as different as can be. One has a cooling job market while the other has a booming economy. One has a lower cost of living than the other. One boasts peaceful lakes while the other boasts pricey coastlines. But which one comes out on top when it comes to living?
The reigning champ can be determined by looking at factors like job market and cost of living. Not only is it easier to buy a condo in Las Vegas, but there are also plenty of jobs available and more are becoming available as the economy picks back up following the impact of the COVID-19 pandemic. In fact, Las Vegas employment reached 1.05 million in December 2019, representing a 2.5% annual growth rate that exceeded the national rate of 1.4% due to job opportunities in the real estate, construction, leisure, and hospitality sectors. Comparatively, California’s job market and growth is slowing down and continues to slow down due to the impact of COVID-19. During the pandemic, California has been subject to the harshest restrictions on business in the nation. On top of that, living in California still boasts the same roadblocks as it did before – high cost of living, slow job growth, and high income taxes.
The median value of owner-occupied homes and condos in Los Angeles is $950,000 compared to Las Vegas’ $320,000. Plus, condos in Los Angeles have had a year-over-year appreciation rate of only 2.60% while condos in Las Vegas have appreciated 5.40%.
Nevada is the ideal location for those looking to live and work in an affordable, inspiring environment while wisely investing in property. The winner is clear – silver triumphs over gold.
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