What to Know Before Moving to Las Vegas

mortgages las vegas

Moving to a new city is an exciting prospect. That’s especially true of Las Vegas, which has no shortage of fun and memorable activities to enjoy. If you are thinking of moving to Las Vegas, you’ll need to do some research beforehand to make it a smart move. When you are ready to take the next steps towards finding a place to live, a loan officer Las Vegas can help you navigate your way towards home ownership or landing your dream apartment.

Why Move to Las Vegas?

From the mild climate to the lack of state income tax, there are many good reasons to consider Las Vegas for your next home. The city also has a blossoming economy and many job opportunities. See our blog, Guide to Moving Out of State for additional information.

mortgage las vegas
mortgages las vegas

Weather in Las Vegas

If you enjoy nice weather, you’ll appreciate the fact that Las Vegas has about 294 days of sunshine each year on average, which exceeds the national average of 205 sunny days. Las Vegas receives five inches of precipitation during the average year, which is lower than the national average of 38 inches. Winter, fall, and spring are generally mild, while summer can be quite hot.

Jobs and Economy

You may already have a job lined up when you move to Las Vegas. However, if you don’t, you will want to know what your prospects are when you arrive. Note that if you can land a job offer in advance of your relocation, you will have a better idea of what you can comfortably spend on a place to live, and you’ll be more attractive in the eyes of a mortgage lender. While you may be able to find work in any field in Las Vegas, some of the city’s top sectors are tourism, gaming, hospitality, and food service. Many start-up and tech companies also call Las Vegas home. Your prospects of landing a job in the city are good, as evidenced by the city’s growing economy and job market. In 2019, job growth across Nevada rose more than 3%. Job growth is expected to continue increasing by a rate of about 1.7%. Additionally, Nevada has a welcoming environment for small businesses, and it’s ranked by Forbes as 13th in the country for small business law.

mortgage las vegas
mortgage las vegas

Cost of Living

The cost of living is a key factor when planning a move. The cost of living in Sin City is about 4% above the national average. Transportation accounts for the highest cost in the city. The average price of rent is $1,500 in the city, and the average home value is $285,000. Utilities are below average compared to the rest of the country, and the price of groceries is slightly higher.

Las Vegas Neighborhoods

Once you’ve figured out how much you might be able to spend on a home in Las Vegas, you will want to consider the options for places where you can live. Las Vegas is home to distinctive neighborhoods that have their own individual personalities.

  • The Lakes
  • Buffalo
  • Spring Valley
  • Angel Park
  • Pioneer Park
  • Henderson
  • North Las Vegas

If you want to live by the water in Las Vegas, consider buying or renting in The Lakes. You’ll enjoy great waterfront views of the local lake and get to live in one of the top neighborhoods in the city. The Lakes ranks near the top of the list for hottest housing markets in the Las Vegas region. Home values are expected to rise about 3.5% in the next year, and the cost of renting is about $1,700 per month. The average home value in The Lakes is $347,989. If you are thinking of buying a home here, you’ll likely want to check out mortgages Las Vegas to figure out a payment plan for your dream home.

Buffalo is a great neighborhood for those who want to be close to the downtown center. The average home price in Buffalo is $357,906, and the home value index in the area is expected to rise about 3.7% in the next 12 months. Working with a mortgage company Las Vegas can help you prepare for purchasing a home in Buffalo if you decide that’s where you would like to live.

If you want a more affordable place to live, consider Spring Valley. Spring Valley is located about two miles from the Strip. It has many amenities and conveniences, including emerging housing complexes and shopping centers. The median home value in Spring Valley is just over $300,000. Depending on your income and personal finance factors, you might have an easier time getting loans Las Vegas for a home that costs less to start with.

The average home price in Angel Park is $257,229, which makes it a good destination if you want an easier time qualifying for home loans Las Vegas. Angel Park is near several prime recreational areas, including several renowned golf courses. Angel Park is located in a quieter part of the city for those who want to get a break in the action.

Buying a home in Pioneer Park can be a great investment. Las Vegas mortgage rates are generally quite reasonable for homes in Pioneer Park, where the average home value is $231,100. Although home prices are lower than the average across the city, that doesn’t appear to be the case for long. The home value index is expected to increase 3.8% over the next year, which means that now is the time to get your foot in the door. Pioneer Park is an appealing destination for those who want to enjoy the outdoor recreational areas such as Red Rock Canyon, which is located within easy reach of the neighborhood. Red Rock Casino, a popular destination for locals and tourists, is also in the neighborhood.

The average home value in Henderson is just over $352,101, and the average rental cost is slightly more than the city’s average. However, if you are looking for a new home and can secure a Las Vegas loan for property in Henderson, you’ll find that it is worth your investment. Henderson is one of the most popular places to live in the greater Las Vegas metro area. It’s pleasantly removed from the hustle and bustle of the city while still allowing easy access to all the major attractions.

North Las Vegas is another place that is popular for living. North Las Vegas has a rapidly expanding popular growth. At $279,859, the average home prices here are quite affordable. Living in North Las Vegas means you’ll enjoy quick and convenient access to all the sights and amenities that Las Vegas offers, and you will also be treated to stunning mountain views.

mortgage las vegas

Activities and Quality of Life

From food and culture to nightlife and outdoor recreation, there is something for everyone to enjoy in Las Vegas. The city has nearly 25 museums and major sporting venues. Las Vegas is also close to the Grand Canyon, Zion National Park, and the Hoover Dam. Many ethnic cuisines are represented in the city, and you’ll always find a great show to attend.

If you are moving to Las Vegas, you’ll have many considerations to think about before going. A loan officer Las Vegas can provide you with guidance to help you prepare for living in Las Vegas and settling in once you arrive.