Reasons Not To Move To Vegas (Las Vegas: low income, rent, homes)
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That's the problem with people who reply to postings like this. They predict everything in future tense. I predict in 2015 your home value will increase by 100%.
We're talking now people.
As my reply states, I am talking now. There are plenty of jobs, as everyone has stated correctly that pay pretty well with full benefits. It just depends on what one's expectations are in deciding if Vegas is the right fit.
That's the problem with people who reply to postings like this. They predict everything in future tense. I predict in 2015 your home value will increase by 100%.
We're talking now people.
Fact is, there are jobs in EVERY locale. One may have to settle for a less than ideal job today, and continue to search for the desired job. Unless one has top credentials, and an inside track, or juice; the chances of starting at the top-rung are slim to none. This is reality, today, tomorrow, here, and there.
If "parking" is your chosen field, LV offers choice opportunities for the "self-motivated". The opportunity for a start-up valet/parking service is huge. New businesses are popping up like weeds, and many are contracting valet/parking services. But, if you want to work "FOR" someone, I think LV was not for you.
Correct me if I'm wrong, but isn't minimum wage now $7.50? It is not unheard of for a person with zero skills and experience to start at $8-$10 an hour. You're also comparing a convenience store cashier or Home Depot worker to the retail jobs that will be available at CityCenter. Been down to Caesar's Forum Shops lately? How about the Wynn or the Venetian? There is some serious high end retail down there, and foreign money eats it up. My buddy was down at Venetian a few weeks ago, said over 75% of the visitors were foreign, hardly anyone was even speaking english. The fact is that Vegas is becoming an international playground in it's own right, and I guarantee you the guy working at Torneau selling $8000 watches or the gal working at Harry Winston are NOT making $6-$9 an hour.
I think 7.50 starts next year, it is still 6.33 here in NV...
itd be pretty sweet if the housing values did go uo 100% haha the market is in pretty bad shape it seems. but i have also heard its much better than some other places.
as for the jobs bit, i think its fairly easy to look for a job as long as youre not picky. i found one within a year. although its only part time, it helps. if i can find one within a year of moving, i think other can too.
Some other thoughts from a 10+ Year Vegas homeowner (from the Metro NY area) who attended UNLV:
Taxes
Nevada has no state income tax but that 6 - 9% saved will be offset by lower salaries & nuisance fees (e.g. Car Reg, Sheriff Card and any number of permits needed for construction). It's also noteworthy to mention that Clark County has one of the higher sales tax rates in the country 7.75% (as of 10/1/07).
Entertainment
The cost of dinner at any decent restaurant on the strip can rival Manhattan or LA. The same goes with any of the production shows/concerts where prices usually start in the $100+ range. I find that most locals tend to stay away from the Strip (unless entertaining guests) and find other (less expensive) things to do but this seemed like a relevant point to mention.
Home Ownership & General Cost of Living
Other than the actual cost of buying a home and property taxes, I do not see much difference in the NY-Vegas cost of living. Utility bills run about the same. The money saved from heating your home in the winter will be more than offset if you plan to run the AC with any regularity during the summer. If you live in a gated community, then expect to pay at least 75-100+ in HOA fees a month with regular raises every year or so. Ditto for Fuel and Food. Car Insurance I find is cheaper in Vegas but not the registration costs which are based on the car’s Year & MSRP.
Jobs
Skilled Professionals (e.g. Doctors, Lawyers, Nurses, Teachers etc.) should be able to get a job without a problem. Law enforcement jobs pay well but I've been told that competition is stiff. As mentioned previously, this is not an IT town especially starting out with limited experience/contacts. You will make a LOT more $$ elsewhere unless you can consult.
I have friends and relatives who work in prime strip properties that do pretty well. In general one should not expect to start there unless they have a contact or model looks. Salaries at each property can vary widely with the exception of "back of the house" support staff who make on average 10-20 an hour (depending on experience).
Therein lies the reason for my post. Years ago (late 80's & early to mid 90's) an average hard worker in Vegas could afford to buy a nice home using traditional lending practices. As mentioned in other (should I say...better) threads, this is no longer the case. Housing prices need to fall more in line with at-large income or visa-versa before things will really start moving again.
Just my opinion. Good luck to anyone thinking of moving to Vegas.
However you are simply incorrect on the taxes. On any basis you choose the tax load in Nevada is very low...in the bottom five in any category I know of...Percapita revenues from whatever source are half that of NY. Percapita taxes as a percent of income are half that of NY and a third that of Massachusetts.
The overall load on the average Nevadan is relatively high....but that is because we pay relatively high federal taxes compared to other states.
I also disagree on utility costs. I pay them for a couple of properties in NY..they are significantly greater than here.
Re: Taxes
Nevada is ranked 10th in combined Federal and State Tax on Regular Gasoline (50.9 gallon as of 1/08). This is significant considering most people drive in lieu of using public transportation.
Nevada is ranked 12th in overall sales tax at 7.50%. With Clark County being higher than the Nevada average this rank may actually be higher. Again, significant for obvious reasons but IMO not mentioned nearly enough when discussing cost of living.
I agree that things like no state income tax are a huge plus but people should not think Clark County does not get its “fair share” via other means.
Re: Utilities
Power bills can routinely run into the hundreds of dollars during the summer with the AC and 100+ temps. Not nearly that much in NY during the same period but comparable to heating bills in the winter. Combined with HOA fees, Yearly Sewer Assessments and other utilities, I personally do not see much difference in cost running similar size houses in Las Vegas and NY. Property taxes are of course another story especially if one owns property in the LI/Westchester Areas.
Re: Taxes
Nevada is ranked 10th in combined Federal and State Tax on Regular Gasoline (50.9 gallon as of 1/08). This is significant considering most people drive in lieu of using public transportation.
Nevada is ranked 12th in overall sales tax at 7.50%. With Clark County being higher than the Nevada average this rank may actually be higher. Again, significant for obvious reasons but IMO not mentioned nearly enough when discussing cost of living.
I agree that things like no state income tax are a huge plus but people should not think Clark County does not get its “fair share” via other means.
Re: Utilities
Power bills can routinely run into the hundreds of dollars during the summer with the AC and 100+ temps. Not nearly that much in NY during the same period but comparable to heating bills in the winter. Combined with HOA fees, Yearly Sewer Assessments and other utilities, I personally do not see much difference in cost running similar size houses in Las Vegas and NY. Property taxes are of course another story especially if one owns property in the LI/Westchester Areas.
47th overall in a couple of dimensions and half that of NY.
My mothers thousand square foot place is going well over $500 a month for heating oil. That is about the same as my worst month in Vegas with a home three times as big. The three family in the Bronx run around $1200 at the winter peak for gas and electric. Twice LV I would guess.
Some other thoughts from a 10+ Year Vegas homeowner (from the Metro NY area) who attended UNLV:
OK, some thoughts from a 25+ year resident of LV from NY....
Taxes
Nevada has no state income tax but that 6 - 9% saved will be offset by lower salaries & nuisance fees (e.g. Car Reg, Sheriff Card and any number of permits needed for construction). It's also noteworthy to mention that Clark County has one of the higher sales tax rates in the country 7.75% (as of 10/1/07).
You can't compare a car registration fee to state income tax. It's not even close. That $600-700 you pay for your car registration (initially) does not compare to a few thousand dollars (based on your salary) that your State income tax is based on and that you get taken out of your paycheck.
LV sales tax is comparable to any other large metropolitan area...it it not unique.
Your talking about the cost of a Gaming Card, or a food worker card? $175.00? C'mon...these are not life altering expenses!
Entertainment
The cost of dinner at any decent restaurant on the strip can rival Manhattan or LA. The same goes with any of the production shows/concerts where prices usually start in the $100+ range. I find that most locals tend to stay away from the Strip (unless entertaining guests) and find other (less expensive) things to do but this seemed like a relevant point to mention.
Maybe YOU can't afford to do these things, but most folks I know (and I know a lot) visit the Strip, the shows and the fine dining establishments on a regular basis. Most locals do NOT keep away from the Strip and all it has to offer. That's why they moved here.
Home Ownership & General Cost of Living
Other than the actual cost of buying a home and property taxes, I do not see much difference in the NY-Vegas cost of living. Utility bills run about the same. The money saved from heating your home in the winter will be more than offset if you plan to run the AC with any regularity during the summer. If you live in a gated community, then expect to pay at least 75-100+ in HOA fees a month with regular raises every year or so. Ditto for Fuel and Food. Car Insurance I find is cheaper in Vegas but not the registration costs which are based on the car’s Year & MSRP.
My sister was here from LI last week. We compared her utility bills to mine. Mine are much cheaper, no matter what season it is. Food varied. Some items were cheaper here, others about the same and still others a bit more expensive. Some items she CAN get back in NY are not available here, period.
Not every home here in LV is in a HOA, so that doesn't even apply. Gas was cheaper here in LV compared to LI by about 6-9 cents a gallon, and her $4387.00 she paid to NYS income tax last year is much more than having to pay a higher car registration fee (which goes down year to year), a gaming card, a food worker card. etc. Oh, and her car insurance is higher in NY than mine is here in LV, for similiar vehicles. They PAY dearly for that NYS no-fault insurance they get back there
Jobs
Skilled Professionals (e.g. Doctors, Lawyers, Nurses, Teachers etc.) should be able to get a job without a problem. Law enforcement jobs pay well but I've been told that competition is stiff. As mentioned previously, this is not an IT town especially starting out with limited experience/contacts. You will make a LOT more $$ elsewhere unless you can consult.
Agreed, an IT Techie town it is not, never has been either. Unless you can land a job at one of the gaming corporations in that field.
I have friends and relatives who work in prime strip properties that do pretty well. In general one should not expect to start there unless they have a contact or model looks. Salaries at each property can vary widely with the exception of "back of the house" support staff who make on average 10-20 an hour (depending on experience).
Agreed, contacts are good..but you don't need model looks to land a good job. Experience pays well here and everywhere for that matter. And not every well paying job is available to you only because you have "contacts"
Therein lies the reason for my post. Years ago (late 80's & early to mid 90's) an average hard worker in Vegas could afford to buy a nice home using traditional lending practices. As mentioned in other (should I say...better) threads, this is no longer the case. Housing prices need to fall more in line with at-large income or visa-versa before things will really start moving again.
Average hard working, two income families have bought and are still buying homes in the LV Valley. It can still be done. What you think, everyone who buys a home here really can't afford it and has foreclosed? How would the valley have grown so much if no one could afford to buy a house? Then how are all these people paying for their homes?
The people who got burned were the nickel and dime millionaires who couldn't afford a house to begin with...and a lot of them are from out of state. The average two income, casino workers can still afford a home, hopefully the lenders will adhere to rules which would limit the amount of house potential buyers could reasonably afford, based on their wages, other debt, etc..
The average support staff casino worker can not afford a 4,000 sq ft home in Summerlin based entirely on culinary wages. Unless they are plunking down a huge chunk of cash and keeping a low mortgage, it can't be done on those wages. Not now, and not in the past either. We are in the midst of the mortgage crisis now because of that. You can purchase a reasonably sized house in a decent area with those wages and good credit, just not what is on your ultimate dream list....
Just my opinion. Good luck to anyone thinking of moving to Vegas.
Thanks for your honest opinion, however, you don't speak for as many of us as you think...
Last edited by MomMom; 03-19-2008 at 04:20 PM..
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