During the recent housing downturn, real estate prices in Nevada plummeted, and while they are steadily on the rise, they still remain relatively low: the median home price is lower than $150,000. While low real estate prices are attractive, many retirees are drawn to Nevada because it has a low cost of living and no state income tax or inheritance taxes, while sales tax is only 6.5%.
Nevada enjoys more than 300 days of sunshine each year, perfect for exploring the state’s ample outdoor space, including the Mojave Desert in the south. Retirees sensitive to high altitudes should be aware that much of the state sits above 3,000 feet, while cities like Reno are as high as 4,400. Popular retirement destinations include the town of Henderson, as well as Lake Tahoe, with its stunning scenery.
Con: High unemployment rate, lack of cultural attractions
Best For: Outdoors lovers
Cost of Living: 5% lower than national average
Median Home Cost: $145,600
Top State Income Tax: No state income tax
Retirees will find plenty of activities to occupy their time, and no, we’re not just talking about the casinos! In addition to the nightlife found in cities like Reno or Las Vegas, the state is also home to the Sierra Nevada Mountains, perfect for hiking, camping bicycling, as well as Lake Tahoe, Lake Mead and the Humboldt River, where its possible to boat or sail. The state also features a number of top-notch golf courses, as well.
There are downside to retiring in Nevada, including the general lack of cultural attractions in many towns and high unemployment rate, for retirees who’d like to continue working.