On Retiring to Las Vegas
According to a Bank of America Corporation (NYSE:BAC) study, baby boomers are the main home-buyers in the country. Born between 1946 and 1964, this generation is one of the wealthiest on the planet, with their net worth falling between $970,000 and $1.2 million, as per Fortune. Between July 2021 and July 2022, they made up a whopping 40% of all home-buyers in the US. Moreover, they have been reported to be moving towards the sunbelt ever since the pandemic, downsizing their homes and buying a place to spend their golden years.
The Bank of America Corporation (NYSE:BAC) study reveals five cities to be the most popular destinations for these baby boomers, one of which is Las Vegas. While Sin City maybe attracting the Baby Boomer generation to itself, one often wonders if Las Vegas is a good area to retire in. The influx of people in large numbers reveals that it is.
“Domestic migration continues to be a key theme shaping the housing market. While rising interest rates are dampening home-buying demand in the near term, the housing market in cities where Millennials and Baby Boomers are moving could see strength in the longer term as the former enter prime home-buying age and the latter downsize their houses”.
-Anna Zhou, economist for Bank of America Institute.
Bank of America Corporation (NYSE:BAC) is one of the largest banks in the US by asset size in 2024. As of December 31, 2023, their reported total assets were worth $3.180 trillion. The company also happens to be one of the top favorite stocks of Warren Buffet, one of the most successful investors of all time. It has never missed a dividend in the past 25 years, which makes it one of the best dividend stocks. While we at Insider Monkey recognize the potential of Bank of America Corporation (NYSE:BAC) stock and its ability to consistently generate returns & dividends, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
Coming back to the baby boomer housing scenario, the above mentioned trends continue to shape the housing market and cost of living even today. As per Redfin Corporation (NASDAQ:RDFN), the median price of a home in Las Vegas is $440,000, up 7.3% since last year. Moreover, Zillow reports the median rent for all apartments in Las Vegas to be $1,638, whereas Best Places reveals the cost of living in the area to be an estimated 10% higher than the national average. Nevertheless, Las Vegas is one of the best places to retire in the US. As such, there are many pros and cons of retiring to Las Vegas.
One of the main advantages of retiring to the Sin City has got to be its world-class entertainment scene. From shows and concerts to a happening nightlife, seniors who love to enjoy their golden years love the Las Vegas area. The warm and dry climate is another plus of moving here, and so is its cost of living. While a bit higher than the national average, retiring to Las Vegas is cheaper than places such as New York. The Red Rock Canyon, Lake Mead, and Mount Charleston are some of the top nearby attractions for engaging in recreational opportunities. There are abundant 55+ communities for seniors to choose from, offering a wide range of amenities. Finally, the healthcare system is also a major plus. Some good hospitals in the Las Vegas area are Summerlin Hospital Medical Center, Mountain View Hospital, and Elite Medical Center.
However, just like any other place, there are some cons of retiring to the Las Vegas area. For instance, Las Vegas heavily relies on tourism and can come off as crowded, especially near the strip. Summers can be quite hot, and the gaming culture isn’t quite aligned with everyone’s lifestyle preferences.
Copyright: viewapart / 123RF Stock Photo
Methodology
To compile a list of the best places to retire in Las Vegas, we began by using multiple sources such as Luxury Travel Magazine, AZ Big Media, and others. We also incorporated retiree opinions by gathering information from forums such as Reddit and Quora. A consensus approach was used to score each place, with one point awarded to a place each time it was recommended by a source. Scores were summed up and places were ranked in an ascending order from the lowest to the highest scores.
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Here is the best place to retire in Las Vegas:
1. The Ridges
Insider Monkey Score: 24
Based on our methodology, the best place to retire in Las Vegas is The Ridges. Embraced by majestic desert landscapes, The Ridges is a premier master-planned community located in the hills of Summerlin. This community is considered one of the most exclusive ones in all of America. The median price of a home is around $2.5 million, up 19% since last year. The premier retirement destination offers its residents both exclusivity and luxury, all while offering breathtaking views of the Red Rock Canyon and the Las Vegas strip. What’s more- the community is gated so that retirees can live in a safe and secure environment. There are world-class amenities to enjoy, such as the prestigious Bear’s Best Golf Course, tennis courts, fitness centers, and other golf courses. Dining, shopping, and entertainment options are in abundance owing to its proximity to the Las Vegas strip, offering entertainment yet a secluded and safe space to come back home to.
Check out our full list at 12 Best Places to Retire in Las Vegas.
At Insider Monkey, we delve into a variety of topics, ranging from the best places to retire to the best AI travel apps; however, our expertise lies in identifying the top-performing stocks. Currently, Artificial Intelligence (AI) technology stands out as one of the most promising fields. If you are looking for an AI stock that is more promising than NVDA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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Disclosure: None. This article was originally published on Insider Monkey.