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Las Vegas Introduction
Welcome to Fabulous Las Vegas" says the sign at the beginning of the Las Vegas strip. Las Vegas, the self-proclaimed "Entertainment Capital of the World", is the destination of choice for over 35 million people a year. Over 20,000 conventions are held in Las Vegas annually.
More important from a real estate point of view, over 5,000 people move into the Las Vegas valley on a monthly basis.
Housing Styles
To meet the demand of the influx of new residents, construction of new homes is being done on a very large scale. According to the Las Vegas Chamber of Commerce, it is estimated that a new home is completed in Las Vegas every nine hours. Housing options run the range from attractive reasonably prices homes up to multimillion dollar mansions. There are many master-planned communities that are complete with shopping centers, office parks, libraries, recreational facilities, places of worship, and cultural centers.
Notable Las Vegas Neighborhoods
Las Vegas real estate is noteworthy for the large variety of homes. The various planned communities also compete on the basis of amenities, location, and prices - which can make for an interesting and fun home shopping experience. Some notable areas of Las Vegas include:
Las Vegas Real Estate Prices
Over half of Las Vegas housing units consist of single family, owner-occupied homes. According to the National Association of Realtors, the median price of a house in Las Vegas was close to $320,000 as of the 3rd quarter of 2006, well above the national average of $225,000. For that same period, the median price of a condominium was $205,000, below the national average of $223,000.
Las Vegas Schools
Las Vegas is served by the Clark County School District, which is the fifth largest school district in the United States. The Clark County District serves more than 280,000 students in over 300 schools, 83 of which are actually in the City of Las Vegas (59 elementary schools, 16 middle schools, and 8 high schools).
There are many colleges and universities located in and around Las Vegas, including the University of Nevada (UNLV) located in nearby Paradise, the University of Nevada Medical School, branches of several national colleges such as the University of Phoenix, Nevada State College and Touro University Nevada both in nearby Henderson, and campuses of the Community College of Southern Nevada.
Las Vegas Economy
The engine of the Las Vegas economy is tourism, gaming, and conventions. This, in turn, supports the dining and retail industries. The major categories of the private-sector economy from an employment standpoint are the hotel/gaming/resort industry, construction, business services, and education/health services. The largest private sector employers in Las Vegas are all major hotel/resort casinos. They also happen to be the largest employers in the State of Nevada. Las Vegas' five Fortune 1000 companies are also in the resort/gaming industry.
The Las Vegas economy is noteworthy for consistently having the highest new job growth in United States. For over a decade Las Vegas has also ranked very highly for high-tech job growth.
The median family income in Las Vegas is almost $53,000 (as of 2004 according to US Census data), which is just slightly under the national average.
| Category | Value |
|---|---|
| Homes With No Mortgage | 18% |
| With A Mortgage | 82% |
| First Mortgage Only | 64% |
| Second Mortgage or Home Equity Loan | 18% |
| Second Mortgage Only | 12% |
| Home Equity Loan Only | 6% |
| Category | Value |
|---|---|
| Owner Costs as % of Income | 21.5% |
| Median Real Estate Taxes (2000) | $1,200 |
| Category | Value |
|---|---|
| Total Occupied | 176,848 |
| 1-Person Households | 25% |
| 2-Person Households | 34% |
| 3-Person Households | 16% |
| 4-Person Households | 13% |
| 5-Person Households | 7% |
| 6-Person Households | 3% |
| 7+-Person Households | 3% |
| Category | Value |
|---|---|
| Median Year Built | 1989 |
| Median Year Built (Owner Occupied) | 1991 |
| Median Year Built (Renter Occupied) | 1985 |
| Category | Value |
|---|---|
| Using Utility Co. Gas Heat | 71% |
| Using Bottled/Tank Gas Heat | 1% |
| Using Electric Heat | 29% |
| Using Oil Heat | 0% |
| Using Coal | 0% |
| Using Wood Heating | 0% |
| Using Solar Heat | 0% |
| Other Heating | 0% |
| No Heating | 0% |
| Category | Value |
|---|---|
| No Bedrooms | 1% |
| 1 Bedroom | 3% |
| 2 Bedrooms | 23% |
| 3 Bedrooms | 46% |
| 4 Bedrooms | 22% |
| 5+ Bedrooms | 5% |
Rate quotes from multiple lenders for the Las Vegas area:
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 | Las Vegas Careers Las Vegas career and employment information. |
 | Las Vegas Colleges Las Vegas colleges and trade schools. |
 | Las Vegas Hotels & Travel Las Vegas hotels, landmarks, tourism, transportation. |
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