Much like the rest of the nation, Nevada has both strengths and weaknesses. Although hit hard during the recent pandemic, the Silver State now boasts a thriving travel and tourism industry and numbers that reflect a strong housing market. And for businesses looking to start up or relocate, Nevada shines with its tax friendly business environment and low energy costs. However, there is still much that needs to be done in the Silver State.
While Nevada has ditched its last place rank in education, the system is still struggling with failing grades. Paired with higher crime rates and limited access to affordable healthcare, Nevada has much to improve.
Travel & Tourism
Nevada’s travel and tourism industry is continuing an upward trajectory of recovery from the COVID global pandemic that saw the Las Vegas Strip go dark. Convention attendance had the largest improvement with a 65.3 percent increase since last year. All other indicators of market health are also up with the exception of vehicle traffic counts, which may be due to the increased popularity, and convenience, of ride shares. Nevada continues to be, by far, the number one state in the country for gaming revenue.
Housing
Nevada’s housing market is less volatile than in years past. With over half of Nevadans owning homes and delinquencies below the national average, the housing market in the Silver State remains strong. This strength comes despite the challenges posed by rising interest rates and limited developable land. The average value for a single-family home in Nevada is $431,413 and the state ranks 38th for affordable housing. For those that don’t own, rent prices have been steadily increasing in recent years, but are still below the national average.
Cost of Doing Business
Nevada has a reputation of being business friendly, especially compared to neighboring states like California with its rigid tax environment, high lease rates and heavy regulations. The Silver State offers a variety of business opportunities from industrial and mining enterprises to entertainment. Nevada’s average annual wage is more affordable for business owners in the country with a minimum wage of $10.50. Paired with low energy costs, it is no wonder more businesses are calling Nevada home.
Tax Burden
Nevada attracts businesses for being tax friendly. However, despite having no state income tax and comparatively low real estate taxes, Nevadans still pay an average of 9.6 percent of their household income in taxes making the Silver State 18th in the nation for state-local tax burden. Although attractive for business, Nevada’s high sales-tax must be factored into the cost of living for residents.
Education
It’s hardly a secret that the Silver State has been well behind the national average in education for years. Historically, Nevada’s public school system has ranked last. However, the hard work of Nevada’s educators and school districts appears to be paying off and Nevada now ranks 48th in the nation, just ahead of Louisiana and Arizona. While this upward trend is encouraging, Nevada continues to fall behind in education with more teens not in school and more elementary students not meeting math and English proficiency levels. The Silver State is also producing fewer college graduates and is behind the national average for high school graduation rates.
Crime
Crime in Nevada is higher than many other states in the nation. With an overall crime grade of “D” compared to states with a similar population size, the most prevalent crime type in Nevada is property crime. According to Nevada Crime Statistics, there were 75,199 reported property crimes in 2022, which is an increase of 8.03 percent from 2021. Violent crime is also on the rise with over 14,000 cases reported last year. However, these statistics don’t take into account the higher-than-normal amount of tourists and transient population in Nevada.
Healthcare
The length of time it takes to get an appointment with a primary care physician in Nevada is evidence of the Silver State’s struggle with access to healthcare. Currently, Nevada’s health ranking is in the bottom five of the nation for both access and affordability. Although medical universities and hospitals are making every effort to create incentives and programs for doctors to stay and practice in Nevada, the reality is that many physicians cannot afford to operate under the current Medicare physician payment system. This makes it more difficult for patients to find and afford quality care. The challenge to improve Nevada’s access to quality and affordable care is paramount for the future of the state.
Lifestyle
Nevada isn’t just attracting businesses. With its low cost of living compared to neighboring states like California, diverse landscape and ample entertainment and recreational options, the Silver State is attracting families and individuals alike. According to the U.S. Census Bureau, Nevada follows the national trend for persons per household and median household income but, at 14.1 percent, has a higher rate of those living below the poverty line. Nevadans have similar access to museums, state parks and golf courses as the rest of the nation. However, the addition of professional sports is having a major impact in a positive way on the lifestyle of Battle Born residents.
Cost of Living
Calling Nevada home is a seemingly much more affordable option compared to notoriously expensive states like California and New York. However, when compared to the rest of the country, the Silver State nearly meets the national average for cost-of-living expenses. Unfortunately, those expenses have been increasing in recent years as Nevada is fourth in the nation for inflation with a 17 percent increase since 2021. Rising prices, paired with less than average pay compared to other states, is posing a challenge for Nevadans.