Thursday, February 27, 2020 / by Ken Couture
If you were to finish the phrase "Las Vegas is the best place to…"odds are you would say something in reference to the nightlife. With the reputation for being a city full of casinos, entertainers, and weekend visitors looking for a weekend to remember, you wouldn't necessarily be wrong. However, a recent study from Coventry Direct found that "sin city" might be the ideal place for much more than a bachelor weekend.
By looking at a number of different factors, Coventry determined that Las Vegas was the 11th best place in the country for retirees to settle down. While Las Vegas might not be your first thought when looking for a post-career fresh start, the data shows that it should be on your list.
To determine this ranking, Coventry considered a number of factors: cost of living, the difference when comparing the cost of living with retirement savings, average monthly rent, median mortgage prices, cost of air travel and the local retiree population. With these values, they put together an average city ranking and therefore awarded Las Vegas its top 15 ranking.
One of the most influential factors in Las Vegas' top 15 ranking was the reasonable cost of living. First of all, the city received an almost perfect score by ranking among the top of the country for the average cost of living. This may be surprising to some who view the city as a costly party destination filled with sprawling resorts and fine dining, but it turns out that life beyond the strip isn't terribly expensive compared to the rest of the country.
Another category where Las Vegas barely missed a perfect score is the average monthly rent. The housing market in Las Vegas has been deemed "stable and sustainable" by the Las Vegas Sun, and continues to see growth and opportunity for families and individuals looking to rent and purchase homes. This is great news for retirees looking to relocate after they quit working, giving them opportunities to either rent or purchase homes in their new cities.
While there are many things that make Las Vegas attractive to retirees, the city still has opportunities for growth. One thing that may prove to be an obstacle for retirees evaluating the city as a possible relocation spot is the cost of inbound flights to local airports. Because it serves as such a popular tourist destination, the price of flights is inflated for the local population wishing to travel to see friends and family around the country.
Another area the city can seek to grow in is its overall retiree population. Despite having an affordable location, there is a rather low retiree presence in the city, and that can serve as a roadblock for other people considering making the move here. Although both of these hurdles hinge on the expectation that these are going to be important to people entering retirement, growth in these areas could drive Las Vegas even further up the list as an ideal retiree location.