A typical Nevada visitor might consider the state as nothing more than an entertainment hub filled with deserts and resorts. However, any residents from the state will vouch for the benefits and versatility of NV- full of employment opportunities, luxurious retirement communities, and tax system might seem too good to be true. Relocating to a new destination is a big decision. So, examine the facts related to financial advantage, lifestyle, and accessibility before making the move to Nevada.
Where is Nevada?
Nevada shares borders with Oregon (northwest), Idaho (northeast), California (west), Arizona (southeast), and Utah (east). This enclosed state -surrounded by mountain ranges and desert- has 2428 miles of driving distance from the Capital, Washington.
7 Things to Know Before Moving to Nevada
1. Everything in NV doesn’t revolve around the gaming industry
Contrary to NV’s portrayal as a gambling and casino sanctuary for Vegas, the state’s rich history and resources go beyond the gaming industry. The abundant natural attractions – lakes, mountains, caves, desert landscapes, and national parks- promote an outdoor-oriented lifestyle. Also, the architecture (Hoover Dam), State Universities, proximity to California’s Hi-tech industry, and arts make it a melting pot that can attract people from all demographics.
2. You will enjoy warm sunny days
Although the region is full of sunshine – 252 sunny days yearly- you won’t miss out on the snow, which falls 22 inches per year. NV temperature peaks at 96°F during summer, while the winter low is 27°F. Be cautious; as the driest state in the US, the risk of wildfire is exceptionally high during summer.
3. Living Costs Below the US Average
Considering the amenity and proximity to favored locations, living in NV is cheaper than in many US states. NV’s goods and services price is 2.5% lower than the national average. High-paying executives and business personnel also save thousands on sales and income taxes- making the living cost significantly lower than in other locations.
4. Nevada has no individual income tax
NV residents enjoy zero income tax, corporate income tax, state property, and estate tax. The sales tax (6.85%) is moderate, while there is no sales tax on food and medicine. Thanks to these resident-friendly tax rates, Nevada’s tax system ranked 7th on Tax Foundation’s 2023 State Business Tax Climate Index. Minimal tax is the core reason people move from the neighboring high-tax state of California, where an individual with a 100k income pays average and marginal tax rates of 30.0% and 42.6%, respectively.
5. NV’s economy is thriving with mining, agriculture, entrepreneurs, and tech companies
From traditional mines (mineral, gold, and silver) and the leisure and hospitality industry to the latest Tesla Gigafactory, NV has an endless supply of versatile jobs. Tourism, the service sector, and gaming occupy more than half of NV employment. Yet, aerospace, defense, IT energy, logistics, manufacturing, and WFH opportunities keep growing over time- making it sixth in the nation for the economic aspect. The growing economy led to a 5.3% growth in average weekly wages- equivalent to about $28.73 an hour, while the federal minimum wage is $7.25 per hour.
6. The endless festivals and events
You never have to visit another state for an event after moving to Nevada. There is always somewhere to go in NV- cultural events, festivals, art shows, car shows, and many more. Popular establishments -such as the National Automobile Museum, Animal Ark, Reno’s Midtown Mural Tour, Nevada Museum of Art, The Bellagio Fine Art Gallery, and Las Vegas Natural History Museum – can keep you entertained for days. If Nevadans want to avoid the flashy Vegas shows, they go for Reno to experience unique restaurants and intimate festivals.
7. NV’s Crime Rate depends on the neighborhood
NV has seen a drop in violent crime since 2019, and in 2023, the rate went from 4.6 incidents per 1,000 residents to 4.3- higher than the national average of 4.0. Despite the overall crime rate, the safest cities-Boulder City, Mesquite, Henderson, North Las Vegas, and Sparks- had 28% fewer violent crimes and 24% fewer property crimes than the rest of the state.
Checklist Before Moving to Nevada
Sorting out the Storage Situation
Sort out your keep, donation, and storage piles, as regular storage rentals can cost $190-$260 per month. Finding a climate-controlled storage unit (starting from $190/month) will be wiser to store and preserve special artifacts- antiques, artwork, electronics, and musical instruments.
If you have a vintage or spare car you don’t want to bring in NV, use vehicle storage units with a starting cost of $210/ month. In contrast, you can donate the decluttered items to the Salvation Army, Goodwill, and animal shelters.
Contracting a Moving Company
The cost of hiring a moving company varies based on home size and distance. For local moves involving a three-bedroom home, the average expense is approximately $2,100, while long-distance relocations (greater than 250 miles) for the same size home can amount to about $5,500. Long-distance move costs can go as high as $17,000.
The moving company also provides packing services and workforce to bring down and set up household items. A complete packing service can take $250 to $1,400, and manpower costs $25-$125 per person. Apart from everyday goods, you might need a vehicle mover considering your current state is far away. Car shipping fares around $1200-$2100, depending on the vehicle type, delivery time, and distance.
Get To Know About the Neighborhoods
Although the congested cities of NV (Las Vegas, Henderson, and Reno) might scare an outsider, there are plenty of stunning areas to call home. The oversaturated Las Vegas ranks as the priciest neighborhood cladded with celebrities and actors, with houses over the $20 million mark. Yet, the secluded properties, poor education, and high crime rates make raising a family challenging for the general populace.
For higher executives from a tech company or remote workers, Henderson can lead to similarly-minded people. This tech-centric community’s median single-family home price reached $515,000 in June 2023. Do you want the best of these two cities sans the rush and seclusion? The fast-growing town of Reno might appease you with top-rated educational institutes, low crime rates, and a versatile price range for residential properties. Let it be a luxury golf retirement communities or a family-friendly suburb, and Reno neighborhoods have it all.
Updating Financial and Legal Documents
Moving means an individual has to go through updating financial, legal, and everyday necessity papers to the new residential address. If you own a car, you must transfer the car registrations and titles to Nevada before or within 30 days of moving to NV. Also, contact USPS and forward your future mailing address.
Since financial institutions use your current location for loans, banking, credit cards, and specialty offers, notify them about the relocation to avoid future hassle. If you come from a state with income tax, study the official state tax website for information about Nevada taxes and filing returns.
Getting New Insurances
As new Nevadans, you must update or get new insurance for cars, healthcare, pets, and fire protection (for homeowners). In NV, car insurance for bodily injury liability and property damage liability per accident run $25,000 and $20,000 mark, respectively. An upgrade would be enough if the requirements and rates match your current policy.
Shifting to a different state entitles an individual Special Enrollment Period- resulting in change and update of health insurance plans outside of Open Enrollment. Additionally, if you plan on buying a home in NV, you will need fire insurance for the dry summer months when cases of wildfires are high.
How Can I Establish My Nevada Residency?
If you stay in Nevada for more than 183 days out of a year, the state will consider you a resident for tax and legal requirements. Being a Nevadan lets you have special perks such as in-state tuition fees at colleges, tax reduction, zero tax on pension, and many more. For pensioners, registering for votes for the state gives them Nevadan residency.
Nevada’s economy is going stronger than ever as the state made a revenue of $251 million in 2023- meaning more improvements of the state-run services and no chance of a tax raise. Hence, even though you have to switch jobs or say goodbye to the familiar faces of your current community, Nevada’s unparalleled opportunities make it worth moving.
We hope you found this blog post on Moving To Nevada? Read This Before You Move useful. Be sure to check out our post on Do’s and Don’ts To Follow For Buying Land in Nevada for more great tips!