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Should You Retire in Nevada? | The Motley Fool

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Should You Retire in Nevada? | The Motley Fool


Yes, there are casinos, but there’s a lot more to Nevada.

Many retirees consider relocating for retirement — often to places with warmer climates, such as Florida and Arizona. Nevada is another state with a warm climate, and you might prefer it to many other states. Let’s look at some of its pros and cons.

On the plus side, its cost of living is very close to the national average, per the World Population Review. Its housing and transportation costs are respectively 11% and 17% above average, while healthcare costs are about 5% less costly. Healthcare in Nevada could be better, though: The folks at MedicareGuide.com have rated it the 37th-best state in the U.S. for elderly healthcare, factoring in cost, quality, and access.

Image source: Getty Images.

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The typical home price in Nevada was recently $457,395, about 26% higher than the national average. On a more positive note, the average annual cost of car insurance in Nevada was recently $3,250 — only about 8% above the national average. Other negatives include some extreme heat in the summer and the chance of floods, droughts, and wildfires.

Retirees care a lot about taxes, as their incomes are more limited, and Nevada is terrific on this count. There’s no income tax at all, so even Social Security benefits are not taxed, and neither are 401(k) and IRA withdrawals or pension income.

Nevada is home to lots of people aged 62 and above, and it offers a lot of natural beauty and opportunities for outdoor recreation — such as golfing, hiking, skiing, camping, and so on. Indoor entertainment includes plenty of museums, theaters, restaurants, and… casinos.

Spending time in a casino can be fun, and some attract major performing artists. Gambling can be fun, too, but if you’re prone to gamble too much or have a gambling addiction, Nevada may be best avoided.

If some of these Nevada characteristics sound good, take a closer look at the state, and perhaps spend a few summer months there to make sure it’s a good fit.

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Mansion on the Nevada Side of Lake Tahoe Swiftly Sells for $46 Million

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Mansion on the Nevada Side of Lake Tahoe Swiftly Sells for  Million


A waterfront mansion on the Nevada side of Lake Tahoe just sold for $46 million, less than three weeks after hitting the market. 

The speedy deal marks a departure from the typical U.S. market.

Nationwide, homes took a median 78 days to land a buyer in January, five more than the same time last year and the 22nd straight month of homes taking longer to sell on a year-over-year basis, according to data from Realtor.com. 

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The lavish log cabin-like residence, in Incline Village, listed on Jan. 24 for $47.5 million. It sold 20 days later, on Feb. 13, listing records show. 

The more than 7,000-square-foot residence was built in 2014, and has double-height living spaces, walls of windows, beamed ceilings, fireplaces, and plenty of rustic exposed stone and wood, listing images show. 

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There’s also a gym, a wet bar, a spa, a wine room, an office, two separate game rooms, seven bedrooms and dramatic Lake Tahoe views. Outside, there’s a private sandy beach, multiple decks, a heated driveway and two exterior fireplaces, according to listing information. 

MORE: Visited by Kings and Larger Than Manhattan, Giant Scottish Estate Asks £67 Million

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The seller and the buyer are both limited liability companies, according to property records. Both parties were represented by Jeff Brown of Tahoe Mountain Realty, who declined to comment on the deal. 

The median home price in Incline Village was $1.595 million as of December, a fall of 3.3% from a year earlier, according to data from Realtor.com. Listings, meanwhile, spent an average of 130 days on the market. 



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Green Valley edges Liberty in Class 5A softball — PHOTOS

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Green Valley edges Liberty in Class 5A softball — PHOTOS