For the past several years, Nevada Business Magazine’s annual “How We Stack Up” has compared Nevada with other states in a number of business and lifestyle measurements. And this year is similar to years past as healthcare and education continue to rank among the worst in the nation. Adding to the list of woes this year is affordable housing in the state, which continues to be a challenge. Last year’s chart indicated Nevada’s home value index was substantially above the national average. This year, that gap was widened even further, as many first-time home buyers are being priced out of the market. Business and community leaders throughout the state, have long touted Nevada as being “business friendly.” Much of this is due to the relatively low tax burden, which includes the lack of a state income tax and lower property tax. However, the state has slipped from position number 30 (out of the 50 states) to 39 this year in a ranking of pro-business states. But it’s not all bad news. The Silver State is shining in travel and tourism and continues to attract businesses and diversify the economy. Those of us that choose to call Nevada home, recognize the many challenges that plaque out state, but remain resilient and hopeful. The state, and ranking, of Nevada has much to do with our leadership. Battle-Born is more that just Nevada’s motto, in many ways it defines it’s citizenry. With a critical election just around the corner, and Nevada being a battleground state, the hope is Nevadans will let their voices be heard at the ballot box.
Healthcare
Nevada’s healthcare scorecard ranks low compared to other states in nearly every aspect possible. And with approximately 106.7 primary care physicians per 100,000 people, more Nevadan’s are rushing to ERs and urgent cares for common maladies instead of waiting months to see their doctor. Women in Nevada are especially facing challenges with access and affordability as the Silver State ranks 48th in health and reproductive care. Nevada isn’t doing much better for its seniors and ranks in the last 10 compared to other states for clinical care, behaviors and health outcomes.
Education
Year after year, the Silver State has earned failing grades in education, managing to stay ahead of Louisiana and Arizona. Ranked 48th in the nation, educators in Nevada are spread thin with a high teacher to pupil ratio. With larger classroom sizes it is no wonder that Nevada is producing students that fall behind the national average in math and reading test scores. However, with more than 85 percent of Nevada high school students graduating, concerns of low academic state standards are gaining merit. Nevada is also producing less college graduates, likely due to the Silver State’s robust entertainment and gaming industries and the rise in job opportunities that no longer require a four-year degree.
Housing
Despite rising interest rates, homeownership continues to be the state trend with over 60 percent of Nevadan’s being homeowners as of 2023. Home values are higher than the national average with homes costing almost $80,000 more than the average of the United Sates. And although Nevadan’s are also experiencing the increasing pressures of cost of living, delinquencies in Nevada remain below the national average. Landlords are also charging more in Nevada with monthly rental rates costing over $680 more than it did five years ago in Las Vegas.
Tax Burden
Nevada is ranked 41 for total tax burden as of 2024. Paired with no state income tax and low real estate and vehicle property tax rates, it’s no wonder that Nevada is gaining popularity for a diverse range of businesses and industries.
Travel & Tourism
Nevada continues to be a top travel destination for visitors around the world. Increasing market numbers over the last 12 months indicate a healthy travel and tourism industry, with a rise in all indicators except vehicle traffic counts which decreased over 20 percent. Nevada continues to far surpass the rest of the United States in gambling revenue. With almost a quarter of the nation’s gaming dollar spent in the Silver State.
Cost of Doing Business
Nevada has always been considered business friendly. However, according to a report put out by CNBC, the cost of doing business in the Silver State has increased dramatically over the last year resulting in Nevada dropping from 30 to 39 for affordability. Despite the deep impact that inflation has had on business owners, Nevada continues to maintain its reputation of being good for business and continues to offer an attractive business climate, especially when compared to California.
Cost of Living
In the past, Nevada has enjoyed a reputation of being affordable. However, with more and more people moving to Nevada from the Golden State and cost of living expenses rising, the Silver State is quickly losing its reputation of affordability and looking more like California than ever – minus the ocean views. Ranked 17th in the nation, it now costs approximately $41,630 a year to cover living expenses in Nevada. When compared to the average monthly salary of $4,311, that leaves a single person with slightly over $10,000 extra a year for anything not considered necessary for survival. Due to drastic inflation over the past few years, the same trend can be seen for Nevada’s families with funds stretched even more for single income families. Transportation in Nevada is also becoming more expensive with a rank of 4th in the nation for average transportation costs, right behind Alaska.
Lifestyle
Despite increasing costs, Nevada is still considered an affordable place to live and raise a family. Paired with its business-friendly tax environment and increasing lifestyle resources, Nevada is not only attracting businesses, but a diverse workforce and their families. Nevada now offers residents more recreational opportunities than ever before including access to 20 state parks, golf courses, museum, wineries and seven professional sports teams. Everything considered, Nevada remains a great place to live, work and raise a family.
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Publish date : 2024-08-31 14:09:00
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