15 Best Places to Retire in Nevada
This article looks at the 15 best places to retire in Nevada. If you wish to skip our detailed analysis of the pros and cons of retiring in Nevada, head over to the 5 Best Places to Retire in Nevada.
Pros and Cons of Retiring in Nevada
The state of Nevada is one of the best states for retirement in the US, especially for retirees keen on avoiding a massive tax burden on their savings and retirement incomes. The Silver State was recently featured in our list of 18 most tax-friendly states to retire in 2024, in which it ranked higher than the neighboring states of Arizona and California.
Those contemplating retirement in the Silver State might be pondering the pros and cons of retirement in Nevada. On the downside, one of the reasons Nevada is often neglected as a retirement destination is its housing costs. According to Redfin Corporation (NASDAQ: RDFN), the median home price in Nevada in February 2024 was $446,000, 8.3% higher than the national median. In comparison, Redfin Corporation (NASDAQ: RDFN) reveals that popular states where people go to retire such as Florida and Texas both had median home prices of $407,000 and $341,000 respectively.
Another concern with retiring in Nevada is the state’s healthcare system. According to a study by United States of Care published in 2023, Nevada’s healthcare companies have increased profit margins significantly in recent years, however, this has come at the expense of consumers. Per the study, 65% of Nevada adults experienced affordability burdens in 2022 whilst Nevada’s insurance companies and hospitals both saw profit margins upwards of 15%. Even though the burden of healthcare expenses might be mitigated through Medicare, coverage under this program begins no sooner than the age of 65.
At the same time, there are plenty of positives which retirees can look forward to in Nevada. The biggest advantage of retiring in this state is its retirement-friendly taxation policies. Nevada has zero state income tax, meaning that all forms of retirement income, such as 401Ks, pensions, and Social Security remain un-taxed at the state level.
Furthermore, our list of 13 States That Don’t Tax Retirement Income shows that although Nevada’s sales tax rates tend to be high, average property taxes are relatively low at just 0.48%. This, coupled with an average cost of living just 1.3% higher than the national average, means that Nevada is one of the states where it might be feasible for Americans to retire on social security.
Savings and Competing Priorities
In a study conducted by Lincoln National Corporation (NYSE: LNC), it was shown that 64% of people representing Gen X had concerns about having enough income in retirement. However, retirement isn’t just an affair that concerns baby boomers and Gen X. According to the Lincoln National Corporation (NYSE: LNC), having enough income in retirement is the #3 ranked concern among consumers across all generations.
Concerns regarding financial distress after retirement stem from an inability to save adequate funds. According to The Goldman Sachs Group, Inc. (NYSE: GS), savers are trapped in a financial vortex of competing priorities. Their inability to navigate through this distress is impacting their ability to retire on time. In the Retirement Survey & Insights Report 2023, The Goldman Sachs Group, Inc. (NYSE: GS) revealed that more than 60% of workers say they expect to put back their retirement by at least a year, with 21% saying they expect it to be at least four years.
In the face of competing priorities, potential retirees might find themselves unable to contribute any income towards retirement savings. To navigate their way around the vortex, retirees may consider obtaining professional advice from organizations such as The Goldman Sachs Group, Inc. (NYSE: GS) and Lincoln National Corporation (NYSE: LNC). At the same time, retirees can look seek advice through lists like our recent one on best states for retirement in the US to ensure they can find a retirement destination where they can get the highest standard of living out of their financial position. For retirees interested in exploring retirement destinations in the Silver State, join us as we look at the best places to retire in Nevada.
Methodology
To develop our list of best places to retire in Nevada, we initially picked out the most recommended places to retire in Nevada on the internet. We used 10+ sources including Our list of 17 Best Sunny Cities for Retirees in the US, 25 Best Cities in US with Great Weather for Retirees, and external sources such as Movoto to develop a shortlist. Further research was narrowed down to these places only.
Among these best places to retire in Nevada, we developed a scorecard using metrics such as livability scores, cost of living, and median home prices. Livability scores were sourced from Area Vibes while median home prices were obtained from Redfin Corporation (NASDAQ: RDFN). By standardizing these metrics on a linear scale, each place was scored, based on which we sorted our list in a descending order. The top 15 places were chosen as the best places to retire in Nevada.
By the way, Insider Monkey is an investing website that tracks the movements of corporate insiders and hedge funds. By using a similar consensus approach, we identify the best stock picks of more than 900 hedge funds investing in US stocks. The top 10 consensus stock picks of hedge funds outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years (see the details here). Whether you are a beginner investor or a professional one looking for the best stocks to buy, you can benefit from the wisdom of hedge funds and corporate insiders.
Here are 15 Best Places to Retire in Nevada.
15. Sparks
Insider Monkey Score: 8.54
Livability Score: 76
Median Home Price: $482,500
IM Cost of Living: 110.8
Sparks is located just a short distance away from the city of Reno, one of the best places to retire in Nevada. In comparison to Reno, Sparks offers a comfortable, exurban lifestyle at a somewhat lower cost of living. Sparks’ most famous attraction is the Sparks Marina, which offers plenty of water-based activities to locals.
14. Boulder City
Insider Monkey Score: 8.96
Livability Score: 73
Median Home Price: $407,500
IM Cost of Living: 105.8
Boulder City is one of the best places to retire in Nevada boasting plenty of excellent retirement communities to choose from. According to Area Vibes, the median age of Boulder City residents is 52.7, 15 years higher than the state average. There is a ban on gambling within the city, in case you’re concerned about punting away your savings.
13. Fernley
Insider Monkey Score: 8.97
Livability Score: 68
Median Home Price: $384,995
IM Cost of Living: 97
Although Fernley has a livability score which falls on the lower end of the spectrum among the best places to retire in Nevada, there are several reasons to consider it as a retirement destination. The city has a cost of living and median home price below both the national and state averages. Moreover, although it’s a small town, there are several historic museums and lakes to explore in the region.
12. Reno
Insider Monkey Score: 9.27
Livability Score: 81
Median Home Price: $500,000
IM Cost of Living: 113.3
Reno is known as Nevada’s “Biggest Little City” and offers one of the most vibrant retirement experiences in the state. It has one of the highest livability scores on our list, and retirees can expect plenty of cultural festivals and activities to engage in.
11. Yerington
Insider Monkey Score: 9.62
Livability Score: 71
Median Home Price: $269,000
IM Cost of Living: 105
Yerington’s most appealing attribute is that its median home price is just $269,000. In terms of population, it is one of the smallest places on our list, and therefore offers the opportunity for retirees to settle into a close-knit community.
10. Laughlin
Insider Monkey Score: 10.03
Livability Score: 73
Median Home Price: $192,500
IM Cost of Living: 110.6
Laughlin has the lowest median home price out of all the places on our list, making it one of the best places to retire in Nevada for retirees who wish to own their house. The city is located near River Colorado and houses plenty of casinos. It is a popular destination among retirees with a median age of 62.2 according to Area Vibes.
9. Paradise
Insider Monkey Score: 10.07
Livability Score: 75
Median Home Price: $349,500
IM Cost of Living: 103.8
Why spend your golden years in Sin City, when you can enjoy all of its amenities in Paradise. Paradise is located so close to Las Vegas that its often mistaken as being a part of the city. However, retirees can expect cheaper real estate and cost of living than Las Vegas, whilst being in close proximity to their favorite outings and excursions.
8. Pahrump
Insider Monkey Score: 10.09
Livability Score: 68
Median Home Price: $350,000
IM Cost of Living: 89.3
Although Pahrump doesn’t boast the most desirable livability score, it’s a very popular destination for retirees. It has a median age of 54.5 and there are plenty of retirement communities in the city. Although the town is somewhat rural and doesn’t offer the same entertainment/ amenities as most major cities in Nevada, it’s still one of the best places to retire in Nevada due to its affordable cost of living and real estate.
7. Mesquite
Insider Monkey Score: 10.09
Livability Score: 77
Median Home Price: $429,990
IM Cost of Living: 102.3
Mesquite offers a perfect blend of nature, entertainment, and comfort for retirees. Its cost of living and home price is just under the Nevada average. Moreover, it has a lively retirement community with plenty of senior housing options, both independent and assisted.
6. Elko
Insider Monkey Score: 10.7
Livability Score: 75
Median Home Price: $359,000
IM Cost of Living: 97.5
In comparison to other destinations on our list, Elko boasts a more scenic landscape as it is perched among the Ruby Mountains. Elko is famous for its rustic, western lifestyle and hosts the National Cowboy Poetry Gathering each year. It also offers a relatively cheap cost of living and housing, making it one of the best places to retire in Nevada.
Click to continue reading and see the 5 Best Places to Retire in Nevada.
Suggested Articles:
Disclosure: none. 15 Best Places to Retire in Nevada is originally published on Insider Monkey.