Is It Better to Own a Home In California or Nevada?
These neighboring states both have their unique landmarks that are worth the draw to reside. In Nevada, you’ll treat yourself to Las Vegas, The Hoover Dam, and the Valley of Fire Park. In California, you have luxuries such as Hollywood, Disneyland, and the Golden Gate Bridge. Deciding which state to own a home in can be difficult, so lets lay out the pros and cons of the real estate for each.
Let’s take a look at the Sagebrush State and all that it has to offer. Looking to get hired? Well, Nevada lauds a 4.7% unemployment rate in the state which makes looking for a job, not a huge issue.
More and more people are looking to own a home in Las Vegas. According to statistics, the reason home ownership is increasing is because of the cheap price of real estate. When you examine the two markets, you can clearly know why Las Vegas and Nevada are becoming a clear opportunity for anyone who is exhausted of paying high taxes.
When comparing taxes in California to taxes living in Nevada it’ll seem like you’re saying farewell to taxes. Nevada doesn’t have an income tax and does not even touch any part of your retirement. There’s also a low cost of living, utilities, and a low cost of corporate taxes. If you’re looking to start a business Nevada is an excellent location.
Now let’s take a glance at the Golden State, which has the biggest economy in the United States and 5th biggest in the world. The unemployment rate isn’t that drastic of a difference sitting at 4.2% by the end of 2018.
Real estate sales in Southern California are at the highest of all time and they look to not be slowing down. Following with the high cost of owning a home, California has one of the largest tax rates in the nation for individual and companies. That’s even before taking into thought the high cost of services, estate taxes, food, living and so on.
If you choose to own a home in California be prepared to be taxed into eternity. If you can afford it then you’ll be living in prime real estate areas. The property tax there is 1.25% of the purchase price. Your personal tax ranges from 1.25%-10.55% depending on your income. Your retirement will also be taxed with the exception of Social Security and Railroad Retirement.
In the end, it really depends where you are at financially. If you can afford being taxed on everything and want to live in high-value areas then California is your ideal location. If you’re looking for a low cost of living and a great place to start a new business then Nevada has everything you’ll need. If you’re looking for a job both areas seem to match each other. No matter the decision both states will have beautiful sites to visit.