Nevada Real Estate (NV)

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• Infromation about several home builders in the state of Nevada.

General State Information

Nevada is the seventh largest state in the nation with a total area of 110,567 square miles.  Located in the western United States, the state is landlocked by Utah to the east, Arizona to the Southeast, California to the West, and Oregon and Idaho to the north.  Due to its once large number of silver deposits, Nevada’s nickname is the “Silver State.”  Its capital is Carson City, and its most populous city is the famous Las Vegas.

Nevada is currently the 36th most populous state with 2,495,529 residents, 85% of which concentrated in the metropolitan areas of Las Vegas and Reno.  As the nation’s second-fastest growing state, Nevada’s population increased by 3.5% last year and 20.8% since the year 2000.  According to recent census estimates, Nevada is demographically comprised of 65% White American, 7% African-American, 10% Asian-American, 2% American Indians and Pacific Islanders, with the remainder Hispanic and Latino.

Economy

Nevada currently ranks 31st in the country in gross state product.  Its industrial production includes tourism, machinery, printing, publishing, food processing, and electrical equipment.  Outside the metropolitan areas, Nevada’s economy is driven by cattle ranching, agriculture (hay, alfalfa, dairy products, onions, and potatoes), and mining.  Although dubbed the “Silver State,” Nevada now yields much more gold than silver, recently accounting for 8.7% of the world gold production.

In parts of Nevada, another economic factor is prostitution, which is legal in the form of brothels.  However, only counties with a population under 400,000 can legalize it.  Thus it remains illegal in Las Vegas and other metropolitan areas.

Nevada is also one of only a few states with no personal income tax and no corporate income tax. The state sales tax in Nevada is 6.5%, yet its counties may also assess option taxes, making the combined state/county sales taxes in some areas as high as 7.75%.

According to the 2006 Bureau of Economic Analysis report, the median earnings in Nevada for a female full-time, year-round worker was $30,830 (22nd in the nation), and the same median earnings for a male was $37,785 (32nd in the nation).  While its median family income is currently $51,722 (28th in the nation), and its median household income is $44,646 (22nd in the nation), per capita income in Nevada ranks 11th in the nation at $46,108.

Real Estate

Homes in Nevada sparkle with a style all their own and vary with the personality of their owners.  Known as one of the most glamorous states, Nevada boasts homes built with the finest materials and a variety of magnificent interior designs.  In 2000, the home ownership rate in Nevada was 60.9%, with the median value of owner-occupied housing units at $142,000.  There were 751,165 households and 2.62 persons per household.  In 2006, there were 1,065,197 housing units in Nevada, 32% of which in the form of multi-unit structures.  The median price for vacant units was $142,500, and the median monthly rent for homes, apartments, and condos was $631.