Author Topic: Talk to me about Las Vegas  (Read 3358 times)

cangelosibrown

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Talk to me about Las Vegas
« on: November 20, 2019, 10:57:48 AM »
As part of my endless "where should I live long-term" discussion, I'm currently looking at the Las Vegas area.

Basically we're looking for somewhere cheap, warm, state income tax-free, good flight connections, and with at least some local hiking.

The Las Vegas area seems like it checks all those boxes... but it also seems like an incredibly weird place. I've been there a few times, but always just passing through as part of a larger trip, and never spent any real time there.

Has anyone ever actually lived there? Are there any spots that are vaguely walkable, decent areas?

Kris

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Re: Talk to me about Las Vegas
« Reply #1 on: November 20, 2019, 11:10:30 AM »
I have friends who live there, and they say off the strip, they really like it. And that locals donít go to the strip, anyway.

I also have friends who lived there for a few years, and they freaking hated it.

I think this is one of those places that youíd have to go to yourself to figure out which of those you are. Iím pretty sure Iíd hate it.... then again, both sets of friends above are people I love dearly and have a lot in common with.

cangelosibrown

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Re: Talk to me about Las Vegas
« Reply #2 on: November 20, 2019, 11:15:28 AM »
I have friends who live there, and they say off the strip, they really like it. And that locals donít go to the strip, anyway.

I also have friends who lived there for a few years, and they freaking hated it.

I think this is one of those places that youíd have to go to yourself to figure out which of those you are. Iím pretty sure Iíd hate it.... then again, both sets of friends above are people I love dearly and have a lot in common with.

HA! I feel like this is exactly the responses I expected. Someone really liking it, someone really hating it. I have no idea how to get a sense of which I would be, though! Do you have any insights into why the people liked it or why the people hated it?

Cassie

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Re: Talk to me about Las Vegas
« Reply #3 on: November 20, 2019, 11:20:28 AM »
I find Vegas to be ugly and I donít like Heat year round. I was there on business in August and I was soaked with sweat right through my pants and underwear just waiting for the A/C to get cool in the car.  Personally I love Reno as it has a mild 4 seasons with Tahoe close by. I find the area beautiful and the people friendly.

cangelosibrown

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Re: Talk to me about Las Vegas
« Reply #4 on: November 20, 2019, 11:30:32 AM »
I find Vegas to be ugly and I donít like Heat year round. I was there on business in August and I was soaked with sweat right through my pants and underwear just waiting for the A/C to get cool in the car.  Personally I love Reno as it has a mild 4 seasons with Tahoe close by. I find the area beautiful and the people friendly.

Yeah, I definitely  summer in Vegas sounds absolutely horrible, but that's part of the appeal to me -- I'm looking for somewhere cheap enough that I can travel 3-6 months a year, and it's nice that in Las Vegas the times when I wouldn't want to be there (summer) line up with the times that are nicest most of the other places I'd want to be.

LifeHappens

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Re: Talk to me about Las Vegas
« Reply #5 on: November 20, 2019, 11:35:21 AM »
I don't have any info about Vegas specifically, but my DH and I did a major relocation search two years ago. We had a list of criteria (housing price range, amenities we wanted, etc) and scheduled weekend trips to places that look promising on paper.

During the trip we tried to stay as close as possible to where we might want to live, pulled up a bunch of real estate listings and drove/walked to see as many as possible. We also visited the library, parks, and whatever else was on our list.

The most promising place got a second visit, and then a third when we were actively house shopping.

If you think Vegas is at all a potential place to move, I highly suggest at least two visits (in different seasons) where you try to live like a local as much as possible.

GuitarStv

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Re: Talk to me about Las Vegas
« Reply #6 on: November 20, 2019, 11:37:07 AM »
There's a lot of lovely nature just outside of the city of Las Vegas.

v8rx7guy

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Re: Talk to me about Las Vegas
« Reply #7 on: November 20, 2019, 11:39:06 AM »
There's a lot of lovely nature just outside of the city of Las Vegas.

Agreed.  I just visited last week and we visiting the Valley of Fire area and it was AWESOME.

cangelosibrown

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Re: Talk to me about Las Vegas
« Reply #8 on: November 20, 2019, 11:44:29 AM »
I don't have any info about Vegas specifically, but my DH and I did a major relocation search two years ago. We had a list of criteria (housing price range, amenities we wanted, etc) and scheduled weekend trips to places that look promising on paper.

During the trip we tried to stay as close as possible to where we might want to live, pulled up a bunch of real estate listings and drove/walked to see as many as possible. We also visited the library, parks, and whatever else was on our list.

The most promising place got a second visit, and then a third when we were actively house shopping.

If you think Vegas is at all a potential place to move, I highly suggest at least two visits (in different seasons) where you try to live like a local as much as possible.

Cool, I was just looking at flights to Vegas (thankfully there are plenty, which is a lot of the appeal). We're still pretty close to being nomads, so if it (or anything), passes that threshold we'll probably just try to get an airbnb for a month or two  once our current lease is up, then go from there.

Curious what you ended up deciding on your search?

honeybbq

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Re: Talk to me about Las Vegas
« Reply #9 on: November 20, 2019, 12:00:40 PM »
Have you ever been before??

cangelosibrown

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Re: Talk to me about Las Vegas
« Reply #10 on: November 20, 2019, 01:08:47 PM »
Have you ever been before??

Yeah, I've been there 4 or 5 times. Mostly passing through as part of a larger trip, or once for a wedding. Never did much exploring though, and certainly wasn't thinking in terms of what it would be like to live there.

NV Teacher

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Re: Talk to me about Las Vegas
« Reply #11 on: November 20, 2019, 02:10:40 PM »
Moved to Vegas in 1995.  Taught there for 13 years and then moved to rural NV to teach. 

Pros
Cheap to live.  No state income tax.  Variety of entertainment readily available.  Close to good hiking and trails if you like desert areas.  Easy to fly in and out with McCarran airport.  Lake Mead and the Colorado river for water sports.  Lots of shopping available with several ethnic markets.  Great weather nine months of the year.  Sporting events with UNLV and the new hockey team.  I think there is a baseball team too.  Decent library system with multiple libraries around town and a some good museums and other attractions.  The casinos do some cool things if you don't mind traffic, parking, and crowds.

Cons
Traffic can be yucky driving across town.  Smog pretty much year round.  Hot, hot, hot in the summer.  Big city crime.  Areas of town become run down quite quickly. 

I don't know that I'd say there are areas that are walkable but definitely bikable.  I tended to stay in my part of town.  I went to the Strip twice in 13 years and that was plenty for me.  I didn't mind living in Vegas but at heart I'm a small town girl so the rural areas are a perfect fit.

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Re: Talk to me about Las Vegas
« Reply #12 on: November 20, 2019, 03:38:28 PM »
Curious what you ended up deciding on your search?
We were living in a rural-ish area of Florida and decided we wanted to be in a larger metro area. We chose a town in the Tampa region and are quite happy.

Duke03

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Re: Talk to me about Las Vegas
« Reply #13 on: November 20, 2019, 03:44:25 PM »
I'd look in Henderson especially the Green Valley area , Boulder City, or even Mount Charleston area if you could find something reasonably priced.  They are all suburbs of Vegas.  The best thing about Vegas is you have access to a lot of out door activities and the best restaurants in the world.  On top of that you never have to travel to see any kind of Headliner.   All the tours will come thru Vegas.

Villanelle

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Re: Talk to me about Las Vegas
« Reply #14 on: November 20, 2019, 04:12:45 PM »
My 70+ year old parents live in Los Vegas.

Once you get even a few miles away from the Strip or downtown, it's not weird at all.  It feels like any other bedroom community.  You mention "warm", but I've been there when it was 118*, so make sure you are okay with that.  Also, I was surprised at how cold it gets in winter.  It does freeze, and occasionally even snow a little bit.  So also make sure you are prepared for that. 

There's no state income tax, which is nice if you plan on having income.

As far as walkable, see my comment about 118* (which isn't common, but 110* isn't uncommon).  So first make sure you are prepared to walk or bike in that kind of weather.  Assuming you are, it's still not what I'd consider to be walkable.  That's actually the main reason DH and I hesitate to move there eventually.  It's generally suburban sprawl in a very Southern CA kind of way.  Bedroom communities with row after row of housing, and shopping is done at a strip mall that is a 5-10 min drive away.  You could aim to be close to the strip mall which would make groceries and a drug store and a few more things walkable, but it's likely you will have to drive for some or many things, even if you do that.

That said, I certainly am not familiar with every corner of the city.  And there are high rise condo buildings that have commercial/retail on street level.  That could be an option to make things more walkable. 

solon

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Re: Talk to me about Las Vegas
« Reply #15 on: November 20, 2019, 04:16:20 PM »
@arebelspy lived there for a long time. Grew his mustache there, IIRC.

Goldendog777

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Re: Talk to me about Las Vegas
« Reply #16 on: November 20, 2019, 04:57:00 PM »
I've lived in Las Vegas for 27 years and in Henderson for the last 10 of those years.  I'd say whether or not you like it here depends on where you are from and what you are used to.  If you are used to a close knit community, small town feel, this is not it.  Most people are transplants and not from here so there is an air of indifference here.  I've lived in 3 different neighborhoods here and most people keep to themselves.  It's almost as if people don't want to take the time to get to know each other as it is so transient that if you make friends, they just move elsewhere!  But on the flip side, people stay out of your business for the most part!

It's definitely hot in the summer...I compare it to when you cook your Thanksgiving turkey and you have to stick your head in the oven to baste it..that's how it feels!  I bike/run/walk in the morning before the sun comes out.  I wouldn't say it's pleasantly walk-able in the dead of the summer midday.  The fall, winter and spring are lovely so if you can tough it out for the 4 summer months, it's worth it.  Because we get very little variation in weather (no tornadoes, hurricanes, snow, ice, etc), there is very little maintenance on a home.  Property taxes and homeowners insurance are very affordable.  Car insurance is not.  Traffic has gotten worse in the past few years.  In the past year, 50,000 Californians have moved here.  If you want a mid-size city, this is not it.  Housing has gotten a little pricey. 

There is a ton of stuff to do...we have the Smith Center if you like fancier shows/plays.  There are off-strip casinos if you like to gamble or go to the sports book.  We have great restaurants.  If you like nature, we have Red Rock Canyon and Lake Mead.  If you like skiing, Mount Charleston is super close (within an hour depending on where you live in Vegas). 

If you have any questions, let me know! 

arebelspy

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Re: Talk to me about Las Vegas
« Reply #17 on: November 20, 2019, 06:33:31 PM »
@arebelspy lived there for a long time. Grew his mustache there, IIRC.

Indeed, we lived there for 8 years, from age 21 to 29.

Great place to live. Avoid the strip and it's a town with a lot of advantages: outdoor stuff (lake mead, red rock, Mt. Charleston), availability of anything you want, great weather, cheap flights. Very low COL, no state income tax.

Very meh school system, so I probably wouldn't raise kids there, but I could definitely see retiring there. Just not early retiring there, personally, for that reason.

But I'm a fan.
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cangelosibrown

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Re: Talk to me about Las Vegas
« Reply #18 on: November 21, 2019, 11:58:22 AM »
Thanks for the replies everyone!

Just to work through it in my head, I made a summary of the pros and cons everyone has listed, with the things I care about at the moment bolded

pros:  great flight connections, relatively low housing prices, property taxes and homeowners insurance are very affordable,  no state income tax, access to a lot of out door activities: Red Rock Canyon, Lake Mead, Mt. Charleston, Valley of Fire,  skiing.  great restaurants,
cons: summer heat, no community feel anywhere, suburban sprawl, not walkable, very meh school system, traffic, big city crime
Areas to consider: Henderson especially the Green Valley area , Boulder City, or even Mount Charleston area

Looking at that list, there's plenty of pros and cons, but I have bolded a lot more in the pro column than I have in the con category. If I were doing the bolding for the rest of my life, I would care much more about the cons, but I'm really only thinking in terms of the next 5 years (when my daughter hits school age, and is also the far extreme of when I think I'll stop working).

I'm a telecommuter right now, and it's very difficult to financially justify moving anywhere with state income tax. In addition, I'm thinking I will probably work for a few more years, but I consider myself FI. Mentally, I don't want to live somewhere so expensive that I can't quit whenever I want.

When my daughter starts school and I have a better idea of what my retirement budget looks like, we'll reevaluate where we want to live for my daughter's school age years.

I'm looking at flights and will probably go to Vegas in the next few weeks, please chime in if I missed anything or if there's any other areas I should investigate.

frugaldrummer

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Re: Talk to me about Las Vegas
« Reply #19 on: November 21, 2019, 04:00:25 PM »
What about Reno instead? Same tax benefits, beautiful area with fantastic skiing and mountain hiking nearby, not crazy hot like Vegas but a mild climate. A friend of mine and his wife retired to a small town outside Reno and it looks gorgeous, he hikes and bikes all the time and does Ski Patrol in Tahoe in the winters.

minimustache1985

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Re: Talk to me about Las Vegas
« Reply #20 on: November 21, 2019, 09:24:00 PM »
Iím in the suburbs and we love it- yes itís crazy hot a few months, but Iíve never had to shovel heat off my driveway and MOST places have crap weather a few months a year.  Iíd rather have a hot summer than a snow filled winter- snow here is pretty rare and for it to stick in the valley is rarer still.

Schools are definitely meh to poor, Green Valley and Summerlin (GV being the more affordable of the 2 and closer to lake mead, summerlin being closer to red rock) are the better areas as far as schools go.  Iíd also recommend GV for you as itís closer to the airport.  Housing prices are not what Iíd consider relatively low but it depends where youíre coming from- itís generally higher than the Midwest but much lower than coastal areas or say, Colorado (the other state weíve seen a big influx from).

marty998

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Re: Talk to me about Las Vegas
« Reply #21 on: November 24, 2019, 01:35:21 PM »
Thanks for the replies everyone!

Just to work through it in my head, I made a summary of the pros and cons everyone has listed, with the things I care about at the moment bolded

pros:  great flight connections, relatively low housing prices, property taxes and homeowners insurance are very affordable,  no state income tax, access to a lot of out door activities: Red Rock Canyon, Lake Mead, Mt. Charleston, Valley of Fire,  skiing.  great restaurants,
cons: summer heat, no community feel anywhere, suburban sprawl, not walkable, very meh school system, traffic, big city crime
Areas to consider: Henderson especially the Green Valley area , Boulder City, or even Mount Charleston area

Looking at that list, there's plenty of pros and cons, but I have bolded a lot more in the pro column than I have in the con category. If I were doing the bolding for the rest of my life, I would care much more about the cons, but I'm really only thinking in terms of the next 5 years (when my daughter hits school age, and is also the far extreme of when I think I'll stop working).

I'm a telecommuter right now, and it's very difficult to financially justify moving anywhere with state income tax. In addition, I'm thinking I will probably work for a few more years, but I consider myself FI. Mentally, I don't want to live somewhere so expensive that I can't quit whenever I want.

When my daughter starts school and I have a better idea of what my retirement budget looks like, we'll reevaluate where we want to live for my daughter's school age years.

I'm looking at flights and will probably go to Vegas in the next few weeks, please chime in if I missed anything or if there's any other areas I should investigate.

So you want all the perks of living in a great area without paying for it through income taxes.

Be interesting if everyone felt that way... perhaps "no state income tax" is why the schools are "meh" and there's lots of crime and traffic / not good public transport?

Cassie

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Re: Talk to me about Las Vegas
« Reply #22 on: November 24, 2019, 02:12:10 PM »
The schools arenít very good in Reno either. Property taxes are very low and people hate taxes in Nevada. As much as I love it in Reno I am glad my kids didnít go to school here. 

arebelspy

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Re: Talk to me about Las Vegas
« Reply #23 on: November 24, 2019, 04:27:07 PM »
Thanks for the replies everyone!

Just to work through it in my head, I made a summary of the pros and cons everyone has listed, with the things I care about at the moment bolded

pros:  great flight connections, relatively low housing prices, property taxes and homeowners insurance are very affordable,  no state income tax, access to a lot of out door activities: Red Rock Canyon, Lake Mead, Mt. Charleston, Valley of Fire,  skiing.  great restaurants,
cons: summer heat, no community feel anywhere, suburban sprawl, not walkable, very meh school system, traffic, big city crime
Areas to consider: Henderson especially the Green Valley area , Boulder City, or even Mount Charleston area

Looking at that list, there's plenty of pros and cons, but I have bolded a lot more in the pro column than I have in the con category. If I were doing the bolding for the rest of my life, I would care much more about the cons, but I'm really only thinking in terms of the next 5 years (when my daughter hits school age, and is also the far extreme of when I think I'll stop working).

I'm a telecommuter right now, and it's very difficult to financially justify moving anywhere with state income tax. In addition, I'm thinking I will probably work for a few more years, but I consider myself FI. Mentally, I don't want to live somewhere so expensive that I can't quit whenever I want.

When my daughter starts school and I have a better idea of what my retirement budget looks like, we'll reevaluate where we want to live for my daughter's school age years.

I'm looking at flights and will probably go to Vegas in the next few weeks, please chime in if I missed anything or if there's any other areas I should investigate.

So you want all the perks of living in a great area without paying for it through income taxes.

Be interesting if everyone felt that way... perhaps "no state income tax" is why the schools are "meh" and there's lots of crime and traffic / not good public transport?
A lot of the revenue is from casinos. This funds a lot of the schools.

But also there's generally 3 tax legs for a state: property taxes, income taxes, and sales tax.

Many states only have 2 of the 3. 8 states IIRC have no state income tax. Some have no sales tax. Down cap property taxes. Etc.

It's not unusual to have a state focus their tax efforts in two areas and not the third. This is not unique to NV.

I agree with your overall point that taxes lead to services, and being anti-tax is short-sighted.

But it's not accurate in this case, as it's not directly tied "no state income tax = bad schools etc."--I live in WA, another state with no state income tax, and the schools are much better on average than NV.
We are two former teachers who accumulated a bunch of real estate, retired at 29, spent some time traveling the world full time and are now settled with three kids.
If you want to know more about us, or how we did that, or see lots of pictures, this Business Insider profile tells our story pretty well.
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marty998

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Re: Talk to me about Las Vegas
« Reply #24 on: November 25, 2019, 12:03:38 AM »
Thanks for the replies everyone!

Just to work through it in my head, I made a summary of the pros and cons everyone has listed, with the things I care about at the moment bolded

pros:  great flight connections, relatively low housing prices, property taxes and homeowners insurance are very affordable,  no state income tax, access to a lot of out door activities: Red Rock Canyon, Lake Mead, Mt. Charleston, Valley of Fire,  skiing.  great restaurants,
cons: summer heat, no community feel anywhere, suburban sprawl, not walkable, very meh school system, traffic, big city crime
Areas to consider: Henderson especially the Green Valley area , Boulder City, or even Mount Charleston area

Looking at that list, there's plenty of pros and cons, but I have bolded a lot more in the pro column than I have in the con category. If I were doing the bolding for the rest of my life, I would care much more about the cons, but I'm really only thinking in terms of the next 5 years (when my daughter hits school age, and is also the far extreme of when I think I'll stop working).

I'm a telecommuter right now, and it's very difficult to financially justify moving anywhere with state income tax. In addition, I'm thinking I will probably work for a few more years, but I consider myself FI. Mentally, I don't want to live somewhere so expensive that I can't quit whenever I want.

When my daughter starts school and I have a better idea of what my retirement budget looks like, we'll reevaluate where we want to live for my daughter's school age years.

I'm looking at flights and will probably go to Vegas in the next few weeks, please chime in if I missed anything or if there's any other areas I should investigate.

So you want all the perks of living in a great area without paying for it through income taxes.

Be interesting if everyone felt that way... perhaps "no state income tax" is why the schools are "meh" and there's lots of crime and traffic / not good public transport?
A lot of the revenue is from casinos. This funds a lot of the schools.

But also there's generally 3 tax legs for a state: property taxes, income taxes, and sales tax.

Many states only have 2 of the 3. 8 states IIRC have no state income tax. Some have no sales tax. Down cap property taxes. Etc.

It's not unusual to have a state focus their tax efforts in two areas and not the third. This is not unique to NV.

I agree with your overall point that taxes lead to services, and being anti-tax is short-sighted.

But it's not accurate in this case, as it's not directly tied "no state income tax = bad schools etc."--I live in WA, another state with no state income tax, and the schools are much better on average than NV.

Cheers, noted. Thanks for the explanation. It's a bit different in Australia - we don't have a state income tax but the states fund the majority of schools and hospitals. There's a federal income tax and a goods and services tax (charged federally to consumers but granted back by the Feds to the states).

Vertical Fiscal Imbalance is the term. The government that raises the tax is different to the one that spends it. Tends to result in a lot of argy-bargy horse trading over policies.

flyingaway

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Re: Talk to me about Las Vegas
« Reply #25 on: November 29, 2019, 02:49:05 PM »
As part of my endless "where should I live long-term" discussion, I'm currently looking at the Las Vegas area.

Basically we're looking for somewhere cheap, warm, state income tax-free, good flight connections, and with at least some local hiking.

The Las Vegas area seems like it checks all those boxes... but it also seems like an incredibly weird place. I've been there a few times, but always just passing through as part of a larger trip, and never spent any real time there.

Has anyone ever actually lived there? Are there any spots that are vaguely walkable, decent areas?

If you don't like gambling, why do you choose Las Vegas?

I like to play slots for fun, so I may consider Las Vegas as my retirement destination if I ever plan to leave my current place. I like the climate, location, no income tax, not very expensive house, plus easy access to casinos, etc.

norajean

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Re: Talk to me about Las Vegas
« Reply #26 on: November 29, 2019, 05:39:13 PM »
Is your income and therefore tax exposure large enough for the tax tail to wag the dog, to the exclusion of other nice things?  If not, live where you want and pay the state income tax.

Do you fly often enough for airport connections to control your choice of living location? Unless you work as flight crew I would think this was not enough of an issue to drive one to live somewhere otherwise undesirable.

arebelspy

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Re: Talk to me about Las Vegas
« Reply #27 on: November 29, 2019, 06:19:45 PM »
Is your income and therefore tax exposure large enough for the tax tail to wag the dog, to the exclusion of other nice things?  If not, live where you want and pay the state income tax.

It's a pretty big deal. I took it into account, as it was somewhere in the $4500-7800 for me depending on some details. At a 4% WR, that's an extra 112.5K - 195k stache needed.

If one loves a particular state, could be worth working an extra year or two to live there.

But if they don't, a lower COL can shave literal years off your working life, and taxes can be a big part of that.

Looking at comparing SF to Las Vegas on a COL calculator, it says Vegas is 58.6% cheaper. So 100k in SF (2.5MM stache) is equivalent to 40k in Las Vegas (1MM stache). Add on about 7% saved in state income taxes and you're looking at probably 2/3 less working time?

Not letting the tax tail wag the happy lifestyle dog is a definite consideration, but it, along with other COL factors, should be a big consideration, IMO.
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norajean

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Re: Talk to me about Las Vegas
« Reply #28 on: December 02, 2019, 07:16:21 AM »
Is your income and therefore tax exposure large enough for the tax tail to wag the dog, to the exclusion of other nice things?  If not, live where you want and pay the state income tax.

It's a pretty big deal. I took it into account, as it was somewhere in the $4500-7800 for me depending on some details. At a 4% WR, that's an extra 112.5K - 195k stache needed.

If one loves a particular state, could be worth working an extra year or two to live there.

But if they don't, a lower COL can shave literal years off your working life, and taxes can be a big part of that.

Looking at comparing SF to Las Vegas on a COL calculator, it says Vegas is 58.6% cheaper. So 100k in SF (2.5MM stache) is equivalent to 40k in Las Vegas (1MM stache). Add on about 7% saved in state income taxes and you're looking at probably 2/3 less working time?

Not letting the tax tail wag the happy lifestyle dog is a definite consideration, but it, along with other COL factors, should be a big consideration, IMO.

You are mixing cost of living with state taxes.  Two different things.  If you want to retire in the SF Bay area, you need to have sorted out your housing situation, preferably by having purchased long ago and/or having a paid off house.  That corrects most of the COL difference. 

If you calculate the difference in taxes (smartasset.com/taxes will give you a rough estimate), the difference for someone with $100,000 in income is about $3500/year.  That really is just a $3500/yr reduction in your savings while you are working. Once you are retired, it is feasible to spend $100,000/yr with close to zero taxable income (married standard deduction is $24K + $78K to top of cap gains 0% tax bracket).

arebelspy

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Re: Talk to me about Las Vegas
« Reply #29 on: December 02, 2019, 05:41:12 PM »
I'm not mixing them, I'm pointing out they're both factors, and can be large ones, to consider.

An extra 3.5k a year (and ours would be much more than that) is like 10% of many Mustachians' ER budgets.

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Fuzz

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Re: Talk to me about Las Vegas
« Reply #30 on: December 02, 2019, 06:53:47 PM »
This guy is super original and loves Vegas. Here are his reasons:

http://tynan.com/viva

http://tynan.com/vegas2

http://tynan.com/vegas

cangelosibrown

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Re: Talk to me about Las Vegas
« Reply #31 on: December 03, 2019, 01:41:29 PM »
I'm not mixing them, I'm pointing out they're both factors, and can be large ones, to consider.

An extra 3.5k a year (and ours would be much more than that) is like 10% of many Mustachians' ER budgets.

I'm still working at the moment, so the income tax is a much bigger deal to me at the moment than it will be in the future -- but it will never not be a factor. I just consider it to be part of the housing cost, for simplicity's sake. Living in  CA, for example, would cost me $800 a month in income tax compared to NV (or WA where I currently am). Sales tax and property tax are obviously both factors, but I can put property tax into the housing cost as well, and I spend so little compared to what I earn at the moment that sales tax is almost inconsequential.

Definitely not letting the tax tail wag the dog, but given that I have no ties to any particular state, and there's a lot of no tax options, it's really hard to make the math work for me at the moment in an income tax state.

If you calculate the difference in taxes (smartasset.com/taxes will give you a rough estimate), the difference for someone with $100,000 in income is about $3500/year.  That really is just a $3500/yr reduction in your savings while you are working. Once you are retired, it is feasible to spend $100,000/yr with close to zero taxable income (married standard deduction is $24K + $78K to top of cap gains 0% tax bracket).

The $78K cap gains exclusion (really just a 0% rate) is for federal taxes only. As far as I know, in every state those capital gains are taxed at normal rates for state taxes. So if you harvest 78K and your state income tax is a flat 5%, you're gonna pay $3.9K to the state.

flyingaway

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Re: Talk to me about Las Vegas
« Reply #32 on: December 04, 2019, 07:19:09 AM »
This guy is super original and loves Vegas. Here are his reasons:

http://tynan.com/viva

http://tynan.com/vegas2

http://tynan.com/vegas

I think this person plays poker for money, so living in Las Vegas helps.