2021 - ISSUE 1
TRENDS IN THE LUXURY HOUSING MARKET
Nevada’s economy continued its strong growth early into 2020, but that growth was brought to a halt in the second quarter of 2020 as the nation responded to the COVID-19 public health crisis. The pandemic had a devastating impact on Nevada’s tourism-based economy, yet the state’s real estate market defied broader economic trends. Demand remained high and inventory remained low while mortgage rates dropped to historic lows, leading to another strong year for Nevada’s real estate market. The same trends that benefited the general residential real estate market carried over to the luxury home market, which, for the purposes of this report, includes homes valued at $1 million or more. In 2020, 1,707 luxury home purchases were recorded in Nevada’s two largest urban areas.
2020 - ISSUE 3
PHILANTHROPY IN NEVADA
High net worth households are a key part of the nonprofit fundraising landscape, accounting for larger shares of charitable giving and higher average giving amounts per household. This issue summarizes recent charitable giving trends for high net worth households in Nevada. Using data from 2018, it examines the impact of the Tax Cuts and Jobs Act on charitable giving by high net worth households in Nevada and on charitable giving throughout the nation as a whole. High net worth households reported an average of $35,000 in charitable contributions on their 2018 tax returns, compared to an average of $5,300 for all other income levels.
2020 - ISSUE 2
THE TAX ADVANTAGES OF LIVING IN NEVADA
As one of seven states with no personal income tax, Nevada is one of the most tax-friendly places to live in the United States. For the state’s nearly 60,000 high-income households, defined for this report as those with annual incomes of $200,000 or more, the relatively low tax burden compared to nearby states equates to thousands of dollars in tax savings each year. Nevada’s newest group of high-income households is the Las Vegas Raiders football team, which opened its inaugural season in Southern Nevada after relocating from Oakland, California. In this issue, we explore the tax advantages of a hypothetical professional football player living in the Silver State.
2020 - ISSUE 1
LUXURY HOUSING MARKET
Nevada’s luxury home market entered 2020 with all signs pointing toward building on a positive 2019 that mirrored strong growth in the state and national economies. In that year, 1,269 luxury homes sold in Nevada, a total that represented an 11.8 percent increase over the 1,135 sales in 2018 and a near doubling of the 655 luxury home sales just four years earlier. The economic momentum has since evaporated amid the COVID-19 public health crisis and related economic response. The economic uncertainty is likely to impact the broader real estate markets, but the implications for the luxury segment of the residential market have yet to be determined.