Senior Transition
How much does it cost to live in a Las Vegas 55+ community?
By Steve Lockhart
The short answer
The purchase price is only the beginning, and the surprise for most buyers is how fast the monthly line adds up. In a 55+ community you pay resident association or HOA dues, and in some communities a master-planned community fee on top of that.
Full answer
The purchase price is only the beginning, and the surprise for most buyers is how fast the monthly line adds up. In a 55+ community you pay resident association or HOA dues, and in some communities a master-planned community fee on top of that. Typical active-adult dues in the Las Vegas area run from roughly $100 to $380 per month, depending on the community and the home, and some areas add a master fee of $50 to $75 per month or more. One-time fees can also appear at closing, such as a community funding fee.
Then come the costs every homeowner carries: property taxes, homeowners insurance, utilities, and maintenance. Nevada helps on the tax side, with no state individual income tax and a cap on how fast the assessed value of a primary residence can rise each year, so you are not taxed on your retirement income. But you are not exempt from property taxes, and the tax bill on the new home starts from its purchase value. There is no senior property tax freeze in Nevada, so the numbers still need a close look.
The honest way to budget is to build the full monthly picture for the specific home you are considering, not the number the brochure leads with. What do the dues actually cover, recreation or exterior maintenance or both? Is there a master fee layered on top? What is the recent history of dues increases, and are the community's reserves funded? A special assessment can land on top of your budget if reserves come up short.
I create a one-page comparison for clients: current home costs versus new home costs, dollar by dollar, dues, taxes, insurance, utilities, and planned assessments. You get to see the real number your retirement income will carry before you ever write an offer.
Go a little deeper
Frequently asked
Questions people often follow up on
Do the HOA fees cover my mortgage payment?
No. Dues are separate from your mortgage, property taxes, and insurance. They pay for the community's shared amenities and common areas, and sometimes exterior maintenance, depending on the community. The monthly budget needs all of these lines, and I lay them out together so nothing hides.
Can the dues go up every year?
They can. The association board sets an annual budget, and dues often increase with costs of utilities, staffing, and maintenance. The protection is in the due diligence: ask for the last several years of dues history and the reserve study, so you know the trajectory, not just this year's invoice.
The Lockhart Method
The Lockhart Method
Your Home | My Strategy | Proven Results
My strategy: build you a full monthly comparison, current home versus new home, dues, taxes, insurance, utilities, and planned assessments on one page, so you see the real number before you commit to a community.
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