Waking up in Vegas:
An insider's guide to living in Las Vegas

Part Two: Area Guide

Central Las Vegas is a place like none other. Its neighborhoods, rich with pop culture references and classic Americana, each have an identity all their own. Although the city's core neighborhoods and suburbs are vast, here's a rundown of the ones we recommend for new residents and a summary of what each offers in a nutshell:

Downtown

Downtown Las Vegas is, without a doubt, one of the most dynamic and exciting neighborhoods in the U.S. these days. Under the direction of Downtown Project leader Tony Hsieh, $350 million has been invested into the area with a specific focus on real estate development, small business ventures, tech startups, co-working spaces and local education. In addition to the digital canopy of Fremont Street and several legendary Vegas hotels and casinos, a burgeoning food scene is beginning to develop as a young, educated crowd of professionals populates the area more and more by the day.

Beautiful buildings like The Ogden, The Juhl, Soho Lofts and The Newport offer luxe new living spaces that are popular among new Vegas residents. Sustainable living experts and urban theorists are keeping a close (dare we say twinkling?) eye on Downtown Vegas, excited for the new life it's breathing into the city and curious to see what's next.

The LV Startup Block

South of Charleston Boulevard between Las Vegas Boulevard and Maryland Parkway, the LV Startup Block is putting its money where its mouth is – metaphorically, anyway – and experimenting with combined live/work spaces for entrepreneurs. The idea is that a micro-community of startups can experience accelerated success thanks to the fact that so much like-minded, collective talent is living and working closely together at a high-energy, high-productivity point in everyone's lives. Anecdotal evidence is beginning to emerge, supporting the theory as the startup block's current residents enjoy early successes.

As more startups emerge from (or are simply inspired by) the Downtown Project, live/work spaces like the ones found here will likely become more prevalent in the area.

The Arts District

Just south of Downtown sits the Arts District, bound by Common Street, Hoover Avenue, Fourth Street, Las Vegas Boulevard and Colorado Avenue. Occasionally referred to as "18b" in a nod to the 18 blocks it used to encompass (it's since grown larger), the eclectic neighborhood lives up to its name with an abundance of art galleries, yoga studios, one-of-a-kind restaurants and funky boutiques.

Playing host to more than 20,000 attendees at each month's First Friday arts festival and situated so close to the emerging the startup scene, the arts district is poised to continue flourishing in its own creative, eclectic way.

Chinatown

Served by its main corridor, Spring Mountain Road, Las Vegas' version of Chinatown is, demographically speaking, a pan-Asian community rich with influences from many Eastern cultures.

Anchored by several shopping centers – namely, Chinatown Plaza (the most traditional of the series), Tokyo Plaza, Pacific Asian Plaza and others – this neighborhood isn't a densely populated residential area like its counterparts in cities like San Francisco and New York; rather, it's a commercial hub for those interested in seeking out both traditional and modern Asian goods and cuisine. Raku and Monta Ramen are popular local restaurants (see the Eat, Drink, Shop, Play section later on in this guide for more dining recommendations).

Paradise

Interestingly enough, much of the Las Vegas Strip isn't technically in Las Vegas proper; it's in Paradise, Nevada, along with McCarran International Airport and the University of Nevada, Las Vegas (UNLV). An unincorporated town governed by the Clark County Commission with input from an advisory board, Paradise is a Census-designated place – a term used often with regard to resort and retirement communities.

Known for its neon lights, iconic hotels and casinos and overall grandeur, Paradise isn't just for tourists; it actually offers a variety of living arrangements, chief among them apartments located inside world-famous hotels like the MGM Grand and Trump International. And gambling isn't the only thing on the itinerary: spectacles like the shark tank at Mandalay Bay, photo shows at The Venetian, and nightly performances from world-class entertainers are just a few of the ways to pass the time. A movie theater is rarely farther than a stone's throw away, too: needless to say, escapism is a round-the-clock venture in this particular desert oasis. And for those in need of some intellectual stimulation, the presence of UNLV brings with it plenty of free lectures and educational opportunities.

Summerlin

One of Las Vegas' more prominent suburbs is Summerlin, a master-planned community west of Downtown that nearly doubled in size from 59,000 residents in 2000 to 100,000 in 2010; needless to say, it's an area that's becoming accustomed to growth.

Particularly desirable for families who desire private yards, neighborhood parks, premium schools and some level of separation from the glitz of the city, Summerlin and its counterpart to the southeast, Henderson, offer a bucolic alternative for folks who prefer the 'burbs over Baccarat.

Henderson

Southeast of Downtown stands Summerlin's closest companion, Henderson, known as the second largest city in Nevada after Las Vegas itself. It boasts a population of more than 250,000.

The city takes the silver in another important category, too: Forbes recently ranked it the second safest city in America. Given that distinction as well as its general affluence, it's no surprise that Bloomberg Business has called it "one of the best cities to live in (in) America."

Renting vs Owning - High Rise vs. House

As with any metropolitan area, new residents in Las Vegas are faced with the "rent or own" conundrum. Here, some facts and figures to demystify the decision-making process:

Given Las Vegas' relatively stable cost of living – one that's slightly lower than the national average – a comfortable standard of living is attainable on either side of the coin. Per Numbeo.com, as of late 2013, the average monthly rent for a one-bedroom apartment ranged from $550 to $750, and a three-bedroom apartment's average rent spanned $900 to $1200 both in and outside the city center. Compared to New York City, that's about one-quarter the rent of a comparable apartment in the big apple.

When it comes to purchasing an apartment rather than renting, the cost spread widens out a bit when comparing spaces near city center and farther out toward the suburbs. The average cost per square meter when buying an apartment of any size near city center ranges from $800 to $3200 (i.e., a 1,000-square-foot apartment would run between about $74,000 and $297,000). Likewise, the average cost per square meter of apartments farther away from the heart of the city range from around $750 to $2400, costing between $69,600 and $185,800. Of course, as amenities and value of location increase, so does price, but these figures provide a starting point for consideration.

Similarly, Trulia.com concurs that the average three-bedroom home purchase in Las Vegas mid-2013 totaled $159,000, and Zillow.com clocks in at $152,000 as of September 2013.

Cost, however, isn't the only consideration when it comes to deciding whether to buy or rent. Psychological factors abound, including elements affecting overall happiness and quality of life; some crave the security they feel home ownership affords, while others prefer to remain untethered. Some want to raise kids in a traditional environment while others look toward new urbanism for the elements of a happy home life. A variety of considerations come into play: walkability, accessibility, proximity to neighbors, home care and lawn maintenance responsibilities (or lack thereof), and, of course, long-term goals and levels of commitment.

If you're a prospective first-time homebuyer but haven't quite set your decision in stone yet, Moveline offers a handy starter guide to help you determine if you're ready. And for those trying to answer a slightly simpler question and decide between a high-rise and low-rise apartment, Apartments.com has a helpful list of the pros and cons for each.