Cost of living is on par or below most western states. Taxes a relatively low thanks to the gambling resort income. Low taxes can sometimes mean low service; NV's service level is pretty high, night and day compared to California where you pay 2x the taxes for 1/5 the service.

Nevada's finances ...I don't know of any state that's doing well. That said they have a reasonably diverse economy and a tax system that makes sense; the huge upside is a part time legislature that meet for 120 days every other year. A few years ago they had a surplus and refunded money back.

The housing upside is the middle to low range housing is bouncing back, a lot of the "dead" inventory is in the $500k and up properties. You can buy high end stuff at about a 60% or more discount. Starter homes are getting multiple bids.

I bought a foreclosure in Reno two years ago and we're right side up.

Reno/Tahoe airport is an hour from most of the area (bad weather not withstanding). Very easy to deal with, not crowded at all, lot's of parking.

As mentioned, Minden/Gardenerville are worth looking at, Reno and the outlying areas are pretty nice.

PS: I'm not getting paid by the chamber of commerce on this. We lived there for 10 years until we relocated to TX for my wife's job, we're back now and split time between there and SoCal.