(MONEY Magazine) – The push is on. Las Vegas, long known for its slot machines, feathered showgirls and its UNLV Runnin' Rebels college basketball team, is trading glitz for respectability and -- believe it or not -- all-American values. Weighing in at No. 30 in this year's rankings, up from 180 in 1988, the Vegas metropolitan area (pop. 700,000) advanced more than any other place we surveyed. Residents liken their community to the Los Angeles of 50 years ago when the air was breathable, the housing affordable and a glamorous entertainment industry spawned job opportunities. Says Father Ben Franzinelli, pastor of Holy Family Catholic Church and a local activist: ''If you are aggressive and can weather a few hot days, you can really prosper here.'' Some 4,000 people a month now pour in to do just that. For younger people, the main attractions are jobs largely on the Strip and activities such as sailing on 110-mile-long Lake Mead. Retirees in particular gloat that Nevada is one of only seven states that do not tax income, interest, dividends or capital gains. And if all else fails, there's always Wayne Newton and the blackjack tables. The influx of newcomers has made Las Vegas the hottest housing market in the country. How hot? A new retirement community in Summerlin, eight miles northwest of downtown, for example, last year sold 300 new homes within six weeks. Yet prices remain quite affordable. A three-bedroom home goes for about $100,000; annual property taxes run $1,000 or so. Unlike in Atlantic City, Vegas officials are hedging their bets by seeking new businesses to diversify the economy. Last year, more than 50 companies unrelated to gaming or tourism, such as Ocean Spray and T.J. Maxx, the women's retailer, announced plans to open operations, creating 1,900 jobs. Meantime, 20,000 new hotel rooms are scheduled for completion by 1992, which will translate into 60,000 new jobs. This sandstorm of activity has begun to strain the infrastructure. Some of the crowded public schools now run year round, and a few are on double sessions. Traffic crawls around the casinos, and the crime rate, though falling, exceeds the U.S. average by 11.5%. -- M.T.S.