Categorized | Residential

Buying Is Cheaper Than Renting in the Las Vegas Housing Market

Please Share!

In what may surprise some, reports have surfaced that show that it is actually more affordable to purchase a home in Las Vegas right now than it is to rent one. For those that have enough money saved for a down payment, it actually may be the best time ever to buy a house in the major Nevada city.

According to a report issued by Trulia, Las Vegas has the nation’s best buy to rent ratio, beating out such cities as Detroit, Michigan, and Arlington, Texas. The report also found that the average townhouse sells for only fifty nine thousand dollars in Las Vegas, which is a highly attractive figure in comparison to the median rent figure of seven hundred and fifty eight dollars for a townhouse of the same size and style.

One of the reasons that Las Vegas checks in at number one for this study is that the city has been overwhelmed with foreclosures. The foreclosures have caused housing prices to decline significantly, making buying a home the much more affordable route. Experts, however, believe that the advantageous buyer’s market will not last long, and may drastically change in future months.

Some cities, such as Miami, are already witnessing such a change, thanks due in part to foreign investors buying up many properties. As an example, Miami’s ratio increased by over one hundred percent in the last six months, thus reflecting the influence of foreign investors.

Other experts are not so quick to believe that the housing market in such cities as Las Vegas will soon improve. Many banks are still tightening lending standards, and potential homebuyers are still shying away from making a purchase due to the volatility of the overall economy.

Please Share!

About Josh Johnson

Josh is the main writer for the Residential category. He also helps out on other categories when needed, mainly the International section.

Leave a Reply

Twitter Chat