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Why Buying A Home Is Still Better Than Renting In The Current Las Vegas Market
Dated: August 30 2021
Why Buying A Home Is Still Better Than Renting
With the current sellers' market, aspiring first-time home buyers may not want to give up on that competitive house hunt! In many markets, including the Las Vegas market, first-time homebuyers can save money by owning.
Buying a starter home is more affordable than renting in nearly half of the largest U.S. metros, according to a new study released by realtor.com®.
In general, the U.S. median rental price has climbed nearly 10% year over year to $1,607. That is 15.5% higher than the monthly payments for a starter home, the lower-priced tier of homes for sale in a market. Low mortgage rates are helping to offset recent jumps in home prices! The Las Vegas rental market has seen an increase in rent by over 23%!
“Sky-high rents and historically low interest rates have made the monthly cost to buy a starter home lower than renting one in nearly half the markets across the U.S.”
Southern Nevada's rental market has accelerated amid a broader housing boom that has been fueled by the variety of benefits to buying a home in Las Vegas & people re-locating to Las Vegas from more expensive cities.
If you'd like to get started or would like assistance with your home buying process, please feel free to give us a call today to get started!
Sources: https://magazine.realtor/daily-news/2021/08/27/starter-homes-still-cheaper-than-renting-in-many-areas & https://www.reviewjournal.com/business/housing/las-vegas-rents-rising-at-escalating-speed-2426803/
Born and raised in Leeds, England, I moved to Las Vegas, Nevada 30 years ago to pursue the great American dream. Helping people achieve their own dreams in real estate has always been my passion. My p....
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Why Buying A Home Is Still Better Than Renting With the current sellers' market, aspiring first-time home buyers may not want to give up on that competitive house hunt! In many