Is Property in Las Vegas Expensive?
Since it’s one of the most high-profile cities in the country, you might think Las Vegas is also an expensive place to live. Contrarily, it is surprisingly affordable! As with any other city, there are different areas within Las Vegas, and property pricing varies slightly among them. If you have questions about moving to Sin City, knowledgeable mortgage brokers in Las Vegas are available to assist.
Factors to Consider in Las Vegas
Before you move to Las Vegas and decide what kind of property to get, you’ll want to ask yourself a few questions to help narrow down your options and find a place to live sooner. Answering the following questions can help you find a place to buy or rent:
- How long will you stay?
- Do you know the area?
- Where do you want to live?
- How much can you afford?
While you can come up with the answers to some of these questions on your own, you may also want to consult a mortgage company in Las Vegas to understand the local housing market and determine what you can afford to rent or buy. If you’re planning to purchase a home, you will also want to inquire about home loans in Las Vegas to find the right one.
Why Buy in Las Vegas?
There are many great reasons to buy property in Las Vegas. Las Vegas is one of the fastest-growing metropolitan areas in the country. It is also considered a top city for real estate investment.
In Las Vegas, the median price of a home is $184,900, which is right on par with the national average. The average cost of utilities in Las Vegas is about the same as the U.S. average, too. The fact that it’s such an easy place to buy a home makes Las Vegas an attractive place to buy a home for first-time homeowners.
A Strong Market
When you think of housing markets on fire, the one in Las Vegas is at the top of the list. Properties in Las Vegas are selling at prices higher than ever. Several factors have contributed to the city’s booming housing market, including the fact that it remains one of the country’s top cities and has a growing population. While many people are looking to live in Las Vegas, the city is also an attractive location for investors, as people who buy homes now in the city can expect to turn around and sell them for a profit later on.
Purchasing property in Las Vegas is a great way to build home equity. If you can afford to make a down payment on your home, it will help your owned assets improve in multiple ways. For starters, your home’s value can appreciate, and you can also see an improvement in your credit score if you pay your monthly mortgages on time. If you need a loan, you can also leverage your mortgage.
Attractive Mortgage Rates
If you’re considering moving to Las Vegas, one good reason to do so is that you can get a reasonable rate on your mortgage. Nevada has a fixed mortgage rate of 3.99%, below the national average. Now, mortgage rates are just about the lowest they have ever been, which means this is the ideal time to purchase property. Buying property now could ultimately save money over time and give you more buying power.
Lack of Property Taxes
Unlike many other states, Nevada does not have an income tax and has some of the lowest property taxes nationwide. If there is anything better than being in a place you want to be, it’s saving money in the process!
More for Your Money
In Las Vegas, you’ll essentially get more for your money when you buy property, as the living areas are more spacious and cost less than in other places. The average two-bedroom apartment in Las Vegas is 971 square feet, and the average two-bedroom house is 1,835 square feet. These average sizes make Las Vegas homes and apartments some of the country’s largest. If you want to have your space but don’t feel like paying a fortune for it, Las Vegas is a good place to end up.
Another advantage of living in Las Vegas is that you can customize your home however you’d like. Customizing your home means you can choose to decorate and design your own space as you wish to meet your needs and match your personality. With favorable Las Vegas mortgage rates, the option to decorate your place as much as you wish is better than ever.
Something for Everyone
Although Las Vegas has a reputation for being a party city, it’s a surprisingly family-friendly place with activities and events for people of all ages. While The Strip is known for its nightlife, there are many family-friendly neighborhoods in Las Vegas that children will appreciate. Its exceptional weather and lack of state income tax make Las Vegas a top place to retire.
Top Places to Get a Home
Once you’ve decided that Las Vegas is where you want to live, you’ll need to narrow down your options. Las Vegas is home to several vibrant and diverse neighborhoods, including:
- Green Valley South
- Centennial Hills
- Tule Springs
Green Valley South has a very low crime rate, and it’s safer than 81% of most cities in Nevada. The median home price in Green Valley South is $221,486, which is even more affordable with home loans in Las Vegas. You can get an excellent townhouse in Green Valley South in many different styles, including Mediterranean, Colonial-style homes, Spanish-style homes, and Adobe. Green Valley South is a suburb of Henderson, and it is also home to some of the top schools in the area, including Selma F. Bartlett Elementary School and Pebble Road KinderCare.
Centennial Hills has a median home price of $216,567. It is situated about 20 minutes away from The Strip. Here you can enjoy living close to the heart of the action in Las Vegas while enjoying views of the spectacular mountains surrounding the city. Most homes are Adobe, Craftsman, and Spanish-style. Centennial Hills is safe and affordable. Those who enjoy leisurely recreational opportunities will appreciate that the Legacy Golf Club is nearby, along with the Pecos Legacy Park and Cornerstone Park.
Living in Summerlin also means being close to all the attractions Las Vegas offers. Summerlin is conveniently located to many casinos, attractions, and employment opportunities in the city. The average home price here is $328,923. It’s worth consulting a professional to find good Las Vegas mortgage rates for this neighborhood if you want great dining, nightlife, and recreational activities.
Tule Springs is ranked as 75% safer than other Nevada cities. The average home price here is $253,160. Tule Springs offers plenty of green space along with local restaurants and hip establishments. Downtown Las Vegas is easy to reach in about 20 minutes.
Contact us today to learn more about living in Las Vegas.