Is Buying Now Cheaper Than Renting in Vegas?

Here’s why it’s a fantastic time to buy a home despite rising inflation.

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Rates are up in Vegas all over the place. Rental rates are up about 30%, inflation rates are at an all-time high, and mortgage interest rates are on the rise. What are you supposed to do about it all? It’s something a lot of people want to know, and today I’m sharing my insight.

A recent report from Realtor.com looking at rent changes across the country says Las Vegas has seen a 30% increase in rent. With rent going up so fast, it ends up being cheaper to buy a home in Vegas than to rent one. Inflation is one reason for this.

Any mortgage rate below the inflation rate of 7% is still essentially free money. Rates are certainly up, but they’re still in the 4% to 5% range. It’s worth looking at your options to buy even if you think you can't afford them. You might be surprised.

With rent going up so fast, it ends up being cheaper to buy a home in Vegas than to rent one.

In the last year, we saw home prices increase around 25% to 30%. Double-digit growth is still projected in Las Vegas this year, but with the potential rise in interest rates, it’s important to lock in a rate now before both rising prices and rates make that same purchase more expensive.

With rent going up 30%, it’s obviously a great time to buy. If you have any questions about how to start the process or concerning real estate in general, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.

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