Las Vegas or Vegas is one of the most popular cities in the United States and the 26th most inhabited. The advancements made in the metropolitan make it hard to believe that Las Vegas is situated in the Mojave Desert. This is among the reasons why many people are moving to the region. If you are among the individuals planning to settle in Vegas, you must be wondering whether you should buy or rent.
Before making the decision, ensure you go through this piece in its entirety. We cover buying vs renting in Vegas and include the pros and cons to both.
Table of Contents
Buying A Home in Las Vegas
Buying a home in Las Vegas is the brightest decision to make if you plan to stay for long. Currently, the Las Vegas housing market is strong, meaning that your house can turn out to be the best investment. That is if you plan to sell it down the road. Vegas is also the best place to consider if you’re wondering where to find a beautiful home in Nevada. The houses in the region come with the best modern designs and fantastic features that make them appealing. Each house is upgraded to suit the buyers.
Another surprising factor is that the houses in Vegas are quite affordable. The average price of a home in Las Vegas is less than $200,000. That makes the Metro one of the best large cities in the USA to own a home. The good news is that these homes are spacious and attractive. Most of them come with the best services to see you enjoy your stay. However, the price depends on the location as you are about to find out.
How The Location of a Home Influences the Price
One of the main aspects that will determine the price of a home in Las Vegas is the location. You may purchase a home because of its closeness to your job, but that does not affect its price. The main location factors that will determine how much you buy the home include the employment opportunities in the area, nearness to quality schools, and most importantly, the proximity to social amenities and attractions.
The number of tourist attractions in Las Vegas are many. So if you decide to purchase a home close to attractions such as The Strip where all the best casinos in Las Vegas are located, or Fremont Street, you are likely to pay more. However, if you decide to purchase a home in regions such as Bunkerville and Whitney, you will get a home at a great price.
You need to know that Las Vegas homes have low property taxes. Las Vegas is one of the Metros in the USA with the lowest taxes on the property. This is a money-saving factor that you should take advantage of and buy a home in Las Vegas. Lastly, since Las Vegas continues to grow in all sectors, the rent in the region will keep increasing over the years.
Therefore, you will not have to worry about the rental increment if you own a home. Go through the following pros and cons to understand better why you should own a home in Las Vegas.
- Increased number of listings
- Has many entertainment areas
- Las Vegas has a thriving economy
- The city is tax friendly
- Recreational facilities work all-year round
- It is an upcoming sports hub
- Guarantees amazing fast internet solutions
- Not suitable for kids
- Insecure Job market
- You must pay for additional amenities
Renting in Las Vegas
Renting in Las Vegas is the only practical option if you are looking forward to staying in the region for a short period. In some cases, you might be in the Metro not to live but to study the city and know everything about the characteristics of American culture. In that case, you should sign a short-term lease.
Currently, there are dozens of amazing neighborhoods in Las Vegas with amazing houses to rent. Some of the most rated neighborhoods suitable for renting for a short stay include Rancho Charleston and The Lakes Las Vegas. Note that these places are uniquely situated and accessible. They are also affordable, meaning that you will save more on rent.
Another key reason you should rent in Las Vegas is the unstable employment in the country. With the unemployment rate of 6.7% and the average income per house being approximately $50,882, it makes sense to rent in Las Vegas as you look for greener pastures. Some people are optimistic that the plan to create a sustainable Las Vegas may help solve the unemployment issue.
But then, the truth is that the jobs may not be enough to cater to every unemployed individual. Also, the jobs may not be too secure to make you want to root yourself in the Metro.
Renting a home may ultimately prove to be cheaper due to fewer responsibilities in terms of utility bills. First, rentals tend to be small, reducing the amount of water and electricity used in the establishment. That ultimately decreases the amount of money you end up paying to cover the utility bills. Furthermore, you get to spend more on living expenses.
That is because, in case of any damages, the landlord will cater for the maintenance. Besides that, it is not your responsibility to maintain the neatness of the building but rather your landlords’. Thus, you end up spending less as a tenant than a house owner in Las Vegas.
What will thrill you most is renting comes with a wide range of perks. In most cases, rentals have a swimming pool, a kid’s play area, lifts, and a gym. As a tenant, you can access all these facilities at no cost. Such important aspects make renting the best idea, especially if you are interested in the stated amenities.
Also, you only have to pay a small fee for security since the cost is shared among tenants. Therefore, if you are not planning to spend too much on the listed facilities, you should go ahead and rent a house in Las Vegas.
Lastly, renting a home should be your number one priority due to the uncertainties in the housing market. For instance, the housing industry may crash in the coming years, making it hard to sell a home at a profit. However, if you are renting, it becomes difficult to be affected by such changes. So if you speculate that in the coming years, the Las Vegas housing market will collapse, simply rent to avoid a loss.
Besides that, renting gives you room to make environmental changes instantly. That is because you only need to give your landlord short notice and move to whichever place you wish to rent.
In addition to all that, here are the pros and cons that will give you a better understanding of why renting in Las Vegas is the ideal move.
- Renting is flexible
- Accommodates individuals with bad credit
- Gives you time to know the housing market well enough
- No repair fees
- No down payment required
- You may end up saving a lot
- No tax deductions
- Rent prices may go up
- You never feel like you belong
Deciding to buy or rent in Las Vegas is not easy, especially if you are new in the region. That is because Las Vegas is an accommodating place suitable for buyers and renters. However, if you wish to make up your mind, make sure you go through the information above. The details will give you the main reasons you should buy a home in Las Vegas and why you should rent.
For instance, if you want to stay long-term and you’re looking for an investment, you should buy. On the other hand, you should rent if you plan to stay for a short duration. This piece also contains the pros and cons of both that will help you decide whether to buy or rent.