Las Vegas Real Estate Blog

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Is it better to rent or buy a home in Las Vegas?

I spend a few minutes each day answering real estate related questions online by email or on websites set up for the public to ask questions and receive responses.  I've noticed similar questions tend to come up and sometimes I know I've answered it before, but can't recall where. There have also been times where I put a good deal of effort into preparing an answer and later found the question had been deleted.  Well, I thought, why not post my answers to my own blog? 

btw, Spelling and grammar in the questions have been left "as asked".

The Question: 

Is it better to rent or buy a home in Las Vegas?

With the housing market, is it better to rent or buy in Las Vegas?

 

 

My Answer:

 

That depends on your needs, goals, and plans...How long do you plan to stay in Las Vegas? How much are you willing to spend each month for housing? Would you benefit from the tax advantages of owning? If there was no difference financially, which would you prefer?

 

Buying a home priced under $200,000 can be very competitive with the cost of renting a similar home.

 

Rough numbers, but you can purchase a home for about $110 per square foot and rent the same for about $.75 per square foot. Take a 1600 square foot home for $176,000 or rent it for $1200. Take those numbers and plug it into the yahoo rent vs. own calculator and figure a 6% interest rate (get a seller contribution to buy down the rate if needed) and see what you get.

 

If you'd like to run some numbers, yahoo has a great rent vs. own calculator at http://realestate.yahoo.com/calculators/rent_vs_own.html

 

according to the calculator: You would save approximately $95,049 (in today's dollars) by buying a home, rather than renting, over the 15 year timeframe you have entered.

Comment balloon 0 commentsDamon Botticelli • August 11 2008 02:14AM
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