Renting vs Buying Home in Las Vegas? Realtor Leslie Hoke Reports Homeownership at 19 Year Low
Las Vegas real estate website and blog Homes By Leslie is reporting homeownership is currently at 64.8% nationwide, a 19-year low. Hoke, a veteran Las Vegas realtor, says the news is not surprising.
“Las Vegas was one of the hardest hit cities during the mortgage crisis. Many people lost their homes and their financial footing,” said Hoke.
“An interesting by-product of low homeownership people don’t really think about is the effect it has on rental prices. During the last six months we’ve seen rental prices rise in Las Vegas by 5%. Over the course of a year that’s a double-digit increase. It’s simple economics. Not as many people are owning homes, which means an increased demand for rentals,” said Hoke.
“The big question renting vs buying? I’m telling prospective buyers to consider buying sooner than later. Mortgage rates are below 4% and the median cost of a home in Las Vegas is just $200,000. The average townhome costs just $105,000. A 30-year fixed mortgage at 3.97% for a townhome costing $105,000 is about $500. That’s far less than the $775 per month it costs to rent a 1-bedroom apartment in the area,” said Hoke.
“The Las Vegas housing market is rebounding nicely, while rental prices continue to increase. I’m not saying buying a home is for everyone’s best move, but for many, it is. The old adage of renting being cheaper than buying is no longer holding true for many people,” Hoke exclaimed.
To learn more about the latest Las Vegas real estate market data and to view Las Vegas real estate listings, visit www.lasvegashomesbyleslie.com/blog/
About Leslie Hoke
Leslie Hoke is an award-winning Las Vegas real estate agent with RE/MAX Premier Realty Group. Leslie has been selling homes in the Las Vegas area for well over a decade after a successful business career with Disney Corporation. Leslie owns and operates the popular Las Vegas real estate website and blog Las Vegas Homes By Leslie.
Ms. Hoke earned RE/MAX’s award for ‘Top Las Vegas Realtor” in 2011, 2012, and 2013 due to her results-oriented approach to helping her clients meet their real estate needs. Ms. Hoke is a member of the Greater Las Vegas Association of Realtors and National Realtor Association. She is a certified short sale specialist, and has expertise in the areas of buying vs renting homes in Las Vegas. Leslie is known for her client customer service, savvy marketing strategies, and track record of success. As a long-time Las Vegas resident, Ms. Hoke brings a wealth of knowledge about the Las Vegas real estate market.
Company Name: Las Vegas Homes By Leslie Contact Person: Leslie Hoke Email: email@example.com Phone: (702) 321-1763 Address:8010 W. Sahara Ave #150 City: Las Vegas State: NV Country: United States Website: www.lasvegashomesbyleslie.com/