The state of Nevada has much going for it. Anyone who doesn’t enjoy being cold in winter and likes it warm and toasty in the summertime is bound to enjoy this state. There’s plenty of wildlife and desert sights to see, plus Las Vegas for endless nightlife options too. Just don’t forget your sunscreen.
The state also is home to several prominent businesses other than the casinos and entertainment complexes, like the UFC, the MMA giant, which calls Vegas its adopted home. Let’s explore a few of the benefits of the Nevada housing market to see if it’s still attractive to investors.
Home Values Compare Favorably
While you’ll find plenty of multi-million-dollar homes in California, the typical median home costs not much north of $200,000 in Nevada. Prices vary depending on the city or town, the neighborhood, and its desirability. Access to schools and other useful facilities also has a bearing on the housing stock available nearby.
It’s been interesting in the last few years, as many native Californians have chosen to leave their state and move to Nevada, swapping one warm place for another while removing the Californian state tax (there’s no state tax in Nevada). The lower prices for gas and fewer ecological-related levies aren’t missed either.
Renting Remains Popular in Vegas
Renting is popular across Nevada, but Vegas does particularly well. Not everyone is coming to Vegas to party down and those hotel rooms along the Strip aren’t cheap either. There are plenty of affordable rental units that landlords are happy to lease to long-term residents and people moving into the area. The average rent across Nevada stands at roughly a $100 discount to the average across the United States most months, but it does vary in different suburbs.
People tend to think of Vegas and its surrounding suburbs as an expensive city, but that’s only in the tourist areas. The workers who live there year-round must have an affordable place to call home; after all, they’re not living the high life every day.
Home Inventory Isn’t High
There isn’t the overbuilding in Nevada and Vegas, as a look at the Las Vegas real estate market 2015 shows. With less inventory, homes keep their value better and rents are stable too. There’s always a reasonable supply and demand in Nevada for real estate, so high vacancies that cause landlords to worry isn’t a major concern and the equilibrium allows renters to find something affordable too.
Vacancies vary depending on the location. In Vegas, Henderson towards the southwest remains affordable, while providing good access to the Strip for people who work in the gaming and entertainment industries. West of Vegas has seen perhaps the greatest influx of Californians taking the leap with Reno and Carson City becoming less affordable now than before.
It’s always difficult to find suitable states to invest money into the local real estate market. It takes time to understand and trust what you know. Building up a sense of confidence in the viability of owning and renting condos or houses often benefits from seeking out local realtors who truly understand the local market and are willing to share their knowledge with you.