There’s a silver lining in our real estate market right now. Trulia.com, a real estate listing service, has released it’s Summer 2011 Rent vs. Buy index, and guess which city is on the top of the list of cities in which it is more advantageous to buy rather than rent? Did I hear you say Las Vegas? That’s right. If you are renting right now and are in a position to buy a similar property, you will find that your mortgage payment will be less than the rent you are paying. Trulia compared the cost of buying and renting a two-bedroom apartment, condominium or townhouse in America’s 50 largest cities based on population. It found that in 74 percent of these cities, buying beats renting. Coming in behind Las Vegas are Detroit, MI, Mesa, AZ, Fresno, CA and Arlington TX. One may not want to live in a two-bedroom condominium forever, but if you could buy one for $30,000 or $40,000, live in it for a couple of years and then use it as an income property when you are ready to move up, the opportunities for building equity and increasing income are clear. While many of our sales are cash, some banks are making loans for $30,000 or $40,000.
Trulia identified six cities where it is better to rent than to buy – New York, Fort Worth (right next to Arlington), Omaha, Seattle, San Francisco and Kansas City.
Many renters and investors are taking advantage of the historically low real estate prices in the Las Vegas area. If you would like to learn more, give us a call – 702-443-5878 or email us at firstname.lastname@example.org