Going All-In on Buying a Home in Vegas is Proving to be a Good Bet
People have different reasons for wanting to buy a home in a certain city or town, or even as specific as a community or a neighborhood.
Maybe they want to live close to where they work, so they can have a short commute. Maybe they want to live nearby family and friends. Maybe it has to do with schools for their kids or for those without children, maybe the attraction of entertainment and lifestyle plays a part.
Or maybe folks just want to find somewhere affordable.
Whatever the reason, finding the right place to live is important for a would-be homeowner, but it’s also not the easiest task.
Home prices and mortgage rates are expected to rise this year and the available housing supply within a buyer’s parameters may shrink.
But some markets are better than others. Realtor.com recently released their hottest markets list for 2019.
Las Vegas ranked No. 7 on the Top 10 list, suggesting that maybe Sin City should modify its well-known catch phrase to, “Whatever happens in Vegas, stays in Vegas… and you should too!”
Economists for the website continuously track home prices, availability and how quickly homes will sell. To make this list, they combine that data with markets that are hotbeds for job growth, are experiencing an influx of new construction and are flush with millennials – the generation making up a majority of buyers in the U.S.
Las Vegas has it all. A desert metropolis, it has the feel of a big city with unparalleled dining, shopping and entertainment options, but also offers a bevy of outdoor opportunities as well, away from the bright lights of the Strip.
Las Vegas is world renowned for its hiking trails and accessibility to the Red Rocks, and it also boasts top tier golfing opportunities as well as other great parks and recreation.
And while homes in Las Vegas are higher than the National average (by about $17,000), wages are higher there and there is the added bonus of no state income tax in Nevada. That combination actually makes the cost of living in Las Vegas extremely affordable.
This is the second straight year Las Vegas has been in the Top 10, following up 2018 when it was considered the No. 1 hottest housing market. Being on the list for consecutive years proves the sustainability of the market in Vegas and also the continued attraction to make what was once a city only for tourists a great place to have a permanent home.
Rounding out the Top 10 list of housing markets in 2019 are Lakeland, Fla. (No. 1) Grand Rapids, Mich. (No.2), El Paso, Texas (No. 3), Chatanooga, Tenn. (No. 4), Phoenix, Ariz. (No. 5), Bridgeport, Conn. (No. 6), Boise, Idaho (No. 8), Miami, Fla. (No. 9) and Boston, Mass. (No. 10).