Renting has become a popular way to live. Well, more common than it was a few years ago, anyway.
After the recession, a prevailing sense of non-permanence took hold across the country. Much of it stemmed from the collective sting of the mortgage crisis. Americans felt duped, ripped-off, and jaded by the very economy that led them into home ownership.
Now seven years beyond the initial turmoil, people remain skeptic of incredibly low mortgage rates and a highly reasonable average list price throughout the Las Vegas Valley.
However, while renting a single-family house in Las Vegas may seem like a perfectly acceptable way to shelter your family, the truth is that today’s conditions suggest you could be losing money by continuing to rent a home in Las Vegas.
First, rents are climbing. It’s getting more expensive to secure a lease today. This means that you’ll have less extra money for things like college savings plans, 401ks, and other forms of long-term financial securities that people say can offset the value of annual home appreciation used to entice people into buying.
A mortgage can be locked in for 30 years, meaning your monthly payment will never change. As it stays static, the value of your home increases over time. No, you won’t see 15-20% growth every year, but you will see a annual growth in what your Las Vegas house is worth. It’s only natural, the real estate market is an ever-breathing, always-fluctuating economic entity.
The National Association of Realtors said that in 88 major cities, over a span of 30 years, a homeowner can earn an average of $100,000 in net wealth as a result of owning.
Granted, there are always a number of unique factors that could alter that, but these aren’t numbers hard to come by, the calculations are rather straight-forward.
Everything from cost of security deposits, to lease fees, and renters insurance all add up to making renting more costly than the surface numbers make it out to be.
If you have the ability to buy but remain on the fence, consider giving CENTURY 21 Gavish Real Estate a call to discuss your options. We’re here for you.