Thinking about moving to Las Vegas? While the Entertainment Capital of the World is widely known for the lively atmosphere of the Las Vegas Strip, it’s still an ideal place for families looking to settle down or young professionals looking for a fresh start. If you’re considering renting or buying in Las Vegas and aren’t sure which is the best option for you, start by asking yourself these questions:
- How long do you plan to stay in Las Vegas?
- How familiar are you with the Las Vegas metro?
- Do you want to live close to or away from the Las Vegas Strip?
- Can you afford to buy or rent in your desired neighborhood?
Now that you’ve thought about these questions, you’re ready to begin your research. Explore the pros and cons of buying vs. renting in Las Vegas below!
Reasons to Buy in Las Vegas
With a steadily growing housing market and affordable, diverse housing options, now might be the time to invest in a home. Here are some advantages to buying a home in Las Vegas!
Equity Building
When you buy property in Las Vegas, your monthly mortgage payments can go toward building home equity. While buying rates have increased, purchasing can be a better investment long term. If you can afford the down payment, growing your assets helps in several ways. Your home’s value could appreciate, you could improve your credit score by making mortgage payments, and you could have a mortgage to leverage should you need a loan.
Reasonable Mortgage Rates & Low Property Taxes
Nevada’s mortgage rates on a 15 and 30-year fixed mortgage have remained steady. Deciding to get a mortgage before rates increase can help you avoid paying more monthly. While interest rates have increased since 2021, historically speaking, 2025 interest rates are near record lows at a national level, so it’s an ideal time to buy! Doing so could offer long-term financial security and increase your buying power. On top of that, Nevada has no income tax and is among the lowest property taxes in the country. These money-saving factors combine to make Las Vegas homes more affordable.
Affordable Homes in a Large City
The median price of homes in Las Vegas is just under $280,000, which is greater than the national average—and utility bills are slightly higher than U.S. standards. However, while the prices are higher than the national average, Las Vegas is still cheaper than similarly-sized areas like Portland, Washington, DC, and Boston. Additionally, Las Vegas is among the best large cities for first-time home buyers.
Rental Prices Are Increasing
While Las Vegas home prices have remained relatively steady, rental rates for apartments and single-family homes have increased. In fact, rents in Southern Nevada have grown by 36% since 2020, as more remote employees moved to the city to take advantage of the affordable living costs. While buying and renting have both become more expensive, purchasing still builds equity and could be a better long-term investment—as opposed to paying increasing rental rates without the benefit of building equity.
Additional Space & Ability to Customize
Buying a home in Las Vegas offers more room to spread out and adjust for household changes. The average apartment size in Nevada is about 900 square feet, while the average home size is more than 1,700 square feet. In addition to extra square footage, homeowners gain the ability to put their stamp and personality in their home—unlike renters, who need a landlord’s approval. Plus, you can increase your square footage with home renovations, which not only allows you to to have room for all your belongings, as well as allows space for your family to grow—but also increase your home’s value for resell.
Put Down Roots & Find Community
Despite its reputation as a vacation destination or weekend getaway, Las Vegas is a great place to settle for the long term. With kid-friendly activities, affordable living, and family-friendly neighborhoods, Las Vegas is a popular place to start a family. And with desirable weather and no state income tax, Vegas is also rated as one of America’s best places to retire! Owning a home can also lead to lasting relationships, valuable connections, and more opportunities to get out and experience all that Las Vegas has to offer.
Best Places to Buy a Home in Las Vegas
Below are the Las Vegas neighborhoods you should check out if you’re interested in buying a home!
| Neighborhood | Green Valley South | North Las Vegas | Summerlin | Tule Springs |
| Median Home Price | $296,900 | $260,100 | $366,115 | $317,367 |
| Owner Occupied Rate | 61.5% | 59.8% | 65.4% | 76.0% |
| Home Appreciation Rate | 25% | 38% | 10% | 20% |
| Safer than % of the State | 79% | 46% | 54% | 86% |
Green Valley South
- Home Price: $296,900 median purchase price
- Crime Rate: Safer than 79% of Nevada cities
Green Valley South allows residents to spread out in beautiful townhomes, Adobe and Spanish Colonial-style houses, and Mediterranean-inspired homes. One of the safest places to live in Las Vegas—and a top place to buy a home in Las Vegas—this Henderson suburb has plenty of good schools like Pebble Road KinderCare and Selma F. Bartlett Elementary School. And the presence of green spaces like Cornerstone Park, Pecos Legacy Park, and easy-going Legacy Golf Club gives some color to this desert suburb. Plus, if you need to get anywhere else in the Las Vegas metro, Green Valley South has quick access to I-215 and is only 20 minutes south of Downtown Las Vegas!
North Las Vegas
- Home Price: $260,100 median purchase price
- Crime Rate: Safer than 46% of Nevada cities
If you want to enjoy the hustle and bustle of the city without breaking your budget, consider living in North Las Vegas! This large suburb offers a variety of housing styles—from ranches to Mediterranean and Spanish-style homes. Home to Nellis Air Force Base and North Las Vegas Airport, North Las Vegas is a perfect option for military families and frequent travelers in particular. Plus, North Las Vegas offers easily-accessible schools like John Tartan Elementary School, as well as several green spaces like Craig Ranch Regional Park, Aliante Nature Discovery Park, and Shadow Creek Golf Course.
Summerlin
- Home Price: $366,115 median purchase price
- Crime Rate: Safer than 54% of Nevada cities
Summerlin provides suburban living within 15 minutes of the jobs, casinos, and attractions of the city center. With great dining and nightlife options in nearby Downtown Summerlin—as well as playgrounds and ballfields at Doc Romeo Park—it’s no wonder why Summerlin is one of the best Las Vegas neighborhoods for singles and young professionals! Summerlin also has great schools like Ernest A. Becker Middle School and nearby options like Palo Verde High School, as well as gated communities, luxury condos, and Spanish-style homes.
Tule Springs
- Home Price: $317,367 median purchase price
- Crime Rate: Safer than 86% of Nevada cities
There are several reasons why more than 75% of Tule Springs residents own their homes. This safe desert oasis is especially attractive for singles and young professionals who want lots of green space, proximity to hip locally-owned restaurants, and quick access to the mountains. Those looking to buy a house in Vegas may also find themselves drawn to Tule Springs for its beautiful Mediterranean and Spanish Colonial-style houses, spacious lawns, and short distance from the Strip. In addition, if you need to get to Downtown Vegas for work or play, US-95 can have you there in about 20 minutes!
Moving to Las Vegas, NV? Check Out Our Helpful Moving Resources
Reasons to Rent in Las Vegas
Maybe you’re not ready to commit to buying a house or aren’t sure how long you’ll be in Las Vegas. No problem! Here are some reasons to check out homes for rent in Las Vegas.
Transition Homes Quickly
Las Vegas’ housing market is experiencing an affordability crisis. With prices being at all-time record high, it can take more than six weeks to sell a house—averaging 47 days on the market. If you don’t want to be stuck trying to sell your home for a long period (and possibly carry two mortgages at the same time), renting could mean an easier living transition.
No Homeowner Expenses
Not only does owning a home mean potentially higher monthly bills, but it certainly means a more expensive investment in the short term. Renting a home or apartment can help you avoid paying property taxes, as the responsibility falls on the homeowner. Furthermore, while Las Vegas’ property taxes are among the lowest in the country, they could fluctuate at any given time. Plus, when you choose to rent a house or apartment, you avoid unnecessary down payment fees. Instead, you may have to pay the first month’s rent ahead of time, security deposits, plus fees for pets, amenities, and utilities, depending on what you choose to rent.
Get Familiar with the City
If this is your first time living in Las Vegas, it might be helpful to get the lay of the land before committing long-term to a location. There are dozens of neighborhoods in Las Vegas, and each has its own unique vibes, amenities, and demographics. To figure out which one is right for you, it might be best to sign short-term leases in a few different parts of the city as you familiarize yourself with the Las Vegas metro and culture.
Enjoy Additional Security Apartments Feature
Renting an apartment typically gives you additional access to security features like video surveillance, security gates, alarm systems, and on-site security officers. However, not all purchasable homes in the city are equipped with as many features past baseline locks and deadbolts. The addition of additional security features that many apartments offer can give you peace of mind, especially if you work late hours or are in the service industry.
Fewer Living Expenses
For a number of reasons, the cost of living in Las Vegas is lower when renting a home versus owning one. Rented spaces are typically smaller, so utility bills are lower. If something is damaged or needs replacing, an apartment complex or landlord will often cover the costs and have a maintenance team to fix it. And the average price of renters insurance in Las Vegas is $264 per year, compared to at least $1,410 per year for homeowners insurance.
Access to Additional Amenities
Renting an apartment or condo may include amenities you might not have access to if you bought a home—such as gyms, pools, community centers, and dog parks—all within walking distance of your home. Community upkeep is also often covered by landlords and rental companies, so you don’t have to worry about landscaping, pest-proofing, and other outdoor maintenance.
Worry Less About Maintenance Issues
Renting a property in Las Vegas offers convenience when it comes to maintenance. By renting an apartment or condo, you have easy access to a landlord, whom you can call when maintenance-related issues arise. You can worry less about fixing maintenance issues yourself or paying for out-of-pocket repairs.
Best Places to Rent a Home in Las Vegas
Below are the Las Vegas neighborhoods you should check out if you’re interested in renting a home!
| Neighborhood | Downtown | Michael Way | Rancho Charleston | Whitney Ranch |
| Median Monthly Rent | $825 | $1,149 | $1,112 | $1,410 |
| Renter Occupied Rate | 87.3% | 58.9% | 56.6% | 45.7% |
| Safer than % of the State | 32% | 0% | 49% | 19% |
Downtown
- Home Price: $825 median monthly rent
- Crime Rate: Safer than 32% of Nevada cities
If you’re looking for fun, nightlife, and concerts, there’s no better place to live than in the heart of the Entertainment Capital of the World. Though most residents don’t plan on making Downtown Vegas their permanent home—nearly 90% of people Downtown rent property—it’s a great place to experience various Las Vegas events, activities, and festivals. From bustling Fremont Street to the trendy Arts District, there’s always something going on Downtown!
Michael Way
- Home Price: $1,149 median monthly rent
- Crime Rate: Safer than 0% of Nevada cities
Located ten miles northwest of the Las Vegas Strip, Michael Way is a perfect option for couples and young professionals who want a quieter living environment. The neighborhood offers a variety of affordable housing options—including condos, apartments, and townhomes—as well as affordable cost of living and walkable distance of nearby Ed Fountain Park. To top it off, Michael Way’s easy access to Highway 95 and Business 95 makes it a perfect option for commuters.
Rancho Charleston
- Home Price: $1,112 median monthly rent
- Crime Rate: Safer than 49% of Nevada cities
Rancho Charleston is perfect for those who want to experience Las Vegas nightlife and dining while having some room to breathe. This Las Vegas neighborhood is within minutes of the Las Vegas Strip, Symphony Park, and Downtown LV—not to mention Harry Reid International Airport (previously McCarran). But Rancho Charleston also offers some quiet and space away from the city center. Here, you can find cozy condos, budget-friendly apartments, and vintage Mid-Century Modern homes for rent.
Whitney Ranch
- Home Price: $1,410 median monthly rent
- Crime Rate: Safer than 19% of Nevada cities
While the city center is easily accessible thanks to I-515, Whitney Ranch also provides some distance from the Strip, making it perfect for those who want to be near the Las Vegas fun without being consumed by it every day. Renters can find affordable condos, townhomes, and apartments in the area, as well as plenty of fun things to do at nearby Sunset Station Hotel & Casino and the massive Galleria At Sunset shopping mall.
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Whether you plan to rent or buy in Las Vegas, Extra Space Storage has convenient self storage facilities located throughout the valley that can help with your transition. Find storage units near you!
The Extra Space Storage team is committed to helping people find the perfect place to call home no matter what stage of life they’re at. Our “Best Places to Live” picks, are designed to make moving easier by providing accurate and comprehensive information on various metro areas across the country. We consider factors like cost of living, job opportunities, local attractions, education, and more to help those looking to move make an informed decision. Discover more about our methodology today.
Neighborhood and suburb statistics from AreaVibes
