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 also one of the most affordable places to live in America. If you’re considering buying or renting 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 live in your desired Las Vegas neighborhood?
Now that you’ve thought about these questions, you’re ready to begin your research! Explore the pros and cons of renting vs buying in Las Vegas below!
Reasons to Buy in Las Vegas
Las Vegas is one of America’s fastest-growing metros and ranks among the best U.S. cities to invest in real estate, so now might be the time to strike. Here are some advantages to buying a home in Las Vegas!
Strong Housing Market
There aren’t many housing markets hotter than Las Vegas’, with properties selling at record prices. As the population continues to grow, this could present a great investment opportunity if you want to sell your home for a profit down the road.
When you buy property in Las Vegas, you build home equity. If you can afford the downpayment, growing your owned assets helps in several ways. Your home’s value could appreciate, you could improve your credit score by making mortgage payments, and you have a mortgage to leverage should you need a loan.
The median price of a Las Vegas home is $184,900, which is nearly identical to the national average—and utility bills are in line with U.S. standards. That affordability makes Vegas one of the best large cities for first-time home buyers.
Low Mortgage Rates
Nevada’s mortgage rate on a 30-year fixed mortgage is well below the national average of 3.99%. With mortgage rates near historic lows, now may be the ideal time to buy! Doing so could save you a lot of money over the long run and increase your buying power.
Low Property Taxes
Rent Prices Are Rising
While Las Vegas home prices have remained relatively steady, rental rates for apartments and single-family homes have increased. Rents in Southern Nevada grew by nearly 5% from the end of 2019 to the end of 2020, as more remote employees moved to the city to take advantage of the affordable living costs.
Buying a home in Las Vegas offers more room to spread out. While the average two-bedroom apartment in Vegas is 971 square feet, the median house is 1,835 square feet. In fact, Vegas homes are some of the largest in America!
Customize Your Home
When you rent, you lack ownership and the ability to put your stamp and personality on your home. Owning allows you to express yourself and customize your home to meet your unique needs.
Put Down Roots
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!
Become Part of the Community
Buying property in Las Vegas gives you more opportunities to make friends and become a part of Las Vegas’ diverse community. Owning a home can 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!
- Centennial Hills
- Green Valley South
- Tule Springs
- Home Price: $216,567 median purchase price
- Crime Rate: Safer than 30% of Nevada cities
Located about 20 minutes northwest of downtown, Centennial Hills offers stunning views of the mountains. You’ll find all kinds of home styles, from newly-constructed Adobe and Spanish-style homes to Craftsman bungalows. This safe, affordable locale is an excellent landing spot if you wish to start a family, as it’s home to some of the best things to do in Las Vegas with kids, including The Las Vegas Farm and Centennial Hills Park. Families living in Centennial Hills can also send their kids to fantastic schools like Thomas O’Roarke Elementary School and Arbor View High School.
Green Valley South
- Home Price: $221,486 median purchase price
- Crime Rate: Safer than 81% 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, 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!
- Home Price: $328,923 median purchase price
- Crime Rate: Safer than 53% of Nevada cities
Summerlin provides suburban living within 15 minutes of the jobs, casinos, and attractions of the city center. Truth be told, most residents don’t feel the need to leave this Las Vegas neighborhood! From the great dining and nightlife options in nearby Downtown Summerlin to the playgrounds and ballfields at Doc Romeo Park, there are plenty of fun things to do around the neighborhood. Summerlin also has great schools like Ernest A. Becker Middle School and Cimarron-Memorial High School, as well as gated communities, luxury condos, and Spanish-style homes.
- Home Price: $253,160 median purchase price
- Crime Rate: Safer than 75% of Nevada cities
There are several reasons why nearly 80% 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, 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 Downtown Vegas for work or play, US-95 can have you there in about 20 minutes!
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.
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.
Shaky Job Market
Las Vegas’ job market wasn’t strong before COVID-19, and it may take some time to get back on track. With an unemployment rate of 6.7% and a median household income of $50,882, it may be smart to remain mobile when moving to Las Vegas until the local economy finds its footing.
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 renter’s insurance in Las Vegas is $369 per year, compared to at least $612 per year for homeowner’s insurance.
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 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.
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!
- Rancho Charleston
- The Lakes
- Whitney Ranch
- Home Price: $520 median monthly rent
- Crime Rate: Safer than 26% 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% 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!
- Home Price: $917 median monthly rent
- Crime Rate: Safer than 0% 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 McCarran International Airport. 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.
- Home Price: $1,111 median monthly rent
- Crime Rate: Safer than 44% of Nevada cities
A planned community near Summerlin about 20 minutes from Downtown LV, The Lakes is a good way to test out suburban life in Las Vegas before fully committing to settling down. This neighborhood offers the serene seclusion of Lake Sahara and fun ways to enjoy the Las Vegas weather like swimming, boating, and fishing. While there are expensive gated communities and luxury homes in the neighborhood, you can also find great apartments and condos that offer living close to Old Spanish Trail Park, Canyon Gate Country Club, and all the great dining and shopping options along S Durango Dr and W Sahara Ave!
- Home Price: $896 median monthly rent
- Crime Rate: Safer than 46% 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. Low living costs and reasonable rental rates make Whitney Ranch one of the best places to live in Las Vegas. 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.
Whether you plan to buy or rent in Las Vegas, Extra Space Storage has convenient self storage facilities located throughout the valley that can help with your transition. Find a storage unit near you!
Neighborhood and suburb statistics from AreaVibes