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Should You Rent or Buy a Home in Las Vegas 2021
Dated: January 19 2021
Home Prices Growing Faster Than Rents in More Than 80 Percent of U.S.
Among the 44 U.S. counties analyzed in the report with a population of 1 million or more, those where it is more affordable to buy a home than rent include Maricopa County (Phoenix), AZ; Miami-Dade County, FL; Clark County (Las Vegas), NV; Tarrant County (Fort Worth), TX and Broward County (Fort Lauderdale), FL.
Home ownership is more affordable in almost two-thirds of the country following a year when the impact of declining interest rates helped counteract home prices that rose faster than rents and wages. Trends favoring home ownership show up most in suburban and rural areas with the most affordable home values, while renting remains more affordable in the biggest cities.
“Home-prices are rising faster than rents and wages in a majority of the country. Yet, home ownership is still more affordable, as amazingly low mortgage rates that dropped below 3% are helping to keep the cost of rising home prices in check,“ said Todd Teta chief product officer with ATTOM Data Solutions. “It’s startling to see that kind of trend. But it shows how both the cost of renting has been relatively high compared to the cost of ownership and how declining interest rates are having a notable impact on the housing market and home ownership.
The coming year is totally uncertain, amid so many questions connected to the Coronavirus pandemic and the broader economy. But right now, owning a home still appears to be a financially-sound choice for those who can afford it."
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