Why Las Vegas Is Great For First Time Home Buyers
Thinking about buying a home for the very first time? According to an article published by WalletHub, Las Vegas might be a great place for first time home buyers. In a recent study of “The Best and Worst Cities For First Time Home Buyers”, Nevada overall shows up! In fact, a couple of cities in our fine state make a good showing.
You should know that they had an “overall” list of cities, then a list of major cities throughout the country. How did they come up with the list? Keep in mind that the study took into consideration the following factors for 2023…
- Real-Estate Tax Rate
- Cost of Living
- Rent-to-Price Ratio
- Median Home-Price Appreciation
- Foreclosure Rate
- Total Home-Energy Cost
When Buying Your First Home, Las Vegas Is A Great Place!
You factor all that in, plus the non-threatening weather year round, it would seem that Las Vegas would be a great place for first time home buyers right? Non-the-less, overall, the Top 5 cities just happen to be in Florida!
In regard to Nevada, Henderson actually cracks the Top 10 for first time home buyers. As far as Las Vegas is concerned, we came in 19th overall on the list, but a little higher when you consider major cities. When you talk about “major” cities, Henderson actually ranks 3rd and Las Vegas comes in at #5 on that list and we’re proud of it!
At the other end of the spectrum, the least favorable cities to consider when buying a new home? Here’s a huge shocker, the Top 5 are all in California with Los Angeles being #1 on that list. Not really a surprise, but makes sense to a lot of us that might be living here in the great southwest. High cost of living, taxes and more just makes Southern California less desirable for those thinking about buying their first home.
All in all, Nevada seems to be on target when it comes to first time home buyers!