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Home prices, rent continue to go up across the Las Vegas valley

Home prices, rent continue to go up in Las Vegas
Home prices, rent continue to go up in Las Vegas
Posted at 7:43 PM, Apr 30, 2018
and last updated 2018-05-01 14:17:50-04

CoreLogic reports home prices are steadily increasing.  Nationally, home prices are going up by about 7% year over year from March 2017 to March 2018 but in Las Vegas we're seeing a jump of 12.6%. 

Richard Saechao is ready to trade California beaches for Las Vegas desert mountains. "California it's just waste of time, waste of money. Taxes, I paid so much for nothing." 

Though valley homes now come with a much higher price tag, he says it doesn't matter. "My range is about 250 to 350 which is easy. I will pay cash for it," says Saechao.

Increased home values is great if you own, but not so much for renters who would end up having to pay more. 

HISTORY: A look at the housing bubble burst and long-term impact on Las Vegas

New research by Zumper shows the price of a one bedroom unit  in the valley is up 15.6% since this time last year. Las Vegas ranked as the 60th most expensive rental market in the nation this month, with one and two bedrooms settling at $890 and $1,100, respectively.

Pair that with wages that aren't increasing much and you've got a combination for struggle. That's why looking for a new place to call their own home has been a challenge for Maria Angela Ocuaman's family.

"We're looking for something that we can afford and still live like a comfortable life... We don't earn a lot. I mean, I'm not in the medical field. My husband is just a machine operator."

Realtor Joe Pascual says locals shouldn't lose hope.

Just save up and do your own research before buying a home. "To be more competitive you need to be more pre-approved, getting pre-qualified and that's one thing too. Talk to your local lenders and your local realtors."

Realtor Runy Tan suggests, "We have down payment assistance programs so for those that are renting there are still affordable houses just be prepared for it. Get the loan approved ahead of time."

CoreLogic is also reporting that homes in Las Vegas are currently overvalued. That means that home prices are at least 10 percent higher than the long-term, sustainable level.

If you are looking to buy a home and need financial assistance, you can go to the Nevada Housing Division website or check with the FHA Down Payment Grants for 2018 - Nevada.