[dexter75]

This is excellent and exactly what I was betting on when I moved here from CA a few weeks ago. These prices are a dream. Check out the 8 minute mark where he starts showing some pricing. Literally over a MILLION less than they would be in Southern California.



https://www.youtube.com/watch?v=S7ZglYkZw-g

[Willy702]

If cost of housing and cost of living was all that mattered to people there would be about 25 million people living in Las Vegas. It makes no sense comparing what a house costs in one market versus another, it is completely irrelevant.

I know of a place with amazing weather year round and you can get a 2000sf recently built house for about $60,000. Funny though, no one seems to be racing down to Guatemala to buy it.

[dexter75]

COL and housing prices matter to everyone unless you are a multi millionaire who can afford to live wherever you want...

[johninvegas]

Originally Posted by dexter75

This is excellent and exactly what I was betting on when I moved here from CA a few weeks ago. These prices are a dream. Check out the 8 minute mark where he starts showing some pricing. Literally over a MILLION less than they would be in Southern California.

That's all well and good if you are coming from SoCal. If you are moving from one of the flyover states, these prices are way too expensive. I can show you homes that would be millions (not million, but millions) more than they are in Oklahoma if they were on the beach in Cali. Prices are all relative. What can the locals afford? How much earnings potential is there?

The prices the guy quotes are great for you maybe not so much for others. And certainly not for locals, who can sell their homes for good money, but can't afford to buy an equivalent home to take it's place.

[movin1]

Lots of speculation in that video, my crystal ball is not as clear. So if house prices go down, but mortgage rates go up, the only people that benefit are the ones who can afford to pay cash. The market is still far from as good as it was in April of 2019. My house is worth a lot more than what I paid for it and I refinanced when mortgage rates were at rock bottom. Good luck trying to time the market as to when to buy hoping for the prices to not go down. You can refinance if the mortgage rates go down.

[BBMW]

The cost of housing has driven a lot of the growth of the Vegas market for decades now. With the expansion of people working out of their homes, that's going to be even more the case. Employment in Vegas hasn't matched the growth of the Vegas housing market.

Originally Posted by Willy702

If cost of housing and cost of living was all that mattered to people there would be about 25 million people living in Las Vegas. It makes no sense comparing what a house costs in one market versus another, it is completely irrelevant.

I know of a place with amazing weather year round and you can get a 2000sf recently built house for about $60,000. Funny though, no one seems to be racing down to Guatemala to buy it.

[Willy702]

Originally Posted by BBMW

The cost of housing has driven a lot of the growth of the Vegas market for decades now. With the expansion of people working out of their homes, that's going to be even more the case. Employment in Vegas hasn't matched the growth of the Vegas housing market.

I think the rents and home prices are going to price out some of these people. Remote means anywhere right? Why not Tulsa or Birmingham? I don't mean to compare the cities to Las Vegas but for a remote worker they should be more attractive for the cost. Or if you really are untethered go overseas and get real bang for your buck.

[BBMW]

Or even somewhere out of the country?

Even if working remote, it might be useful to be able to show their face in the office occasionally. If someone is working for a company out of LA, Vegas isn't a bad place to be to facilitate that. It's the closest major non-CA metropolitan area to LA. While this is not the case for all remote workers, it's likely the case for enough of them drive growth in Vegas.

Originally Posted by Willy702

I think the rents and home prices are going to price out some of these people. Remote means anywhere right? Why not Tulsa or Birmingham? I don't mean to compare the cities to Las Vegas but for a remote worker they should be more attractive for the cost. Or if you really are untethered go overseas and get real bang for your buck.

[ohio_peasant]

Bumping a somewhat older thread, to inquire from the locals, as to whether it is still perceived that the local housing market is dropping, or whether it's stabilized.

Originally Posted by Willy702

I think the rents and home prices are going to price out some of these people. Remote means anywhere right? Why not Tulsa or Birmingham? I don't mean to compare the cities to Las Vegas but for a remote worker they should be more attractive for the cost. Or if you really are untethered go overseas and get real bang for your buck.

An important consideration is state residency, for income tax purposes. In Oklahoma or Alabama, which were the examples that you cited, the marginal state income tax rate is not all that low. For higher-income earners, for example investors who have annual dividend distributions in their taxable accounts, the income tax may matter quite a bit more, than a few hundred thousand dollars difference in the market-prices of houses.

So the appeal would be to have an official domicile in Nevada, or maybe South Dakota, or Tennessee or Florida... and then, if one so desires, to move overseas.

[ragabnh]

With the projected state of the economy and Mortgage Rates, buying a house at this time in general is a bad idea unless you want to settle down for a long term, say 5 years or more. Even though it is high, rent makes more sense now a days.