[azdental89]

Hi i am new to the forum and was hoping you folks might be able to give me some advice. I will be moving there for the next 4 years and am looking for a place to live. summerlin looks like my best bet and I will be going up there next week to look at apartments but would really prefer a house. because ill be a student ill have to live modestly at I can afford a house around 65-70k. is this something thats achieveable in a nice area? Any advice would be appreciated.

[PinkString]

I think you can get a condo or a townhome in a decent enough area for that, but not a house in Summerlin.

[Traveler500]

TO get it that cheap you will have to find some niche neighborhoods in north las vegas.

The place where I live in North las vegas is decent and my house probably costs around 50-65K. My block is nice with mostly American people. The blocks can get a bit shady a mile away or so. You really have to move here first and take your time and look.

I would say if you are here 4 years then buy. Just movein with roommates at first month to month, and take your time and look.

Reason I say buy is, my rent which does not include utilities is $375 a month. On Zillow, they estimate that my mortage and insurance and tax payment would be around the same price. So why deal with roommates when you can buy so cheaply.

Roommates can really suck around here. Just last night my roommate comes back drunk and goes to sleep with his music blasting. Woke me up all night with it, and then this morning it was still going off. His alarm clock then went off and did not even wake him up. I was honestly hoping he was dead in his room. You get my drift. Don't do rommmates when you can buy a house for nearly the same as renting.

[Traveler500]

let me point out that also condos are pretty expesnsive to rent and you still have to deal with neighbors next to you who will blast their music etc.

Renting a condo is around $1000 a month for a decent place, plus you will probably have to pay condo fees etc.

At that price you can afford a very nice mortage on even a 250-300K house. However, if you live a 10-15 miles from the center you can get really nice houses for like 89K.

I am here short term so I will not buy, but if I was here for any length of time, I would buy in a heartbeat.

Renting is way overpriced. I think land lords are still charging rent based on the boom time or when their rental units actually cost them 300-500K. They have not lowered their prices to reflect the housing bust. Many may also have bought the unit they are renting during the boom times and are trying to recoup some of their investment.

[WestieJeff]

Rent is actually priced correctly now. During the boom, landlords didn't care about cash flow and were happy even losing money each money since they would make their money via appreciation. Since appreciation is non-existent now, they have to make money every money to actually make money.

Landlord ROI, not including any appreciation or depreciation is only about 7-12% currently, which isn't remotely unrealistic considering it's a completely illiquid investment.

Supply and demand is a huge factor, but I don't see rents cutting in half or anything like that. From a macro view, rent is priced correctly and sustainably.

Originally Posted by Traveler500

Renting is way overpriced. I think land lords are still charging rent based on the boom time or when their rental units actually cost them 300-500K. They have not lowered their prices to reflect the housing bust. Many may also have bought the unit they are renting during the boom times and are trying to recoup some of their investment.

[acetic3]

If you are concerned primarily with the Shadow Lane facility there are a few options obvious.

There are a set of Town houses at the north end of Shadow Lane that are quite workable and in your budget range. You can walk or ride a bike to school. None availabe at this moment but they come up about every couple of weeks.

There is also a nice area just south of the school between Charleston and Sahara and west of Rancho. The small houses get into your range. There are also some duplexes in there that would work.

All that failing there are lots of workable places to the west of the school. I would stay toward Sahara...

[airics]

Originally Posted by Traveler500

TO get it that cheap you will have to find some niche neighborhoods in north las vegas.

The place where I live in North las vegas is decent and my house probably costs around 50-65K. My block is nice with mostly American people. The blocks can get a bit shady a mile away or so. You really have to move here first and take your time and look.

I would say if you are here 4 years then buy. Just movein with roommates at first month to month, and take your time and look.

Reason I say buy is, my rent which does not include utilities is $375 a month. On Zillow, they estimate that my mortage and insurance and tax payment would be around the same price. So why deal with roommates when you can buy so cheaply.

Roommates can really suck around here. Just last night my roommate comes back drunk and goes to sleep with his music blasting. Woke me up all night with it, and then this morning it was still going off. His alarm clock then went off and did not even wake him up. I was honestly hoping he was dead in his room. You get my drift. Don't do rommmates when you can buy a house for nearly the same as renting.

where in nlv do you live?