[NearFantastica]

This woman moved to Las Vegas from Florida and found out that Vegas is way more expensive than even Florida!

[dexter75]

Originally Posted by lvnyc

https://www.fox5vegas.com/2022/12/22...harrison-says/

Sounds more like rent.

Im moving to Vegas tomorrow from CA. Rent is still incredibly cheap in Vegas compared to Orange County, CA. Our rent here for a 900 square foot 2 bedroom apartment was going up to $2,345 a month and thats cheap. The other apartments around here are all up over $2,600 a month. Got into a bigger place in Vegas for $1,460 a month which is a dream. Got it locked in for a year and I'll be getting into a house before the lease is up at the apartment. Mortgage on a 1,700 square foot HOUSE out in Vegas would be $600 less than this apartment. Vegas is very cheap in comparison. However, CA has rent control laws which prevent places for raising rent more than $200 a year which Vegas does not. Voters need to make that happen there or you have to buy.

[Cold Warrior]

Connect these two thoughts:

Rent is still incredibly cheap in Vegas compared to Orange County, CA

CA has rent control laws ... Vegas does not

[movin1]

Originally Posted by dexter75

Im moving to Vegas tomorrow from CA. Rent is still incredibly cheap in Vegas compared to Orange County, CA. Our rent here for a 900 square foot 2 bedroom apartment was going up to $2,345 a month and thats cheap. The other apartments around here are all up over $2,600 a month. Got into a bigger place in Vegas for $1,460 a month which is a dream. Got it locked in for a year and I'll be getting into a house before the lease is up at the apartment. Mortgage on a 1,700 square foot HOUSE out in Vegas would be $600 less than this apartment. Vegas is very cheap in comparison. However, CA has rent control laws which prevent places for raising rent more than $200 a year which Vegas does not. Voters need to make that happen there or you have to buy.

You can refinance a mortgage if rates get lower. You have no control over rent prices in places that don't have rent control. Property tax is capped at 3% in Vegas, it's not capped in many places. I've paid more in property tax than what many people pay for their mortgage. Not bragging, I have always been very fortunate to have a good income.

Your mortgage depends on the amount borrowed. Put down 20% to avoid PMI. It's almost always cheaper to own than rent, and you build equity.

Rent control might happen in NY and LA, not many other places as far as I know.

No offense meant, but you sound young and inexperienced in the concepts of owning vs renting. I'm 69 and bought my first house when I was 25. I've only rented a few times since then when I was waiting for a house to be built or when I had to move from a house I owned until I could find another house to buy. Renting is for people who can't afford to own, or want to move around and not be tied down by owning a home. Owning a primary residence has tax benefits. When I had to rent, I paid more tax (no tax break for being a home owner) so there was no savings and no equity was being built.

[esas]

Originally Posted by dexter75

Im moving to Vegas tomorrow from CA. Rent is still incredibly cheap in Vegas compared to Orange County, CA. Our rent here for a 900 square foot 2 bedroom apartment was going up to $2,345 a month and thats cheap. The other apartments around here are all up over $2,600 a month. Got into a bigger place in Vegas for $1,460 a month which is a dream. Got it locked in for a year and I'll be getting into a house before the lease is up at the apartment. Mortgage on a 1,700 square foot HOUSE out in Vegas would be $600 less than this apartment. Vegas is very cheap in comparison. However, CA has rent control laws which prevent places for raising rent more than $200 a year which Vegas does not. Voters need to make that happen there or you have to buy.

I don't want you to be caught off guard when you get to Las Vegas, it sounds like you may already be shocked by the insurance. Using your information above:

Buy home "$600 less" than apartment and "1700sf house". Assuming 6% interest rate and 20% down payment...that is a loan approximately $290K. There are approximately 35 homes over 1500sf and below $320K in the ENTIRE valley. I HIGHLY recommend you look at where these are, then rethink your "car insurance is too expensive" thought process. Anything directly adjacent to I-15, I-515, US-95 are going to be higher crime areas...which usually results in higher insurance rates.

[Tarara Boomdea]

https://twitter.com/jayparsons/statu...78596840439812

Jay Parsons
@jayparsons
We now have two markets showing year-over-year rent declines again -- something that hadn't happened since summer 2021.

It'll likely surprise no one that those two markets are Phoenix and Las Vegas.

[Cold Warrior]

Property tax is capped at 3% in Vegas

This is a bit misleading.

Property tax is about 3% of assessed value, it varies by county.
Assessed value is 35% of taxable value


So 3% of 35% = 1%


Also, your property tax bill cannot increase by more than 3% per year for a primary residence.

[blameyourself]

Originally Posted by movin1

You can refinance a mortgage if rates get lower. You have no control over rent prices in places that don't have rent control. Property tax is capped at 3% in Vegas, it's not capped in many places. I've paid more in property tax than what many people pay for their mortgage. Not bragging, I have always been very fortunate to have a good income.

Your mortgage depends on the amount borrowed. Put down 20% to avoid PMI. It's almost always cheaper to own than rent, and you build equity.

Rent control might happen in NY and LA, not many other places as far as I know.

No offense meant, but you sound young and inexperienced in the concepts of owning vs renting. I'm 69 and bought my first house when I was 25. I've only rented a few times since then when I was waiting for a house to be built or when I had to move from a house I owned until I could find another house to buy. Renting is for people who can't afford to own, or want to move around and not be tied down by owning a home. Owning a primary residence has tax benefits. When I had to rent, I paid more tax (no tax break for being a home owner) so there was no savings and no equity was being built.

This

And to correct another part of his statement....the amount of areas with stringent rent control in CA is limited. The other areas can and do increase rents between 5% to 10% and many additional costs are passed on to the tenant. AB1452 was not exactly a huge win for renters. The law was about rent stabilization.....

California Rent Stabilization Laws

In 2019, California passed AB 1482, imposing statewide rent stabilization and eviction restriction.

The law restricts rent increases to no more than 5% each year, plus a local cost of living increase allowance of up to 5%. So, California landlords may raise rent by between 5-10% each year, depending on the dictated cost of living increase allowed.

This restriction only applies to buildings older than 15 years however. For the first 15 years after a building is built, it can charge market rental prices and increase them based on rental market demand.

The statewide restrictions don’t apply in areas with stricter rent control policies.

[movin1]

Originally Posted by Cold Warrior

This is a bit misleading.

Property tax is about 3% of assessed value, it varies by county.
Assessed value is 35% of taxable value

So 3% of 35% = 1%

Also, your property tax bill cannot increase by more than 3% per year for a primary residence.

The original statement should have said, primary residence annual property tax increases can be capped at 3% annually if file for it.

Thanks for clarifying!

[wilberry]

Last year Phoenix had the nations highest inflation, 12 % in a category of something was 12% lower the year before