The housing market in Nevada is hot and only getting hotter. Thanks in part to a heavy presence of real estate investors, many single family homes in the major metro areas were converted to rentals, limited the availability of housing stock and pushing up rent prices. While outsized home value growth and short stock may seem like a poor mix for Rent to Own, the high number of small to medium sized investors in Las Vegas, for example, offers the intrepid lease option buyer the chance to get a great rate on a current rental from someone looking to unload the property.
Silver and Oasis of the Desert
Nevada has an interesting blend of the past and the present, maintaining the Old West motif while offering visitors modern attractions like Las Vegas. The state started of as a collection of mining towns, and now houses one of the greatest examples of hydroelectric power in the nation. Many valuable materials come from the Silver State, and there are many natural attractions to entice the outdoorsy side in all of us. Major industries in the state include mining, tourism, aerospace and defense, energy, manufacturing, gaming, and information technology. Population growth averages at about 1.7 percent annually. Job growth in Nevada continues at 3.7 percent and unemployment sits at 7.1 percent. For average income, the median household income is $44581 and the median family income is $50,849 annually.
The Strip, Las Vegas, NV Via Pic ZoomThe Real Estate Picture
Currently, housing prices in Nevada are right around the national average. Hit hard by the housing crash, cities like Las Vegas have charged back in part due to investors scooping up properties and converting them into rentals--shortening the supply. Statewide, the market is exploding, growing 10.5 percent last year and expected to grow another 5.8 in over the course of this one. According to Zillow, the average home value in Nevada was $197,600. Some of the most popular metro areas in Nevada are Las Vegas, Reno, Carson City, Henderson, and Elko.
Education School rankings are mostly average throughout the state with some of the best schools concentrated near Reno. Nevada has notable universities that include the University of Nevada-Reno, University of Nevada-Las Vegas, Sierra Nevada College, Great Basin College, and College of Southern Nevada.
Crime in Nevada is often higher than the national average, though centered in a couple areas. Getting the whole picture involves researching individual metros and areas, which may or may not have their crime rates skewed by the type of complications associated with liberal alcohol restrictions and casinos. Violent crime in Las Vegas affects more than nearly 8 people per 1000, for example, whereas nearby suburb Henderson comes in at 1.5 per 1000. Statewide, Neighborhood Scout notes that violent crime rates are above the 3.8 per 1,000 residents national average at 6.03 while property crime is 28.38 per 1,000 residents and is slightly above the 27.3 national average.
Culture and Entertainment
Nevada has many varying points of interests including the Strip in Las Vegas, Hoover Dam, Red Rock Canyon National Conservation Area, Great Basin National Park, and the National Automobile Museum. Besides the gambling and glam of Las Vegas’ nightlife, outdoor activities in the northern part of the state is a huge draw. The Sierra Nevada Mountains run along the California/Nevada border, offering up some of the the best outlets for camping. You can find almost anything you want to eat in Las Vegas, but most of the state loves western-style cooking from homestyle to barbecue.