LAS VEGAS (KTNV) — I met many locals during our Fighting Together Locals' Advocacy Fair on Tuesday and heard the biggest challenges many of you are facing.
And one issue in particular that came up often: affordable housing.
You asked, is it better to buy or rent right now?
To answer that question, let me introduce you to one woman whose housing decision comes down to what she can really afford.
Meet Lizzie Ramirez
For many Las Vegans, deciding whether to buy a home or rent is all about making the numbers work. And right now, while rents may be starting to drop, payments for a home still remain high.
“We just can't afford it," Lizzie said.
She told me she can no longer afford her home, and renting is now her only option.
Abel: It just makes more sense right now to pay rent instead of paying that mortgage payment?
“Yes!” Lizzie said.
A recent report from Redfin shows rent prices in Las Vegas are dropping slighting, with a 1.5% decrease from August to September — bringing the median asking rent to $1,475.
But for Lizzie, the process isn't easy.
“It is really difficult, I applied for an apartment — you have to have double or triple the rent so it makes it even harder for us to live," Lizzie said.
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For context, I found a home listed in the southwest at around $560,000. With an FHA loan, you'd be looking at around $4,000 a month with a 3.5% down payment. But just a few blocks away, similar homes are renting for about $2,400.
Abel: How affordable, how accessible is homeownership for many people here like yourself?
“The prices are outrageous right now,” Lizzie said.
Local mortgage banker Darin Hahn said if you can, buying still holds value.
“The bottom line is what can you afford, don't bite off more than you can chew,” Hahn said. "If you buy your own home and the payments are somewhat similar, now you are actually building equity in real estate in a new home, otherwise you're paying someone else's rent."
Lizzie said she hopes mortgage rates continue to drop and help make the homebuying process a reality for her once again.
“You just can't buy a home making $15 to $16 dollars an hour," Lizzie concluded.
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