Affordable Housing In Las Vegas, NV
The typical home value of homes in Las Vegas is $364,752. Keep in mind that this is only for middle-tier homes. In fact, over the last year, Las Vegas home values have been up 23.3%. Even worse, if you don’t have a home or some property, you may soon find yourself priced out of the Las Vegas market. Consumers feel the squeeze in every direction right now, and housing is likely to rise next year because of demand and lack of housing. Furthermore, Las Vegas is one of the fastest-growing big cities in America, and as a former UNLV Rebel, I am happy to see Las Vegas shine. Affordable Housing In Las Vegas is only the beginning.
However, a cumulative gain of ~27% over the last two years means the average home is no longer $287,000. That rise impacts the amount needed for a down payment and monthly mortgage payments, pushing the idea of homeownership in Las Vegas out of reach for so many families.
So what’s the alternative if you need a place now but still want to be a homeowner by the end of the decade? Purchasing a mobile home may be a great alternative. It seems counterintuitive, right? To buy a manufactured home that can cost about $90,000, and that actually will help you purchase a traditional single-family house. My mind is blown. Buying a Mobile Home is a great stepping stone to potentially purchase your first house.
Case Study
We’re going to quickly compare a manufactured home for sale and a single-family house for rent in the same area. For a fair comparison of pricing, we use the square footage of the examples.
Rent in Las Vegas, NV
According to Rent Cafe, the average rental for an 892 square foot apartment is $1341. That price tag tends to be a one bed/ 1 bath or studio apartment, and the price quickly rises with more rooms and square footage. Compare that price to what comes with an upcoming listing in Sunrise Manor, where someone could almost double their space by owning a 1,600 sqft, three bed/ 2 bath manufactured home. And what would a home like this cost? Only $90,000.
After all, if you have lived in Las Vegas for a couple of years, you have likely seen the city grow faster than most people ever anticipate. But, unfortunately, the population growth has come at the expense of expensive homeownership. Significantly since the pandemic, the prices of single-family houses have soared. As a result, even with historically low-interest rates on mortgages, many first-time buyers are being priced out of the market.
Renting a House
The competition is driving mortgages up since people are purchasing homes significantly above the asking price. Consequently, it also drives up the match and price for renters. Check Zillow, and you will find that you can quickly pay close to $2,000 to rent a single-family home. Factor in utilities, and you are already approaching $2,500 for something you will never own.
Prices of lot rent, especially in desirable areas in a city, are also going up. However, these prices are less affected by competition from renters and more based on the increasing value of the land. Nevertheless, leasing a lot inside of a mobile home park is still the more affordable option. So what can you expect to see?
Lot lease is $800
Other savings
Of course, it is not often considered that manufactured homeowners or mobile homes can save money on other areas than rent. Here are two examples:
Usually, utilities are included in the lot rent. Renting a house, condo, or townhouse will cost you an extra $200-$300. The costs of renting a space in a park are lower even if utilities are passed on to the lessee.
Parking is an additional expense, but not as much as an apartment or condo.
Benefits
A manufactured home can offer many benefits beyond the apparent savings.
One, you already have a community.
A park for two will often have amenities that are more costly than a home for one family.
You will be the owner of your property after three years.
You have four times the privacy.
Five: You can use your savings to buy land and move your house there, and you now own real estate.
The Future of the Manufactured House
Nevada is an exceptional state for manufactured and mobile homes. The price of a home in Nevada can be sold for as much or more than it cost a decade ago. The current market is a sellers’ market as many people turn to manufactured or mobile homes as an affordable solution for the housing crisis.
If the home is well maintained, it should be at least equal to its market value. This assumes Las Vegas continues to thrive. This will allow you to return your initial investment and save $800-900 per month compared to paying $2,000 elsewhere for comparable size and bedroom rental.
Conclusion
You now have a plan to save money for a single-family home and purchase a mobile or manufactured home if that is what you want.