For the past six years, residential home prices in Las Vegas have been steadily inching upward; they’re driven largely by institutional investors who have paid cash for low-priced houses ravaged by the 2008 housing downturn.
Although renting an apartment or home makes a lot of sense for some people, escalating rent prices are eating up a significant portion of renters’ income, according to a Zillow analysis of U.S. rental and mortgage affordability in the second quarter. Renters can expect to spend 30 percent of their income on rent — the highest percentage we have seen to date.
After massive declines in home values during the housing crisis, most in the real estate industry look upon rising home prices favorably. Increasing values indicate that the market is recovering, and homeowners are regaining some of the equity they lost.