Originally Posted by
Mitragorz
I plan on buying a house in Vegas as soon as I can afford it (who knows when that'll be...). That's where I'd like to retire to, I love the desert. I already know I won't be spending much time there, so I'll rent it out to help pay off the mortgage, while I live in apartments wherever I'm working. By the time I retire, I
should have enough saved up to give it a total overhaul, and be able to live in it
Better not plan on renting it in Vegas for a while. There are thousands upon thousands of houses for rent here right now and prices are low low low. Nobody can sell their homes here, so they're all trying to rent them. You can easily get a 3br house for the same price as a 2br apartment right now.
The real estate market is horrible in Vegas and will probably remain that way for at least 3 more years. Asking prices will have to decline significantly before people will start buying again.
I'll be in the market to rent a house in a couple months and I expect to get a 3br, 2ba house for about $800-$1000/month. That won't even cover the mortgage/taxes for most owners.
Vegas will soon be right behind southern California in number of foreclosures.