Renting vs Buying in Nevada: A Complete Cost Breakdown

You can buy a Nevada home with as little as 3.5% down using an FHA loan. On a $350,000 home, that's just $12,250. VA loans for veterans require $0 down. Conventional loans typically require 5-20% down. Many first-time buyers use Nevada down payment assistance programs to cover part or all of their down payment, making homeownership accessible even with limited savings.

If you're staying 3+ years, buying is financially better. Las Vegas rent averages $1,650/month and rising. A comparable mortgage payment builds equity and offers tax benefits. After 5 years, homeowners gain $85,000+ in equity while renters have nothing. However, if you're only in Vegas short-term (1-2 years) or building credit/savings, renting makes sense temporarily.

Homeowners: Property taxes (~1% annually in Nevada), homeowners insurance ($100-150/month), HOA fees (if applicable, $50-300/month), maintenance/repairs (budget 1-2% of home value yearly). Renters: Rent increases (3-5% annually is common), potential moving costs every few years, renter's insurance ($15-30/month). The key difference: homeowner costs are mostly predictable and build equity, while rent is pure expense that increases over time.

Probably yes. If you can afford $1,500+ rent in Nevada, you can likely afford to buy. A mortgage payment on a $350K home (median Nevada price) with 3.5% down is around $1,750/month including insurance and taxes – similar to rent but building wealth. Get pre-approved to see your exact buying power. Many renters discover they qualify for more than expected, especially with low down payment programs and assistance for first-time buyers.

Nevada has some of the lowest property taxes in the nation – typically 0.6-0.8% of home value annually. On a $350K home, that's just $2,100-2,800/year ($175-233/month). Plus, property taxes are capped at 3% annual increases. Meanwhile, Nevada rents have increased 15-25% in recent years with no cap. Your mortgage payment stays fixed for 30 years, while renters face perpetual increases. Property taxes are also tax-deductible, reducing the effective cost.

Long-term homeownership mitigates this risk. While short-term fluctuations happen, Nevada home values have increased significantly over any 10-year period historically. If you stay 5+ years (which 70% of buyers do), you'll likely see appreciation. Even if values temporarily drop, you're still building equity through mortgage payments and avoiding rent increases – better than renting where you gain nothing regardless of market conditions. Your home is both a place to live and a long-term investment.