Home Rentals Nevada Nevada Home Prices Drop Along With Nevada Apartment Vacancy Rates

Nevada Home Prices Drop Along With Nevada Apartment Vacancy Rates

by Daniel E. Fava
apts nevada: sunset

apts nevada: sunsetAs a follow up to my article on Nevada apartments I found this and wanted to link to it.

In order to buy a single family house in Nevada each member of a two income family must make $10 an hour.

Lower prices for existing homes are keeping the pressure on other real estate sectors such as apartments and new homes as home values continue droppingĀ  to the bottom according to the folks at https://www.rgj.com/article/20110520/NEWS/105200418/Washoe-home-prices-continue-downward-spiral?odyssey=mod%7Cnewswell%7Ctext%7CLocal%20News%7Cs .

The median price for an existing single-family home fell to $155,000 in April. The price represents a 14 percent drop from April 2010. All the foreclosures are cousing more and more people to move to Nevada apartments.

“The foreclosure crisis is also creating new tenants for apartments, Ramos said. Many people who get foreclosed on typically can’t get approved for a new home, which adds to the number of tenants for the rental market. Others in a distressed situation also may be tired of fighting to keep their home and are opting to go the rental route as well,” Ramos said.

How about you? Any finding Nevada apartments? Comment below.

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[Image credit: fdecomite]

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