Housing prices have tumbled across the Las Vegas Valley during the recession as foreclosures have spiked.
Monday, Jan. 24, 2011 | 11:55 a.m.
Las Vegas ranks among the top cities where buying a home is more affordable than renting, according to a report today from Trulia.com.
Trulia, a real estate and property search website based in San Francisco, calculates the price-to-rent ratio for the 50 largest U.S. cities using the median list price compared to the median annual rent on two-bedroom apartments, condominiums and townhomes listed on the site.
The website said the price-to-rent ratio in Las Vegas is 6, tying Miami for the top spot. According to Trulia, buying is more affordable then renting when the ratio is below 15.
Las Vegas had the highest unemployment and foreclosure rate among all the cities where it is more affordable to buy.
"Cities overwhelmed by foreclosure filings and unemployment, including many cities in Florida, Arizona, Nevada and central California, typically correspond to more affordable markets for prospective buyers," Trulia said in its report.
Also on the top of the list were Phoenix, Jacksonville and Arlington, Texas. On the other end, New York ranked as the top city where it is more affordable to rent with an average rental price of $3,500 to $4,000 per month versus an average purchase price of $1.3 to $1.4 million.
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