Homeownership Dropping Despite a Surging Economy

The following statistics were put together by Bank of America.

The top Graph show over the past 3 years, 

Home ownership has dropped in all age groups.

The next Graph shows how Rental Occupancy % has dropped as well.

How is that possible?  A couple of potential reasons.

 Corporations are seeing the Trend away from Home Ownership 

and Investing more in Apartments and other Rental Properties.

Family Consolidation, high costs of living are bringing families together.

Keep in mind these are National Statistics.

There is no reason this should happen in the Las Vegas Area.

Our economy is strong.  Homes are very affordable.  Interest rates are low.

Now is a great time to buy!

UNLV's Nevada Housing Report - FULL REPORT

UNLV's Lee Business School puts out the following report.

This report goes into great details about sales trends and statistics for the entire state.

Analyzing Foreclosures, Notices of Default, Existing and New Home Sales.

Most graphs in report go back to the Year 2000

One of the highlights for me is the graph below showing that,

Over 85% of All Homeowners have Positive Equity.

Yes it says, "May 2017", but they just sent it out.

It must take a while to crunch that much data...

 

http://files.constantcontact.com/1e74ef30101/b37cea48-20e1-4cca-b702-b49076593a46.pdf

Clark County Economic Snapshot - by the numbers...

The Las Vegas Global Economic Alliance put together the Stats and Graphic below.

Southern Nevada means Clark County.

Some Highlights...

Our Population is Growing and Unemployment Dropping.

Incomes are on the Rise.

 Vacancy Rates for Office Space, Industrial Space and Retail Space All Dropped.

Oddly Tourism and Convention Attendance is Down,

while Gaming Revenues and Airport Passengers are Up. 

Interesting Fact: 1 out of 5 Workers have a Bachelor Degree or Higher.

click HERE to view web page

Home Prices Having a Strong Summer Surge

In Previous Years there appeared top be a Seasonal Cycle or Trend 

that tapered off in the middle of Summer.

This year it turned into a Strong Price Surge.

Prices Rising and a Dropping Inventory means we are in a Sellers Market.

As of Today, Interest Rates are at 3.9% (national average)

Anybody Considering Selling, Now is a Great Time!

More People Working and Making More Money

At this point everybody had heard that Home Prices are on the Rise.

The Big Questions we hear a lot are, 

"Are these prices sustainable?" and "Can People Afford these Prices?"

In Las Vegas over the past 7 years, Unemployment has steadily dropped from 14.1% to 5.1%.

And over the past 5 years, Weekly Earnings have risen from $653 a week to $763.

Which works out to $110 per week or $5,732 a year.

 

Two very good signs that things are going in the right direction in Las Vegas!

Our Strength is in Las Vegas' Changing Demographics

The Las Vegas Review Journal ran an article titled,

Las Vegas to be Tested on Ability to Sustain Prosperity

 containing the graphic below.

 The articles states that Las Vegas Strength lies within its;

Growing Diversity, Younger Population and Increased Income and Wealth.

 Which are also all positive factors in 

strengthening our Las Vegas Real Estate Market.

Live in a Home for FREE for the next 5 Years

CoreLogic is a leading provider of consumer, financial and property information,

analytics and services to business and government.

 They put together these projections of what Home Values will do in the next 5 years.

In 2017, Nevada as a state has a Median Price of $225,000.

They Project in 2022 Nevada Median Price to be over $325,000.

This would be a $100,000 or $20,000 per year increase.

 Or around $1,667 per month.

Which is less than what a payment would be on a $225,000 Home.

So basically you're living there for free.

See All Stats and complete Article HERE