Report: Only 18 percent of Las Vegans own their homes outright

A view of homes in Henderson, April 4, 2011.

A city where many homeowners are deep underwater, Las Vegas also has one of the lowest rates in the country of residents who own their homes free and clear.

Some 18 percent of Las Vegas Valley homeowners owned their homes outright, unencumbered by mortgage payments, as of Sept. 30, according to a report out Wednesday from Zillow.

That was the third-lowest rate among 30 metro areas tracked in the report. Washington, D.C., was the lowest at 15.5 percent, followed by Atlanta at 17.7 percent. Pittsburgh had the highest rate, 38.6 percent.

Regions with lower home values generally had higher outright ownership rates, as smaller loans are easier to more quickly pay off, Zillow said.

Las Vegas bucked that trend, probably because home values plunged in recent years after many people bought their homes during the boom days. The steep drops have left people throughout the valley underwater, meaning they owe more on their mortgage than what the home is worth.

About 63 percent of valley homeowners with mortgages were underwater during the three months ending Sept. 30, according to Zillow. Las Vegas had the highest rate of underwater homeowners among the 30 metro areas in the report.

Tourism

Share

Previous Discussion:

Discussion 2 comments

Only trusted comments are displayed on this page. Untrusted comments have expired from this story.

  1. As more and more homes are Investor Owned the attachment of many residents to Las Vegas will continue to decrease. Politicians need to Listen, Institute Payroll Taxes on incomes over 100k per year and keep User Fees low for workers and the poor, institute Tax Fairness by charging the Mining Industry, Casinos and even Outdoor Ticketed Events fair taxes to support raising the educational standards. Build a Premier Health Care system to stem all the negative publicity Nevada is experiencing in the Senior Community as a poor place for people with medical problems to retire. Improve Zoning dramatically to increase the quality of life - we don't need a service station at all four corners of every intersection in front of a strip center.
    Build smaller neighborhood roads and slow traffic via congestion as most other cities do to prevent deadly accident. Of course you need a rapid, rational mass transit system.
    Raise the Educational Standards for All Student and Teachers to allow students to compete anywhere, if Nevada cannot provide jobs, prepare then to leave instead of being stuck in the service industry.

  2. I would be willing to wager that a very high percentage of those that own their home outright are residents of a Sun City community.