Which Las Vegas neighborhoods are the most affordable per square foot?
When potential homebuyers are using the MLS listings in Las Vegas to find an affordable property, they may want to consider figuring out the price per square foot of a house. While two homes may be priced the same, the square footage and resulting price per square foot could be drastically different. As a result, the home’s overall value may not necessarily increase optimally over time.
Here are three neighborhoods in Las Vegas with very affordable price per square foot rates:
1. Jean. Check out the 89019 area to find a home in one of the most affordable greater Las Vegas communities. The median home price for a house in the fourth quarter of 2011 was $40,000, according to DataQuick. This, when compared to the size of the home, resulted in an affordable $22 per square foot.
2. Las Vegas. Located right in the city - in the 89117 ZIP code region - are reasonably priced homes with a median property price of $139,000 in the last quarter of 2011, the source reports. At $75 per square foot and a 4.6 percent increase in housing prices for the area, this may be a smart place to start looking.
3. Henderson. The 89012 ZIP code offers homes with a median price of $160,000 in the fourth quarter of 2011, which broke down to $86 per square foot. Home sales have been steadily increasing in this area as prices have dropped.