While many markets located across the United States have been negatively impacted by falling housing prices, Las Vegas seems to have been among the hardest hit of them all. While the median sales price in the Las Vegas area skyrocketed between 2004 and 2007, the bubble eventually burst. The median housing price, which maxed out at over $300,000 in early 2007, has since fallen to less than $150,000. While the housing prices have declined, they appear to have finally stabilized as housing prices have maintained around $150,000 for the past few quarters.
Just like condos and single family homes in the Las Vegas area, small multi-family properties have also fallen in value. Investors and home buyers who are looking to purchase a quality multi-family property will have many options to choose from. Also, due to the high rate of foreclosure and short sales in the Las Vegas area, there are many qualified individuals looking to rent an apartment unit.
Purchasing a multi-family property is always an excellent investment opportunity for anyone looking to build long-term wealth. If you are able to afford a two or three unit property, you could possibly rent the units out at a level high enough to cover your entire mortgage payment. This would then allow you to live essentially payment free. With housing prices in the Las Vegas area at extremely low levels and with rents at high levels, purchasing a multi-family property that would allow you to cover your bills has never been easier.