LAS VEGAS -- Las Vegans are more likely to walk away from their mortgage than residents in any other U.S. city -- even if they can afford it, according to a new study conducted by researchers in Chicago.

The study found two reasons for this. First, the homes have lost so much value. Second, there's the old excuse -- everyone else is doing it.

Juan Perez’s house is worth half of what he paid for it. He said he was tempted to simply walk away from his mortgage.

“It’s crossed through our mind, definitely crossed through our mind, but in the long run, is it worth it? I don’t think so," Perez said.

Instead, Perez is moving out. He's renting out his old place just hoping housing prices bounce back.

This ZIP code has seen more foreclosures than anywhere else in the country.

But Juan said some people are making a strategic move, meaning they're foreclosing even if they can afford not to.

“They’re saying, ‘Why am I going to pay $2,000 to $3,000 for a property when I can go down the street and pay half of that and still live well,” Perez said.

And the sense that “everyone's doing it” makes walking away a little easier.

“I think in that situation, the rest -- a lot of monkey see monkey do kind of thing,” Perez said.

His experience backs up a study by a group of researchers from Chicago who found 26 percent of foreclosures were strategic. Local economists said the rationale makes sense.

“There’s an argument to be made it’s a rational decision when you look at the numbers,” Perez said.

John Restrepo of Restrepo Consulting points out that it could definitely come back to bite them in the end. And he said it speak volumes about one's character.

“Those folks that are walking away are using situational ethics. Ethics bend with the times,” Restrepo said.

Restrepo said he doesn’t think this will turn into a wave, but it all depends on what happens with housing prices. But if it does, he said it could be disastrous.

The study says someone who believes it’s immoral to default is 77 percent less likely to do so. If they know someone else who has, they're 82 percent more likely to follow the herd.