Las Vegas Currently Ranks as 11th Least Affordable Housing Market in Nation, New Report Says

LAS VEGAS, NV – For many years, Las Vegas earned a reputation for low cost-of-living and an affordable lifestyle; however, due to rising prices and a lack of inventory, a new report has revealed that the housing market in the city has become one of the least affordable in the nation.

According to the Urban Land Institute’s 2024 Home Attainability Index, Las Vegas currently ranks as the 11th least affordable major metropolitan area in the country, with only a scant 18 percent of the homes on the market being considered affordable by households of four persons that make Southern Nevada’s annual median income of $70,723.

At present, it would take about 37.4 years for a family in Las Vegas making the average median income to save up enough down payment money for a home in the city.

The top five least affordable cities in the Urban Land Institute’s report are, in order: San Francisco, San Jose and Los Angeles, California; Honolulu and Stockton, California.

Currently, Southern Nevada is in the grips of a housing crisis driven by a number of issues, such as high mortgage and interest rates, home prices escalating to near all-time record levels, a dwindling amount of land that can be developed, and affluent buyers from neighboring states such as California whose big bank accounts are squeezing out locals when it comes to homebuying competition.

RCLCO Real Estate Consulting Chief Executive Officer and one of the authors of the Urban Land Institute’s report, Adam Ducker, said that of all the issues plaguing the Las Vegas housing market, the number one is the lack of land to develop and the slowdown in home construction it has caused.

We’re just not producing enough housing for the growth that we’re experiencing, which is true in most markets but particularly in high-growth markets including Las Vegas,” he said.

Some Realtors are hoping that a Trump presidency could have a positive effect on Las Vegas’s current housing crisis, citing his plans to both deregulate the housing industry and to open up additional federal land for home development, which – if those factors do indeed come to pass – could lead to new building activity in Southern Nevada and a plethora of new options for residents looking to buy a residence.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.