M
illennials in Las Vegas may find it challenging to buy a home, with the city having one of the lowest rates of millennial home purchases nationwide. According to a report by Construction Coverage, millennials bought just 48.4% of single-family homes in Las Vegas last year, ranking second-lowest among major cities. Only Tucson, Arizona, had a lower rate at 45.2%. In contrast, San Jose led the nation with 73.5% of millennial homebuyers.

    The study found that Las Vegas Valley millennials have a higher loan-to-value ratio than any other demographic, with a median loan of $385,000 and a ratio of 86.2%. This is particularly concerning given that millennials are now in their prime homebuying years, but are not buying homes at the same rate as previous generations.

    Nevada had the fifth-lowest rate of millennial home purchases nationwide, while Massachusetts led the country with 64.2% of millennial homebuyers by state. Despite this, millennials still accounted for 56.9% of the nation's home purchase loans last year.

    Meanwhile, baby boomers are reluctant to sell their homes, with over half planning not to sell before they die and only 15% expecting to sell in the next five years. This has contributed to a housing crisis in Las Vegas, where high prices driven by competition from California investors and a lack of buildable land have made it difficult for millennials to enter the market.