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n Las Vegas, young adults are struggling to buy homes due to intense competition from Baby Boomers in a hot housing market. According to Construction Coverage, just 3.3% of home purchase loans last year went to buyers under 25, far behind the national average of 5%. Generation Z, born after 1997, faces significant affordability challenges, with median home prices soaring and cost-of-living-adjusted incomes ranking 37th among large metros.

    Baby Boomers, with their accumulated wealth from decades ago, are outbidding Gen Z buyers. Mike LaFirenza, founder of Construction Coverage, notes that the high demand for homes from older buyers creates stiff competition, making it tough for younger homebuyers to compete due to lack of pre-existing equity for down payments.

    Demographic trends and a nomadic workforce may also be contributing factors. Lori Galarza, a Las Vegas Re/Max Central broker, suggests that the city's relatively short history and limited generational wealth may make it harder for Gen Z buyers to enter the market. Additionally, many people migrate to Southern Nevada for work but don't stay long enough to buy homes. California buyers also bring significant purchasing power to the market, making it even more challenging for local millennials to buy a home.