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ames Watts, a third-generation Las Vegan, recently bought a house with his partner Lauren Tuvell after a long and difficult search. They were able to secure a loan for $350,000 at 6.6% interest and scraped together $20,000 for a down payment with the help of family members. Watts notes that anyone who can afford it should consider buying a home instead of renting.
However, many Nevadans are struggling to keep up with the housing market due to rising costs and wages that don't support average prices. Realtor Cristine Bullard attributes this to Californians moving to Nevada, where they often pay cash for homes over the asking price. "The average wage does not support anything close to the average [housing] prices here," she said.
Corey Dillard, an Uber driver who makes around $30,000 annually, struggles to pay his rent of $800 and is considered cost-burdened under federal guidelines. He hopes to own a home one day but thinks it will take him three years if he finds a partner to split the costs.
Nevada has a profound shortage of affordable housing, with an estimated 78,000 units needed. Between 2019 and 2023, rent in the Las Vegas metro area increased by 34%, while wages only rose by 14%. Nicholas Barr, an assistant professor at the University of Nevada, Las Vegas, notes that this is not solely due to Californians moving to the state.
To address the affordability problem, Bullard suggests decreasing the price of land, which would make it easier for people to buy homes. Barr argues that there are not sufficient market incentives for businesses to build affordable housing for low-income and homeless people.
Some Nevadans are turning to family to deal with high costs of living. Pollster Christi Lazaroff owns a condo she bought with her mom, who is retired. She goes to open houses for inspiration on decor and eventually hopes to move the two of them into a bigger condo.
McKenna Ditterline, 22, lives at home with her mom and uncle to save up for a house. She makes minimum wage plus tips as a barista but finds it hard to save up due to high living costs. Despite this, she's determined to own a home one day and is willing to wait until she can afford it.
