Source link : https://welovdogs.com/las-vegas-housing-affordability-crisis-intensifies-expert-warns-of-rapid-price-surge/
According to the latest numbers from Las Vegas Realtors through August, the median price for a home in Southern Nevada stands at about $480,000.
So how much money do you need to make to afford a house in that price range? News Three’s Will Silverstein is joining us now live to crunch some numbers and give us the answer. Will.
Steve, it’s a big number to crunch $120,000 is how much a household has to make in order to afford that median price home. That’s a $3,000 a month mortgage payment that you have to pay per month. All these numbers, not only crunched by me, but crunched by this man, Professor Nicholas Irwin
There was a point in time in not too distant past, a lot of folks remember that housing was really affordable, housing was affordable for everyone, and that has quickly changed. And just the span of 20 years.
As more time has passed, Las Vegas is less affordable.
That’s UNLV lead center for Real Estate Research director Professor Nicholas Irwin. He says jobs like the ones on your screen are not keeping up with the cost of housing.
Simply out of reach for most of the jobs in this town. And that’s a serious problem that needs to be addressed for the long term growth of Las Vegas. The fact that a minimum wage worker has to work a impossible number of hours to afford a house is something that hasn’t always been the case here, and we are increasingly here in Las Vegas feeling some of those West Coast pressures of how things are just becoming so unaffordable —-
Author : welovdogs
Publish date : 2025-10-08 08:11:00
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