Las Vegas Housing Crisis Prompts Search for Affordable Solutions
LAS VEGAS – Skyrocketing housing costs are squeezing Nevada residents, forcing many to reconsider the dream of homeownership. The average home price in Southern Nevada currently sits at $480,000, requiring a substantial 25% down payment – approximately $120,000 – according to financial advisors.
“Rent is very expensive. And owning a home, buying a house,” said local resident DeAngelo, reflecting the widespread concern. He noted that home prices have tripled since he remembers being able to purchase a $400,000 home that felt like a ”mini-mansion.” Now, that amount typically buys a townhome.
Other residents echoed this sentiment. “It is indeed really expensive with the prices of groceries and stuff,” stated Linda. “And you got to take care of your family. And the rates right now…nobody can afford it right now, it is way too high.”
Even long-time homeowners are feeling the pressure. Inez, who purchased her home decades ago, expressed relief that it’s paid off, acknowledging she couldn’t afford it today due to high down payment requirements. “The down payment and everything that you have to put down is outrageous,” she said.
The Nevada Housing Coalition recognizes the severity of the issue, noting housing affordability has been a growing problem for the state over the last decade. The institution recently championed Assembly Bill 540, which aims to increase the availability of affordable single-family homes.
“What this will do, ultimately, is create single-family homes, starter-type homes for individuals and families that are looking to pursue generational wealth and home ownership,” explained Maurice Page, Executive Director of the Nevada housing Coalition. The initiative is projected to assist between 5,000 and 7,000 people.
Linda hopes lawmakers will prioritize comprehensive solutions. “Well, what I hope is that they take an overall look at everybody, where everybody is at, and try to come out with something where people can afford to move into a house.”