In The News: Lied Center for Real Estate
The wildfires that torched thousands of homes around Los Angeles will send refugees across the desert to Las Vegas, putting pressure on its tight housing market.
As houses continue to burn in Los Angeles, officials have already started talking about rebuilding the city. “We’re going to rebuild this remarkable community and we’re going to come back,” California governor Gavin Newsom said in a call with President Biden on January 10. Los Angeles mayor Karen Bass added her own call for action. “We’re going to recover, and we’re going to rebuild and we’re going to rebuild better.”
Wildfires continue to devastate Southern California, with the Los Angeles Times reporting today that a “particularly dangerous situation” warning is once again in effect for areas of Los Angeles and Ventura counties. At least 25 people have died.
As wildfires continue to devastate Los Angeles, many Las Vegas locals wonder, could this tragedy impact us here in the valley?
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As the battle against several Southern California wildfires continues to rage on, one expert told me the impact could be seen far outside the fire path, and even here in our valley.
The Los Angeles wildfires will most likely put pressure on the Las Vegas Valley’s already tight housing market, an expert says.
The fires in Southern California have burned in largely urban areas, which could have an impact on how home insurers work.
California’s housing crisis began spilling into neighboring Nevada as Golden State dwellers started flocking to Silver State communities in the mid-2000s. Home prices in Nevada skyrocketed due to increased demand, just like California incomes, which were about 93% higher than those of Nevada residents moving within the state, according to a 2024 paper by Lied Center for Real Estate at the University of Nevada, Las Vegas.
When we talk about affordability in Southern Nevada, it's not just a numbers game. It's about real people like you and your neighbors trying to make ends meet.
The portion of Americans contributing more than a third of their income to rent has been rising for the past two decades, and today, it sits at around half of all renters, according to recently released Census data collected in 2023.
Investors have purchased approximately 131,710 homes in the Las Vegas Valley since the start of 2000, according to data obtained by the Las Vegas Review-Journal.