In The News: Lied Center for Real Estate
Homeownership is a major investment which requires significant assets to maintain each month. According to 51ԹϺ’s Lied Center for Real Estate, the average household income for homeowners is $90,979 per year. But between inflation, cost of living data, and home sales data, that money may not have the same spending power compared to years ago.
For Las Vegas homeowner Yolanda Perkins, the threat of foreclosure constantly looms over her head. “The cost of living is so high, I live from paycheck to paycheck and I can barely make it,” she told Las Vegas ABC affiliate KNTV. “I make over $5,000 a month and I can not make it.”
Mortgage default notices in the Las Vegas Valley have been on the rise this year, according to a new 51ԹϺ report. Nicholas Irwin, director of research at the Lied Center for Real Estate at 51ԹϺ, said the number of default notices has been steadily increasing since January 2022.
Notices of mortgage defaults in the Las Vegas Valley have been on the rise this year, according to a new report from 51ԹϺ. Nicholas Irwin, the research director at the Lied Center for Real Estate at 51ԹϺ, said the number of defaults has been rising steadily since January 2022.
Jair Guigui knows all too well about Las Vegas’ housing crisis. His sister recently moved in with him due to rising rental rates, and the 20-year-old said his parents, who were undocumented immigrants, were taken advantage of by a landlord which caused a number of health issues and forced them to move in with his older sister.
There is no way around it, the Las Vegas Valley has a big problem, said the leader of the Nevada Housing Coalition. “Straight answer is we have a housing crisis in every sense of the imagination,” said Maurice Page, executive director for the coalition.
With mortgage rates at a 20-year high and many homeowners locked into low rates they nabbed during the pandemic, fewer existing houses are selling in Southern Nevada and homebuilders are offering more incentives to get buyers into new homes.
The Las Vegas Valley could run out of land to build houses in as little as eight years, and this is definitely cause for concern, the leader of the region’s homebuilders association said.
If you're a renter, chances are your rent has increased in the last year. According to Redfin, the median rent in Las Vegas is about $1,500, while the national average is just over $ 1,600.
The Las Vegas metro region has one of the highest rates of rental burdens in the country, according to a new 51ԹϺ study. In Las Vegas, Henderson, North Las Vegas and the overall metro region, 58.3 percent of all renters are spending more than 30 percent of their income on rental costs. The U.S. Department of Housing and Urban Development states that a renter is “housing cost burdened” if they are spending more than 30 percent of their income on housing costs.
Investor purchases are on the rise again, and the Las Vegas Valley has seen one of the biggest upticks in the country, according to Redfin.
As the real estate market squeezes out potential home buyers in Southern Nevada, many are facing a greater challenge, true affordable housing. There’s a concerning shortage that continues to expand.