We finally unlocked the secret to becoming a millionaire at the casino. 🔐 All you have to do is walk in there with a billion dollars! It really is that simple. 🤠👍
Whether you live in Vegas or somewhere else in the Silver State, housing has become a hot button issue…especially when it comes to affordability. 🏡 Let’s take a stroll through recent history and see how we got here.
Here’s Five Fast Facts on housing costs in Nevada:
- 🔥 Hot Spot - When remote work took off during COVID, people cashed out of pricey cities and moved to spots like Vegas, Phoenix, and Dallas…and that drove home prices higher. Meanwhile, near-zero interest rates let homeowners refinance into mortgage deals that now feel almost impossible to beat.
- 🎲 Let’s Roll - Las Vegas continues to attract both visitors and new residents. About 40 million people visited last year, throwing down $14 billion at casinos. Clark County’s population has grown 17% since 2014, far outpacing the 6% national growth rate.
- 📈 High Times - Buying a home in Vegas isn’t quite the bargain it used to be. Prices are up 53% since 2019, and even with a slight dip, median homes are still hovering near $380K. With mortgage rates around 6%, monthly payments have basically doubled to $2,300, which is definitely not a lucky break for buyers.
- 🤑 Property Pick Up - As housing costs rise across Nevada, attention is turning to who owns the homes. In Las Vegas, large investors hold about 11% of single-family rentals, compared to 3% nationally, prompting bipartisan calls for reform. State leaders are also working to boost supply through new development funding and homebuyer support.
- 🏘️ Cost Concerns - Affordability is shaping up to be a key battleground this election. Many voters say they’re still feeling squeezed, and roughly half believe recent policies have made things less affordable. Even with other global issues in the spotlight, the cost of living at home isn’t going anywhere.
🔥Bottom line: Mega-investors are snatching homes up across the country, not just in Nevada. As we head into this year’s election season, we’ll keep an eye on housing affordability and other hot topics voters have their eyes on! Looking for an oldie-but-goodie savings strategy? A money market account might be right for you. Check out this article where we explain it all.
What are home prices like where you live?
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