FACT BRIEFDoes Nevada have the second-highest rate of cost-burdened renters in the nation?
Yes.
Nevada has the second-highest rate of cost-burdened renters nationwide, according to 2024 Census data.
Renter households are considered cost-burdened if they dedicate more than 30% of gross annual household income to rent costs. Households are considered severely cost-burdened if they dedicate at least 50% of income to rent.
In 2024, approximately 270,000 of the 470,000 Nevada households for whom rent burden was calculated were considered cost-burdened, or 57.6%.
Florida was the only state with a higher share of cost-burdened households in 2024 than Nevada, at 62.1%. Nationwide, 51.8% of renter households were considered cost-burdened.
Of Nevada’s cost-burdened households, just over 50 percent were severely burdened.
Median monthly rent for Nevada individuals has sharply increased in the last decade, rising from $955 in 2014 to $1,709 in 2024. Most of that increase has occurred since 2020, when median monthly rent in Nevada was $1,159.
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Sources
- Library of Congress, Housing Cost Burdens in 2023: In Brief.
- U.S. Census data, Gross Rent as a Percentage of Household Income in the Past 12 Months, 2010-2024.
- U.S. Census data, Selected Housing Characteristics, 2010-2024.
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