After the pandemic triggered record-high home prices, Nevada’s housing costs have begun to decrease and even out. But the incoming Las Vegas Realtors Association president, Lee Barrett, dismissed fears surrounding falling prices.
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A new report indicates that rental costs are outstripping most workers’ income, and about a quarter of Reno and Las Vegas’ workforces cannot afford the mortgage payment on a median-priced home in those areas.
As Nevadans grapple with burdensome rent hikes, wage stagnation and an acute housing shortage, the once-unseemly topic of rent control is making its way into conversations across every level of Nevada government.
The Culinary Union launched a ballot initiative on Wednesday to cap rent increases in North Las Vegas, following what leaders described as unrelenting price hikes and wage stagnation in Southern Nevada.
Though Gov. Steve Sisolak and other state leaders have touted Nevada as having the nation’s best economic momentum out of the pandemic, many residents are struggling to make ends meet amid a steep rise in rental and home prices.
Spurred by supply chain constraints, historically low interest rates, housing inventory shortages and migration changes influenced by the pandemic, Nevada's housing prices skyrocketed to record highs in 2021.
Throughout 2021, the Las Vegas housing market experienced an unprecedented rise in home prices. But the incoming Las Vegas Realtors Association president expects the market to stabilize in the new year.