LA Burned, Vegas Home Prices Sizzle Beyond Reach

The Las Vegas Review Journal reports that it takes at least a $115,900 income to afford a house in Las Vegas. That’s more than $40,000 more than the city’s median income ($70,723), as reported by the US Census as of 2023. Redfin says the valley’s median home sales price is $439,301.

Vegas attracts buyers from “especially California but also even New York, in addition to locals,” Redfin lead economist Chen Zhao told the LVRJ. The LA fires will exacerbate the trend, she says.

Vegas home prices have essentially doubled since the start of the pandemic.

“It has become increasingly challenging for American renters to make the shift to homeownership thanks to the triple whammy of rising home prices, high mortgage rates and a shortage of houses for sale,” Redfin senior economist Elijah de la Campa said. “The gap between what someone must earn to buy versus rent may shrink in the coming months, but only because rents are expected to rise as the number of new apartments hitting the market tapers off due to a construction slowdown.”

The Redfin report also noted that “homebuyers, sellers and renters may face an extended period of economic uncertainty due to President (Donald) Trump’s newly announced tariffs. The tariffs could lead to some mortgage rate relief, but that’s not guaranteed. They are expected to bring higher construction costs, higher home prices, higher unemployment and slower economic growth.”

Nevadans are also hurt at the grocery store. “Nevada households spend an average of $10,339 per year on groceries, ranking No. 4 in the country, according to a study from LendingTree. The figure is 27.2 percent more than the national average of $8,167., reports the LVRJ. Utah ranks number 1 (presumably stocking their basements).