The recent government shutdown and economic uncertainty have many potential homebuyers questioning whether now is the right time to purchase a home. While Las Vegas home prices have dipped slightly, a new report reveals that homeownership remains out of reach for many local families.
WATCH | Is now the right time to buy a home in Las Vegas?
Strategies to Help Homebuyers Afford a House in Las Vegas
The latest numbers from Las Vegas Realtors show home prices declining both from last year and the previous month. The median price for a single-family home in September was $470,000, down $10,000 from August.
However, even with this shift, many families tell me owning a home still feels unattainable. A new UNLV report shows the average household income falls short by nearly $40,000 of what’s needed to afford a median-priced home.
Income gap creates housing challenges
The median home now costs around $470,000, meaning a family would need to earn about $119,000 a year to afford it. But the median income in Clark County is only $80,000, leaving a significant gap…