Las Vegas sees a surge in investor home buying, with only Oakland exceeding its growth rate among major US cities.High mortgage rates and a strong rental market make Las Vegas attractive to cash-heavy investors....
Nevada
>$43 million in housing grants will be sent to Nevada by the Department of Housing and Urban Development. The grants will expand access to affordable housing statewide....
A study shows that Las Vegas has high rental cost burdens, with over half of renters spending more than 30% of their income on rent. Nevada ranks as the second highest state for renters paying 35% or more on housing. Rental rates in Las Vegas are rising faster than the national average. Continue to full article...
Nevada holds the 2nd-highest rank for home construction growth among the states. The value of new residential housing units in the state ↑ 59.4% yearly....
Buying a house in Nevada has become more expensive due to various factors. Purchasing a home in Nevada now demands a higher income, reaching ~ $112K annually....
The Las Vegas retail market, divided into the Resort Corridor and the surrounding MSA, is experiencing growth with rising rental rates, low vacancy rates, and ongoing development. Recent investments have led to high tourist numbers and occupancy rates. The market, particularly the single-tenant net lease category, is attractive to investors due to its stability and healthy metrics. Continue to...
Income Hurdle: Minimum income needed for a home increased by 56% to ~ $112K. Affordability Strain: Average mortgage payment now $2,603, exceeding the 30% income benchmark....
The settlement aims to shift commission responsibility to buyers, potentially reducing costs for sellers in the process. Legal experts anticipate negotiations over commissions, which may pose challenges for both agents and first-time buyers....
Zonda statistics indicate a rebound in housing starts in Clark County, nearing pre-pandemic levels. Construction of new homes is increasing, with a focus on build-to-rent properties. Despite challenges, the industry remains resilient, adapting to changing market conditions. Continue to full article...
Nevada homeowners insurance rates are projected to increase by 9% in 2024, reaching an avg of $1,336 yearly; which is higher than the national avg increase of 6%.Elko residents currently pay a lower avgof $1,165, which will likely increase to $1,270; however, individual costs can vary significantly....