Wed Sep 25 08:37:30 UTC 2024: ## Las Vegas Housing Market: Californians Fueling Price Increases, Leaving Locals Struggling

**LAS VEGAS** – The dream of homeownership in Las Vegas is becoming increasingly difficult for long-time residents, as an influx of Californians with higher incomes drives up prices and creates a competitive housing market.

James Watts, a third-generation Las Vegan, and his partner, Lauren Tuvell, recently achieved their dream of buying a home, but only after facing intense competition. They often found themselves outbid by buyers who never even saw the property.

“We definitely got our hopes up and then dashed many times because we would go to a house and be like, ‘Oh my God, it’s perfect,'” Watts said. “Like, we’re going to put an offer in and then hear from the realtor that three offers are already in above asking.”

This struggle is a common experience for locals, unlike for Californians who make up 40% of new Nevada residents. These newcomers have an average income level about 93% higher than those moving within the state, according to a 2024 report by the Lied Center for Real Estate at the University of Nevada, Las Vegas.

This influx of wealth has pushed prices beyond the reach of many Nevadans, with even basic living expenses becoming a burden. Corey Dillard, an Uber driver earning $30,000 annually, struggles to afford his $800 rent, which has increased from $650 in just two years.

Real estate agent Cristine Bullard has witnessed this trend for 15 years. “They sell their house there and they buy two here,” she said of Californians. “They can easily pay cash” – often over the asking price.

With the average Nevada wage insufficient to meet the average housing costs, families are increasingly turning to multigenerational living arrangements, with parents, children, and grandparents pooling resources to afford a home.

While Watts and Tuvell were able to secure a mortgage with a favorable interest rate, they relied on family help for a down payment, highlighting the financial burden faced by many aspiring homeowners.

The lack of affordable housing is a widespread concern. According to the National Low Income Housing Coalition, Nevada is short 78,000 affordable rental housing units, and 70% of low-income Nevadans are considered cost-burdened by their housing costs.

While some blame Californians for the housing crisis, Nicholas Barr, an assistant professor at the University of Nevada, Las Vegas, emphasizes that it is not solely their fault.

“The reason we have an affordable housing shortage is not because of people that are from California,” Barr said. “But it is added pressure on the market, really more on the home buying market than the rental market, though.”

The lack of incentives for businesses to build affordable housing further contributes to the crisis. Presidential candidates have proposed plans to address the nationwide housing affordability issue, but their impact on Nevada remains uncertain.

As the cost of living continues to rise, the future of homeownership in Las Vegas remains uncertain for many residents, leaving them feeling caught in a wave of rising prices and limited options.

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