LAS VEGAS (KTNV) — When we talk about affordability in Southern Nevada, it's not just a numbers game. It's about real people like you and your neighbors trying to make ends meet.
But can our local workforce, including teachers, healthcare, hospitality and more actually afford rent in Clark County?
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I spoke with a renter who tells me, like many other locals, he feels like he's being priced out.
“It is difficult for me to make the ends meet,” said Joshua Valentine, a full-time worker in the hospitality industry.
He tells me finding an apartment he can afford is a constant struggle.
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“No, no, and this is a country-wide problem. I think it is a problem that is indicative of Las Vegas because it has grown so much in the last few years," Joshua said.
He says he earns about $40,000 a year, falling below the workforce population range of $52,000 to $105,000 highlighted in a new report by UNLV Lied Center for Real Estate, led by Associate Professor Shawn McCoy.
“We generally regard housing as affordable if someone spends no more than 30% of their income on housing costs,” McCoy said.
So what does this report mean for locals?
Well, like Joshua, many of you may not be able to afford the average apartment in Clark County, which costs about $1,486 a month as of November.
The Urban Land Institute describes the workforce population as people earning $52,000 to $97,000 a year — like teachers, healthcare staff and hospitality workers.
So let me break it down: that means households earning closer to $52,000 a year, only about one in three market-rate apartments are affordable. But for those earning closer to $100,000, nearly 90% of apartments are within reach.
“But what’s affordable to one household may not be affordable to another, depending on their income. It’s not scientifically sound to just call all housing affordable or unaffordable — it depends on who we’re talking about," McCoy said.
Joshua tells me he's feeling the pinch as his rent rises and his options dwindle.
“I think there is a real strain with how much we are making in comparison to how much we have to pay for rent," he said.
The report also highlights a big challenge here. Fewer apartments are being built. McCoy says construction dropped by 37% over the last year.
"What's affordable might not always be available. If there's an availability issue, not enough inventory, renters may have no choice but to either move up that rental ladder, possibly rent something more expensive," McCoy said.
For Joshua, affordable means spending no more than about $1,000 a month — but in today's market, those options are harder to find.
“I think it is important that we have a $15 minimum wage so folks can live and take care of their bills and rent," Joshua said.
Back in April, I told you about the approval of an affordable housing project near the Historic Westside.
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Tuesday, I reached out to Clark County Commissioner William McCurdy for an update. He tells me the 76-unit housing — with rents ranging from $900 to $1,300 — is set to break ground early next year.
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