If you have been wondering how much money you need to make in order to buy a house in Las Vegas, we may have the answer for you.
HSH.com has calculated the average yearly salary required to afford a median-priced home in 50 of the largest metropolitan areas.
The answer for Las Vegas is $50,728.93 with 20 percent down (or $59,535.42 with 10 percent down). The national average is $55,390.57.
If you really are thinking about buying in Las Vegas, you might want to get a move on. No pun intended. It is definitely getting more expensive.
Homebuyers in the Las Vegas metropolitan area saw an increase of nearly $1,000 in the required salary during the third quarter. It was only one of eleven metro areas on the list to see an increase in the required salary. Home prices in this metro area grew by 3.60 percent in a quarterly comparison and more than 11 percent in the past year. The average home price for Las Vegas currently is $261,000.
In addition, year-over-year home prices have risen by 5.31 percent in Las Vegas.
The good news is that Las Vegas is not in the top 25 most expensive. In fact, Las Vegas is the 21st least expensive city for home buying. The cheapest city is Pittsburgh.
And if you are wondering what the most expensive city is to buy a house in, that would be San Jose, California. The average cost of a home in San Jose is $1,165,000. The salary needed would be $216,181,25.