LAS VEGAS (KTNV) — Whether you just moved to the Las Vegas Valley, or you've been here for decades, affordability is probably on your mind.
WATCH | Why some longtime residents and families are feeling the greatest pressure from high home prices
It's the subject of a new survey that says nearly one in three Nevadans have considered moving out of the state because of sky high home prices.
As I continue to cover the housing demand in Southern Nevada, I keep hearing from locals that they're sad to see the growing cost of homes — locals like Tom Murphy.
"I wish there was a better plan."
Murphy and his wife purchased their home in the valley in 2003.
“It was a 3 bedroom, 1 bath when I bought it, or when it was built, and it’s been converted to a 2 bedroom, 2 bath," Murphy said. The home is near Charleston and Valley View Boulevard.
It's in a neighborhood full of trees, bird chirping echoing down the road and homes built in the 50s and 60s. “Love the neighborhood," Murphy said.
Local News
Only 16% of Nevadans think housing is affordable, new survey shows
It has changed a lot since he first moved in, though. I asked him the price he purchased the home for.
“$135,000," Murphy said. “I wouldn’t even buy my home for what it’s appraised for."
So, I asked Murphy what the home is appraised for.
"Right now, it’s appraised for $440,000," he said.
The same story is being heard all across our valley.
The latest Las Vegas REALTORS report shows an average Las Vegas Valley home price remained at an all-time high of $485,000 in March.
“I’m just shocked every time a flier comes out that shows what these houses are listed for," Murphy said. It seems like many in the state agree.
A new survey from the Noble Predictive Insights as part of their Nevada Public Opinion Pulse Dashboard, compiled data from 814 Nevada voters all across the state.
The survey was conducted been April 15 and April 21. These are some of the details this survey found:
- Nearly 1 in 3 (32%) Nevadans considered moving out of the state due to sky high home prices.
- 16% believe homes are affordable, 76% believe homes are not affordable and the rest of people surveyed are mixed on this topic.
- 43% of those who have lived in Nevada for 11-20 years and 39% of lifelong Nevadans have considered leaving.
- 42% of residents aged 18-29 and 42% of parents with children under 18 having contemplated relocating.
- 65% support constructing new apartment buildings near where they live. (Clark County voters were at 63% support for this topic)
- 54% of Nevada voters say the federal government should release federally controlled lands for housing development
These are just some of the many sets of data from this survey.
I asked Murphy if he believes the home ownership dream is still alive in Nevada. "I think it is, I think the people are finding it by moving out of town," he said.
He tells me after moving out of town and saving, Nevadans can eventually move back to buy a home in the state.
Murphy is seeing his neighborhood change with several people leaving. The house next door to him is up for sale, and he says two families recently sold their homes to move to more affordable states.
Channel 13 asked you what do you think is the fix?
You told us on Facebook you'd like to see cheaper home prices, more rent control, higher wages and limitations on corporate home buying.
“Somehow to cap the amount of homes that an individual can come and buy. Other than that, I don’t know what you would do," Murphy said.
There are several bills currently going through the state legislature including AB223, AB280, AB283, AB540, SB391, which focus on consumer protections like rent control, eviction reform, purchasing caps and much more.
We will continue to follow all the latest developments with these bills and bring them to you.
