LAS VEGAS (KTNV) — As the housing market in the valley continues to grow, a recent study says, finding homes that you can afford will likely to become a challenge this year onward.
That's because many middle class families are being priced out.
According to the study by Applied Analysis, the overall cost of living rises at a faster pace than incomes. That's why many middle class families in Nevada struggle to make ends meet.
At the same time, families are are priced out of the housing market or no longer able to afford the median home price. The median home price in the state per National Association of Home Builders is over $390,417 in Nevada.
Though there are homebuyer programs out there meant to help but the problem is the study says, 186,000 households in Southern Nevada do not qualify for assistance yet cannot afford housing.
The Greater Las Vegas Assosciation of Realtors say people are forced into renting homes and the rents are so high families cannot save enough money for a down payment to buy a home. So what can you do?
Thomas Blanchard, the president-elect of GLVAR says, "Get with a realtor get with a lender. Find out how much you can qualify for normally people that are renting are making a house payment themselves they just don't know it."
The study also mentioned, these families who are priced out of buying single-family homes benefit from multi-family housing options like condominiums or townhouses. These are cheaper and prices don't skyrocket as fast as single-family homes.