LAS VEGAS (KTNV) — Houses in Southern Nevada are becoming less affordable. A new real estate data report reveals the disparity between home prices and annual income.
As mortgage rates continue to surge nationwide, wages aren’t keeping up with the costs.
According to ATTOM Data Solutions' first-quarter 2022 U.S. Home Affordability Report, in Clark County the average cost of a single-family home is $410,000, which is up 26.2% from this time last year; however, wages only grew by 7.1% in the valley since 2021.
ATTOM is a real estate data company that tracks land and property information across the U.S. The report lists Clark County as one of the counties with the fastest-growing mortgage rates since 2021.
Researchers calculated that an individual would have to make an annual salary of at least $56,667 in order to afford what ATTOM considers a “comfortable home.”
According to the U.S. Census Bureau, the average annual income for a person living in Clark County is $30,913.
Read the full report on attomdata.com.
For more reporting on the rising cost of housing in Las Vegas, including home prices and rent increases, visit ktnv.com/housing.