LAS VEGAS (KTNV) — It seems like everything is more expensive these days but the cost hitting many Las Vegas valley residents the hardest is the soaring price of rent and homes.
A new report released by the Las Vegas Realtors shows median prices for houses are hitting record highs, once again.
LVR reported that the median price of existing single-family homes sold in Southern Nevada during February was $450,000. That tops the previous record set in January. The median home price is up 26.8% from $355,000 one year ago.
The rise in cost is making it difficult for people to put a roof over their heads, especially for seniors.
“When we started this adventure with seniors and started talking to some of our partners, we found out that the waitlist is anywhere between 2,000 to 3,000 on the list. We just have to identify where the land is and how to build fast enough,” said Michelle Merced, the CEO of the Neighborhood Housing Services of Southern Nevada.
To help tackle the problem, NHSSN broke ground on a new affordable housing development in east Las Vegas. The development will provide 60 units to low-income seniors but Merced said it’s putting a small dent in a much bigger problem we’re facing.
“In the state of Nevada, we need to build about 84,000 affordable housing units,” Merced said.
One man told 13 Action News he struggled to find a place to call home when he first moved here and believes the problem is only getting worse.
“Well, when I first moved here, it was kind of stressful because of the area but it’s really improved. I have peace of mind now,” said Nathaniel Bridewell Jr.
The Las Vegas and Henderson metropolitan area has the most severe shortage of homes available for low-income renters with only 16 affordable and available homes for every 100 renter households.