LAS VEGAS (KTNV) — Las Vegas residents are feeling the financial squeeze when deciding whether to rent or buy in today's housing market, with some saying homeownership remains out of reach despite their best efforts to save.
The question to "rent or buy" is one I'm continuing to follow after the topic was brought up by you at our Advocacy Fair last fall.
Now let's take a look at the state of market today
According to financing company Bankrate, you need to make at least $126,000 to afford a typical home in Nevada — meaning when it comes to owning a home in Las Vegas, the gap between dream and reality can feel massive for many residents.
Greg Snyder, who currently rents and drives for Uber, has been saving but still finds the costs of buying prohibitive.
"No, it's not an option. You have to save up a lot of money for a down payment… and then you have to prove you can make that money consistently," Snyder said.
To understand what potential buyers face, I found a home in the southwest valley listed at $492,000. With just 5% down ($24,600), after taxes, insurance and HOA fees, the monthly mortgage payment would be around $3,800.
Meanwhile, a similar rental property in the same neighborhood is available for $2,350 a month — a $1,400 monthly difference.
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For some residents, that math simply doesn't add up. But others, like Rozell Patterson, believe the long-term benefits outweigh the immediate costs.
"The price of renting is only going to go up — higher and higher. They're between $1,000 and $1,200 just for a one-bedroom," Patterson said.
While renting offers flexibility and lower upfront costs, it doesn't build equity and rent can continue increasing. Buying provides more stability and serves as a long-term investment, though it comes with higher monthly payments and additional responsibilities.
Patterson encourages potential homebuyers not to give up. "There are people willing to help you. There are resources. You can find a way," he said.
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For first-time homebuyers in Las Vegas, several assistance programs are available, including Home Is Possible, Welcome Home Community Land Trust and Home at Last.
More information about these programs can be found below
- Home Is Possible (Nevada Housing Division)
- What it offers: Up to 5% of loan amount in non-repayable down payment and/or closing cost assistance for first-time buyers.
- Requirements: First-time buyer (no home in past 3 years), credit score ≥ 640, complete homebuyer education.
- Welcome Home Community Land Trust (Clark County)
- What it offers: Own your home — land stays in trust — helping reduce upfront costs and preserve long-term affordability.
- Requirements: Clark County resident/worker, income ≤ 80–100% AMI, credit ≥ 640, 5% down payment, education course.
- Home At Last / Launchpad (Nevada Rural Housing)
- What it offers: Up to 5% down payment assistance, forgivable or zero-interest, for first-time and repeat buyers in eligible areas of Clark County.
- Requirements: Credit ≥ 640, complete homebuyer education, property must be primary residence.
Do you have a question about this story? Reach out to Abel Garcia directly by following the link here.
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