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Zillow: Nearly 50 percent of Las Vegas residents choose to rent, can't afford to buy home

Posted: 8:25 AM, Aug 08, 2018
Updated: 2018-08-08 19:26:22-04

Nearly half of all Las Vegas residents are opting out of buying a home and instead renting, according to a new study by Zillow .

Right now, Zillow says Las Vegas is seeing some of the highest number of renters in the country. Right now, 47 percent of households are renting compared to 38 percent in 2006.

But why is this?

Since the recession, residents across the city haven't been able to afford to buy a home.

RELATED: First-time homebuyers struggle with low inventory, high prices in Las Vegas

The median price for a home in Las Vegas sits at $260,000, up about 16 percent over the past year, according to Zillow. The median price to rent is around $1,300, which is only up 3 percent from last year.

"If somebody can't buy their first home then they are more likely to leave the city," said financial expert Steve Budin from the Budin Group. "If they are having employees come in and out then companies may not relocate here."

Here's some good news. In the last month the Greater Las Vegas Association of Realtors says home prices have stayed consistent across Southern Nevada.