U.S. Sen. Catherine Cortez Masto | Catherine Cortez Masto/Facebook
U.S. Sen. Catherine Cortez Masto | Catherine Cortez Masto/Facebook
The price of housing in Nevada has risen out of reach of most of the state's population.
An individual would have to make $21.83 per hour to afford the rent of a two-bedroom unit to avoid spending more than 30% of their income in housing, according a report from the National Low-Income Housing Coalition. However, in the state of Nevada, where 44% of residents are renters, the median income for renters is only $17.52, according to a column in The Nevada Independent.
The housing crisis is not limited to just renters. Home prices in Nevada are growing so high that most first-time homebuyers are not able to afford to buy a home any more.
“I’ve advocated to create more affordable housing options for individuals in Nevada before and during the pandemic,” U.S. Sen. Catherine Cortez Masto (D-NV) wrote in a Sept. 3 Twitter post. “This week, I stopped by @NevadaHANDLV’s board meeting to discuss how we can continue working together to make sure every Nevadan can access safe, affordable housing.”
The housing market in the state, particularly in Las Vegas, has accelerated in the past year, seeing rapid sales with record-high prices, U.S. News reported. This has made it extremely difficult to buy a home in the Las Vegas area.
To buy a Las Vegas home in the current housing market, people have resorted to offering tens of thousands of dollars above asking price, U.S. News reported.
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