Housing Affordability Statistics for Clark County, Nevada
Home Price Gains on the Rise in Clark County
House prices are increasing rapidly in Clark County, Nevada, where the biggest year-over-year gains are taking place. However, wages are not rising to the same extent, and local wage earners are finding it harder to afford housing.
ATTOM’s affordability index provides quarterly updates on home affordability trends for counties nationwide. The data shows where home price appreciation is outpacing wage growth, including the annual income typically needed to buy a home.
Latest Housing Affordability Highlights for Clark County, Nevada
Clark County, Nevada, has Las Vegas as its county seat. The Las Vegas Valley is a 600 square mile basin that includes Las Vegas and other major cities and communities such as North Las Vegas, Henderson, and Paradise. The population is just over 2 million, and much of Nevada’s residents are concentrated in Clark County.
Here are the latest highlights from ATTOM’s Housing Affordability Index for Clark County, Nevada.
Las Vegas and Clark County showed the biggest year-over-year gains in recent median home prices.
Annualized wages have increased at a slow rate since 2005 compared to the increase in house prices.
Fewer local wage earners in Clark County can afford homeownership.
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Housing Affordability Summary for Clark County, Nevada
Las Vegas and Clark County, Nevada, showed the biggest year-over-year gains in recent median home prices at just over 20 percent. That sharp increase in home prices has worsened the home affordability index for Clark County by close to 15 percent. In addition, homes are selling quicker.
The recent affordability index for Clark County, Nevada has hovered around 80. An index of less than 100 is considered less affordable compared to historical averages. In 2005, the median sales price for a home in Clark County was around $270,000. The current median home sales price in Clark County is around $370,000.
Annualized wages in 2005 in Clark County were around $40,000 and are now around $55,000. The median income required to buy an average home in Clark County with 20 percent down is around $60,000.
ATTOM’s housing affordability index for Clark County, Nevada, analyzes median home prices derived from publicly recorded sales deed data collected by ATTOM and average wage data from the U.S. Bureau of Labor Statistics.