Nevada receives C- grade on housing affordability report card
The report card was published by Realtors.com, ranking all states based on affordability.
LAS VEGAS (FOX5) — A new report from Realtors.com has given Nevada a C- grade on housing affordability, ranking 34th in the country on the issue.
According to the report, the state earned a score of 45.8 out of 100 in total, based on comparing median listing prices to median household income, permitted units, population, and construction premiums.
For Nevada, the report found that the median listing price for a home in Nevada is $491,936, while the median household income is $74,821.
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Realtors gave the state an affordability score of 0.52 (on a scale where higher is better), indicating that a significant portion of for-sale inventory is out of reach for the typical household.
Additionally, the report suggests that Nevada is building more than its population share would suggest, accounting for 1.30% of all U.S. building permits, despite only having 0.96% of the national population.
The report also identified that Nevada has a 18.5% new construction premium, which means a brand-new home typically costs about 18.5% more than an existing home.
For more information, read the full report here.
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