Mortgage default notices in the Las Vegas Valley have been on the rise this year, according to a new UNLV report. Nicholas Irwin, director of research at the Lied Center for Real Estate at UNLV, said the number of default notices has been steadily increasing since January 2022.

Notices of mortgage defaults in the Las Vegas Valley have been on the rise this year, according to a new report from UNLV. Nicholas Irwin, the research director at the Lied Center for Real Estate at UNLV, said the number of defaults has been rising steadily since January 2022.

Jair Guigui knows all too well about Las Vegas’ housing crisis. His sister recently moved in with him due to rising rental rates, and the 20-year-old said his parents, who were undocumented immigrants, were taken advantage of by a landlord which caused a number of health issues and forced them to move in with his older sister.

There is no way around it, the Las Vegas Valley has a big problem, said the leader of the Nevada Housing Coalition. “Straight answer is we have a housing crisis in every sense of the imagination,” said Maurice Page, executive director for the coalition.

With mortgage rates at a 20-year high and many homeowners locked into low rates they nabbed during the pandemic, fewer existing houses are selling in Southern Nevada and homebuilders are offering more incentives to get buyers into new homes.

The Las Vegas Valley could run out of land to build houses in as little as eight years, and this is definitely cause for concern, the leader of the region’s homebuilders association said.

If you're a renter, chances are your rent has increased in the last year. According to Redfin, the median rent in Las Vegas is about $1,500, while the national average is just over $ 1,600.

The Las Vegas metro region has one of the highest rates of rental burdens in the country, according to a new UNLV study. In Las Vegas, Henderson, North Las Vegas and the overall metro region, 58.3 percent of all renters are spending more than 30 percent of their income on rental costs. The U.S. Department of Housing and Urban Development states that a renter is “housing cost burdened” if they are spending more than 30 percent of their income on  housing costs.

Investor purchases are on the rise again, and the Las Vegas Valley has seen one of the biggest upticks in the country, according to Redfin.

As the real estate market squeezes out potential home buyers in Southern Nevada, many are facing a greater challenge, true affordable housing. There’s a concerning shortage that continues to expand.

In most presidential election years, home prices aren’t a key issue for voters or a major campaign talking point. Consider it another way in which the 2024 election is anything but typical. With mortgage rates up and home prices out of reach for many first-time buyers, the affordability crisis is increasingly in the spotlight as campaign season heats up.

Condo and townhome prices in Southern Nevada reached an all-time high in April 2024. Single-family homes have priced many out of the market as well. Experts said the cost is driven up by a myriad of things including low inventory and cash investors.