Report: Nevada Housing Shortage Worst in the Nation

“According to an annual report from the National Low Income Housing Coalition (NLIHC) published in April, the Las Vegas-Henderson-Paradise area had 13 affordable housing units available for every 100 extremely low-income household renters who needed them.” Nevada, with 18 affordable units for every 100 low-income renters, has the “most severe” affordable housing shortage in the country, reports Shannon Miller in Las Vegas Weekly. “That’s a shortage of 79,835 affordable and available rental homes for extremely low-income renters across the Silver State, according to the report.”

The article notes that “Nevada also tops the list for highest percentage of extremely low-income households (earning 0% to 30% of area median income, as defined by the U.S. Department of Housing and Urban Development) that are “severely cost burdened,” meaning the household pays more than 50% of its income on housing costs, including utilities,” with 20 percent of Nevada renter households classified as extremely low-income.

Meanwhile, construction of new market-rate housing is booming in the state. “Las Vegas Realtors in March listed the median price for a single-family home at nearly $460,000, a 27% increase from last year. And the Nevada State Apartment Association reported that monthly apartment rents in Southern Nevada rose about 20% from last year, from an average of $1,200 in April 2021 to $1,450 in April 2022.”

“In response to the affordable housing shortage, Clark County in April announced $160 million for a new Community Housing Fund to support affordable housing development,” as well as a plan to fund over 600 affordable units.