Housing Affordability for Top Occupations in Nevada Metros, 2022

Authors

Kristian Thymianos, University of Nevada, Las VegasFollow
Elia Del Carmen Solano-Patricio, University of Nevada, Las VegasFollow
Ally M. Beckwith, University of Nevada, Las VegasFollow
Caitlin J. Saladino, Brookings Mountain West & The Lincy InstituteFollow
William E. Brown Jr., Brookings Mountain WestFollow

Document Type

Report

Publication Date

6-7-2022

Publication Title

Housing & Real Estate Fact Sheet No. 10

Publisher

The Lincy Institute and Brookings Mountain West

First page number:

1

Last page number:

4

Abstract

This fact sheet combines housing and employment data from the National Housing Conference (NHC) and the Bureau of Labor Statistics (BLS) to examine housing affordability for the 10 most common occupations in the Las Vegas-Henderson-Paradise, NV and the Reno-Sparks, NV metropolitan statistical areas (MSAs) in Quarter 1 of 2022.

Keywords

Nevada; Employment; Salary; Wage; Housing

Disciplines

Economics | Growth and Development | Public Policy | Real Estate | Urban Studies

File Format

pdf

File Size

136 KB

Language

English

Comments

This document was updated on June 12, 2022 with the following sentences which correct statements made in an earlier released version of this fact sheet.

• Individuals employed in the 10 most common occupations in both the Las Vegas metro and the Reno metro do not earn annual gross income sufficient to afford mortgage payments on a median-valued home secured with either a 3% or 10% down payment.

• In the Las Vegas metro, an individual would need to earn $109,401 gross annual income to afford monthly mortgage payments on a median-valued home secured with a 10% down payment; an individual would need to earn $115,477 to afford monthly mortgage payments on a median-valued home secured with a 3% down payment. None of the 10 most common occupations in the Las Vegas metro provide a gross annual salary that can support monthly mortgage payments on a median-valued home secured with either a 10% down payment, or a 3% down payment.

• In the Reno metro, an individual would need to earn $121,891 gross annual income to afford monthly mortgage payments on a median-valued home secured with a 10% down payment; an individual would need to earn $128,420 to afford monthly mortgage payments on a median-valued home secured with a 3% down payment. None of the 10 most common occupations in the Reno metro provide a gross annual salary that can support monthly mortgage payments on a median-valued home secured with either a 10% down payment, or a 3% down payment.

Publisher Citation

Thymianos, K., Solano-Patricio, E.D., Beckwith, A.M., Saladino, C., Brown, W.E. (2022). Housing Affordability for Top Occupations in Nevada Metros, 2022. The Data Hub at The Lincy Institute & Brookings Mountain West. Housing & Real Estate Fact Sheet No. 10, 1-4.

Repository Citation

Thymianos, K., Solano-Patricio, E. D., Beckwith, A. M., Saladino, C. J., Brown, W. E. (2022). Housing Affordability for Top Occupations in Nevada Metros, 2022. Housing & Real Estate Fact Sheet No. 10 1-4.
Available at: https://digitalscholarship.unlv.edu/bmw_lincy_hre/10