Brookings Mountain West
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In many parts of the U.S., rents and housing prices are rising faster than household incomes. Low-income families have always been stretched to pay for housing without sacrificing other necessities. In recent years, housing costs have become a larger source of financial stress for middle-income families. While homeownership has been the primary channel for wealth building in the U.S., two recent trends raise questions about whether this is a viable strategy. First, many homeowners suffered severe financial losses due to housing price declines during the Great Recession (2007-2009). Second, homeownership rates for Black and Latino families lag those of white and Asian families – a challenge as the nation’s population becomes increasingly diverse. The Las Vegas metropolitan area is at the forefront of both of these trends. In this paper, I explore recent trends in housing affordability and homeownership in Las Vegas and discuss implications for financial security and wealth-building.
Las Vegas; Housing; Homeownership; Income; Affordability
Public Affairs | Public Policy | Real Estate | Urban Studies
Should Las Vegas Bet on Homeownership? Trends in Housing Affordability and Homeownership.
Available at: https://digitalscholarship.unlv.edu/brookings_pubs/55