Document Type

Report

Publication Date

9-23-2024

Publisher

The Lincy Institute

First page number:

1

Last page number:

40

Abstract

Nevada is on the cusp of a housing catastrophe, especially in Southern Nevada.

Consider that the state has fewer households than it should. A household is defined as one or more people who have a home of their own. But for price, location, configuration, and other factors, about 60,000 households in Nevada do not exist because there is no home for them. And it’s going to get worse. Including these “missing households,” nearly 470,000 new occupied homes will need to be built between 2020 and 2040 to meet the housing needs of all Nevadans, or about 23,000 per year. The trouble is that even during the robust housing construction period of 2010-2022, the state produced about 16,000 occupied units annually.

The concern is that while demand is robust, producing homes may be more challenging going forward than in the past. In contrast to the pandemic and pre-pandemic periods that benefited from low interest rates, lower cost materials, and more timely supply chains, the post-pandemic period will not have it as well. Indeed, the number of missing households seems poised to double by 2040, leaving a quarter million or more Nevadans without a home of their own home.

This report includes an overview of these concerns, summarizes the headship rate methodology used in analysis, applies the methodology to census data to estimate the current under-supply of occupied housing units, and considers demographic data to estimate occupied housing unit demand to 2040. The report reviews various local, state, and federal policy options to increase housing supply. An assertive policy framework to expand housing especially in Southern Nevada is outlined.

Keywords

Housing; Renter; Investor; Economy; Supply; Nevada; Las Vegas; Washoe; Carson City

Disciplines

Economic Policy | Economics | Growth and Development | Infrastructure | Public Policy | Real Estate | Urban Studies and Planning

File Format

pdf

File Size

955 KB

Language

English


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