Las Vegas Housing: Not Affordable Yet, But Getting Closer
The foreclosures and falling prices in Las Vegas are not all bad:
A week-old study assessing housing affordability in Las Vegas is already well past its prime, local analysts say.
The 2008 Colorado College "State of the Rockies Report Card" found that just 18.9 percent of the Las Vegas Valley’s housing stock is attainable to workers earning the area’s median wage, which was $14.03 an hour in June, according to the Nevada Department of Employment, Training & Rehabilitation.
Affording a two-bedroom apartment at fair-market rents in Clark County required pay of at least $15.01 an hour, the report card added.
Those figures translated into a D+ for overall housing affordability in Clark County.
There’s just one hitch: The report card’s data hail from the first quarter of 2007. And given the swift blast of air hissing out of the Las Vegas Valley’s housing bubble, that makes the report card’s findings obsolete, experts say.
Jeremy Aguero, a […]
Original post by twist
