Mortgage Payments in Las Vegas Have Increased Nearly 50% Over Last Two Years
LAS VEGAS, NV – According to a new study that was released this week, mortgage payments in the Las Vegas Valley have increased over the past two years by nearly 50 percent, showing that despite its reputation for affordability, Southern Nevada is still nonetheless feeling some of the current economic woes experienced by the rest of the nation.
The study, released by Construction Coverage, noted that in the United States the average mortgage rate has jumped from 3.8 percent to 6.8 percent since 2022, and that the median price for a single-family home increased from $316,778 to $347,716 during the same span of time.
Meanwhile, in the Las Vegas metro area, median single-family home prices have increased over the past two years from $393,802 To $413,485. In 2022, the average home buyer in the Las Vegas Valley had a monthly mortgage payment of approximately $1,461; due to higher prices and mortgage rates, that same home as of March 2024 would now have a monthly payment of $2,151, representing a jump of 47.2 percent.
According to the study, mortgage rates are currently at their highest since October 2023, with the last time they peaked to that degree being back in 2002.
The inflated mortgage rates are having a ripple effect upon the rental industry as well, as per a new report by Redfin, which says that tenants are also finding themselves having to pay more to put a roof over their head.
The average 30-year-fixed mortgage rate is 6.82 percent, below the 23-year high of almost 8 percent hit in October, but still more than double the all-time low of 2.65 percent hit during the pandemic,” the report said. “Many people are delaying home purchasing plans because monthly payments for homebuyers are near their record high. That’s bolstering rental demand, and as a result, rent prices.”
Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.
About the Author
Christopher Boyle is an investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher helps keep a keen-eye on what's happening in the Las Vegas Nevada community on behalf of Shelter Realty Inc.