Buying A House In Nevada? Here’s How Much You Need To Earn

You’ll need to earn more money than ever before to buy a house in Nevada. That’s the bad news. The good news is, it’s still less than many of the states that surround us.

A recent study released on Banknote.com reveals that the median price of a house in the U.S.A. is $402,343. According to the article by Alex Gailey, that means you need an annual income of $110,871.

Here in Nevada, you’ll need to rake in even more than that. In fact, Banknote.com says that an annual income of at least $111,557 is needed to buy a house in the Silver State. So, that’s a little over the national average.

However, it’s not as high an income as you might need in some of the states which surround Nevada. For example, in Idaho, you now need an annual income of $114,386. Utah is even higher at $133,886.

Furthermore, Oregon’s annual income needed to own a house is $129,129. Of course, California homeowners need to earn the most. As a matter of fact, how does having to earn $197,057 to own a house sound to you? That’s what the Banknote.com article says you would need to make in the Golden State.

The sad part is, just four short years ago, you only needed to earn an annual income of $71,221 to buy a house in Nevada. Basically, your income would have had to increase by $40,000 since 2020 to buy a house in 2024.

So, why does it take so much more income to buy a house in Nevada this year? According to Gailey’s article, it’s due to “high mortgage rates, rising home prices, and low housing inventory."

If you’re wondering which states require the lowest annual income to become a first-time homebuyer, you’ll probably need to move to the Midwest or one of the southern states. Mississippi, Ohio, Arkansas, Indiana, and Kentucky have the lowest median home prices.

In summary, if the income needed to buy a house in America has risen by nearly 50% since 2020, it stands to reason wages would have to increase by that much to make affording a house a reality in 2024. Unfortunately, that’s not the case.

Per Gailey’s article, wages have increased nationally by 23% in the last four years. So, buying your first house appears to be more of a dream than a reality for many Americans in 2024.

Now, feel free to scroll down for more content which may interest you.

Living in Las Vegas, enjoying the weather and all that the city has to offer are all things that can be "fun." But what's the base income needed to be happy to live in Nevada? Whether it be in Las Vegas, Reno or some of the other smaller communities throughout the state. What would you think is enough to live comfortably in our state?

Before we get to that, according to a report publish by Moneyzine.com, it was a little surprising at the "ideal income" for most people. If you look at individual states across America you might be a little shocked (SHOCKED) at the difference from state to state.

To formulate the "Top 5," the research looked at the salaries at quite a few different occupations in each state. They included retail, food service, business professional and much more.

We find out that the base income to be happy across the country, no matter what state you live in would be about $95,000. The least expensive state to live in according to research is Mississippi. On the flipside, based on the cost of living, the most expensive states happens to be California and Massachusetts.

For example, according to the study, those people that live in Wyoming would only need a base salary of under of $66,000 to be happy. Wyoming coming in at #9 on the list of 1o states that features incomes under $70,000 in order to be happy.

Other states that fall under that category are Kansas, Rhode Island and Alabama. Of course, we all know to live in the state of Nevada takes a few bucks. Looking at the stats according to research, the average person can be happy living here with a base salary of $76,895!

Not sure if many would agree, but remember, you have to live within your means. Of course living in Las Vegas or Reno, there are a lot of distractions that make it easy to spend more than we make!

But what are those top 5 states you can be happy living in with a base salary of under $70,000...ah, just scroll down to find out!

Ah, the HOOSIER state, home of basketball, Lincoln's boyhood home and the Indy 500. All that and it seems that you don't need a huge base salary to be happy...just under $58,000 in fact which makes it #5 on the list!

Vermont is not only known for their Maple syrup, but for living a lifestyle where you can be happy with a base salary of under $56,000! For that, the state comes in at #3 on the list!

Don't know a lot about the state of Delaware, but it seems to be a great place to live. A coastal state with lots of water and clearly you don't need a huge income to be happy there. Just under $49,000 putting it at #2 on the list!

Lots of people love the New England area with all that it has to offer...but what makes this state so attractive is the base salary to be happy there. It's just under $42,000 per year to live the life in New Hampshire. This elevates this tiny state in the northeast to being #1 on the list! Congrats!

Larry Martino is the long-time afternoon drive personality on 96.3 KKLZ. The views and opinions expressed in this blog are those of Larry Martino and not necessarily those of Beasley Media Group, LLC.

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