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.
New Study Reveals A Six-Figure Income Needed To Buy A House
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.
Here’s Why You Need To Earn More To Buy A House In Nevada
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.