Las Vegans Struggle As Rent Increases Outpace Wages By Almost 20%

The bad news is that Las Vegans are seeing housing rent increases outpacing wages by 19.9% since 2019. That’s according to a recent survey on Zillow.com. The good news is that in 2023, the disparity between rent increases and wages was only 2%.

Even though housing rental prices increased by 2.2% last year, wages only increased by 0.2% here in the Las Vegas valley.

Furthermore, since the COVID-19 pandemic, apartment and single-family home rent prices have increased by a whopping 34.3%.

Unfortunately, during that 5-year period, Las Vegas residents have only seen their wages increase by 14.4%. That’s nearly 20% less than rent increases.

So now you know, in stark numbers, why so many Southern Nevada families are finding it hard to make ends meet.

My wife and I are fortunate enough to own a home here in Las Vegas. However, my 91-year-old Mom rents an apartment here in town. Her rent has increased steadily since she moved here in 2009.

However, in the past 10 years, her rent has risen dramatically with each new lease. On her budget, she’ll soon be struggling to stay in that apartment if things keep going the way they are.

If you think the situation is bad here in Las Vegas, don’t try moving to Florida. Three major cities in the Sunshine State have seen rent increases outpacing wages by over 25% since 2019.

In fact, according to the Zillow.com report, Tampa’s rental prices have increased by an astounding 50% since 2019! Wages have risen by only 15.3% there, so there’s a 34.7% disparity. That figure leads the nation…in a bad way.

Furthermore, Miami’s rent prices have increased by an even more incredible 52.6% since the beginning of the pandemic. Wages there have increased by 20.4% in that time period, totaling a 32.2% disparity.

Moreover, Jacksonville has a 27% disparity between rent increases and wage increases since 2019. Rental prices rose 36.7% and wages only improved by 9.7%.

The national average isn’t as dour as the situation in Las Vegas, or the Florida cities mentioned above. Throughout the United States, Zillow reports a 30.4% increase in rent prices since 2019. However, nationally, wages during that time period have improved by 20.2%, for a 10.2% difference. Still, not great news, but not as shocking as some cities.

So, does this report impart any good news? Yes, it does! Wages have increased more than rent prices in six major U.S. cities. So, if you’re looking to move in the near future, check out Houston (TX), Minneapolis (MN), Portland (OR), Milwaukee (WI), San Jose (CA), and San Francisco (CA).

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

If you have lived in Southern Nevada for any length of time, you know how fast this area has grown over the past three decades. Apparently, we’re still growing yet, as more and more people move here. Therefore, the demand for new houses continues, even after the COVID-19 pandemic slowed growth. Now, in a recent study, we find that Nevada still ranks in the top seven for states with the most new homes built since 2010.

The folks at RubyHome Luxury Real Estate recently began digging into the data provided by the U.S. Census Bureau. Specifically, they are looking at the 2022 American Community Survey for the purposes of this study. In general, the numbers show that there are over 131 million occupied households in the U.S. Of those, more than 15.7 million houses were built since 2010.

Furthermore, those figures identify the fact that close to 12% of all occupied houses in our nation are newly built homes between 2010 and 2022. According to information provided by RubyHome.com, 23 states across the country surpassed that national average of 12% for new-build homes. In fact, some states report that one in five occupied houses have been constructed since 2010.

Overall, southern, and western states seem to enjoy the most newly built homes since 2010. Five of the top 10 states in this study are part of the southwest and mountain west regions. We can safely say that Nevada is part of this region. Moreover, three states in the top 10 are part of the southeast region. One other state is on the mid-Atlantic coast. Finally, there is only one state from the Midwest to make the top 10.

It may be surprising to learn that states with very large populations such as New York, Illinois, and Michigan saw very little new home construction in the period of 2010 to 2022. Furthermore, states in the northeast and New England rank near the bottom in new homes built during this period. As a matter of fact, the New England states of “Rhode Island and Connecticut have the lowest rate of new-build properties in America.”

So, let’s see which states rank in the top seven for new homes built since 2010.

The "Silver State" ranks seventh in the nation when it comes to new home construction since 2010. According to the figures provided by RubyHome.com, 200,603 new homes were built in Nevada between 2010-2022. That accounts for over 16% "of the total occupied housing supply statewide."

North Carolina ranks sixth in the U.S.A. in this survey of new homes built. Since 2010, over 780,000 new houses have been constructed in that state, accounting for over 18% of the total number of houses in the "Tarheel State."

We don't have to go very far from North Carolina to find the state which ranks fifth in this study. South Carolina takes that spot with over 420,000 new homes constructed between 2010-2022. That accounts for 19.75% of the total single-family homes in the "Palmetto State."

We head back towards our region of the country for the state placing fourth in this survey by RubyHome.com. Our neighbors to the north in Idaho have also seen tremendous growth in new home construction over the past decade. Many people from northern California have been moving there. Idahoans have seen over 143,000 new homes built there between 2010-2022. That's over 20% of the total homes in the "Potato State."

We remain in the mountain west region of America for the state placing third in this study. Our eastern neighbors in Utah have seen over 233,000 new homes built since 2010. That accounts for 20.65% of the total single-family homes in the "Beehive State."

North Dakota is the only state in the Midwest region of the U.S.A. to make the top 10 in this study according to RubyHome.com. Per the information in their study, they fell just short of the top spot for new homes built since 2010 based on percentages. Between 2010-2022, over 68,000 new homes were constructed in the "Peace Garden State." That makes up 20.74% of the total number of homes in North Dakota.

Topping the list in this study is the great state of Texas. As they say, "everything's bigger in Texas," so why wouldn't they take the #1 position? In fact, according to RubyHome.com, residents of the "Lone Star State" "are more likely to live in a new, modern property than any other state across the country." Since 2010, close to 2.5 million new homes were constructed in Texas, making up 22.5% of all homes in the state.

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. Follow us: Facebook / Twitter / Instagram