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%.
Rent Increases Outpacing Wages In Las Vegas
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.
Rent Increases Outpacing Wages In Most Major U.S. Cities
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).
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Yes! Nevada Is One Of The Top 7 States For New Homes Built
7) Nevada
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.”
Aerial view of Las Vegas, Nevada. Suburban communities shown with streets, houses and rooftops of homes. Mountains can be seen in the distance on a bright, cloudless day in Southern Nevada.
6) North Carolina
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.”
New homes of various colors line a quiet street in Raleigh, North Carolina.
5) South Carolina
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.”
Fall afternoon in a typical middle class, southern American residential subdivision of homes that are built close together to maximize the land use by the developer and reduce the price of each home. Each home shares a similar contemporary build style with only minor paint or plan changes on the outside and inside. This subdivision is in South Carolina, USA.
4) Idaho
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.”
Relatively new houses built along the Boise, Idaho foothills in the light and mist of an early autumn morning.
3) Utah
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.”
View of the roofs of homes with chimneys in Daybreak, Utah community. The majestic Wasatch mountains and glowing cloudy sky can be seen in the background.
2) North Dakota
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.
Aerial view of the tourist town of Medora, North Dakota, located outside of Theodore Roosevelt National Park.
1) Texas
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.
Modern homes with brick facades in a new housing development in suburban Austin, Texas.
