More Affordable Housing Is On The Way For Las Vegas

As more and more people move to Las Vegas, affordable housing is getting harder to come by. The greater Las Vegas area is projected to grow at a rate of 90.5% in the next 37 years, according to 24wallst.com. Locals already know that construction is everywhere. But many residents are worried that the housing market just can't keep up with the growing demand for homes. Many residents are moving into Las Vegas from California and other areas that have more expensive housing. Which means they're bringing the profits from their homes sales with them. That allows for more options when it comes to purchasing a home in Las Vegas. And often these homes are higher-priced, simply because these buyers can afford it. But many of these wealthy buyers have snatched up lower-priced homes in Clark County to turn into rentals or Airbnbs. Leaving few of these homes available for purchase by local residents. And for those who are looking to buy affordable housing in Las Vegas, it's been a struggle to find options. But there is hope on the horizon for Las Vegas residents in need of affordable housing. The Department of the Interior and the Department of Housing and Urban Development made an important announcement today. In effort to increase the number of affordable housing options for Las Vegas residents, they're lowering the cost of land. Basically, they're having a big sale! By lowering the price per acre to $100, the hope is that builders will purchase the land and build affordable housing for Las Vegas residents. The two departments signed a Memorandum of Understanding that made it possible for the purchasing of these lands at a price far below market value. Because the housing crisis in Las Vegas has gotten to a critical level. And they believe this solution will be a catalyst for changing that. So if you're thinking about bailing on the idea of buying a home in Las Vegas, hold that thought. It looks like change is coming, if we can just hold on a bit longer. - Wendy Rush, 96.3 KKLZ [select-listicle listicle_id="502424" syndication_name="las-vegas-ranks-pretty-high-on-list-of-cougar-dating-hot-spots" description="yes"] Follow us! Facebook, Twitter and Instagram.