Categories: BuyingPublished On: April 18, 2023Comments Off on The second-largest increase in millennial homeownership in the nation occurs in Las Vegas.11.5 min read


The second-largest increase in millennial homeownership in the nation occurs in Las Vegas.

5 percent of Las Vegas homeowners are members of Generation Z, or those between the ages of 13 and 20.

According to Las Vegas REALTORS, Southern Nevada saw a record-breaking increase in housing costs in May, when the median single-family home in Las Vegas cost $482,000, 12 percent more than it is now. This means that millennials in Las Vegas may be behind the national rate of homeownership.

According to the RentCafe study, many economic factors have benefited millennials over the past five years, which may have contributed to their rise in homeownership. The median income of millennials has increased by 44% since 2017, making it the largest increase of any generation during the same time period.

According to RentCafe, many millennials also moved back in with their parents during the COVID-19 pandemic, which allowed them to save money rather than spend it on rent. The greater part of millennial homebuyers likewise got monetary assistance from their folks, relative or companion for their up front installments, as indicated by a LendingTree overview.

According to Thomas Blanchard, president of Nevada Realtors, millennials have encountered numerous obstacles on their way to homeownership.

Blanchard stated, “The student loans, the unaffordable housing, and — it’s just craziness, the roadblocks that the current market has given them and to see them overcome it over the last five years, hats off to them in being focused and doing the things necessary to become a homeowner.” Blanchard was referring to the obstacles that the current market has presented to them.

According to him, the extreme nature of the real estate market in Las Vegas may have contributed to the city’s second-highest increase in millennial homeownership nationwide.

Blanchard stated, “Historically, Vegas has been either extremely hot or extremely cold.” Additionally, they (millennials) arrived at a time when housing values were soaring. More emotional than different spots the country over.”

According to the RentCafe study, despite the fact that millennials in Las Vegas are not the largest demographic group of homeowners, they are the second largest group of renters in Southern Nevada, accounting for 57% of the total. Predictably, Gen Z accounts for 62% of renters, primarily due to the fact that they are young adults who lack the financial resources to purchase a home. Since 2017, the proportion of Gen X and baby boomer renters has decreased by nearly 22%.