KLAS-TV Channel 8 News Las VegasArea Home Prices Out Gain Salaries
"Scary to move from a lower priced house to a more expensive house," said Matt Crouch.
Matt Crouch is finishing up some last minute touches on his home and he's hoping to put his house on the market soon and buy a new one. But the question he's asking is, can anyone afford it?With tens of thousands of new people arriving every year, Southern Nevada is one of the fastest growing and rapidly changing areas you will find. The Las Vegas Perspective, a yearly publication, takes a look at those changes.
One of many interesting findings in this year's edition is the one showing the relationship between housing prices and salaries.
Imagine getting a $200 a year raise in your paycheck. Now take that raise and try buying a house here in Las Vegas. That's a reality that's hitting too close to home.
Matt Crouch is finishing up some last minute touches on his home and he's hoping to put his house on the market soon and buy a new one. But the question he's asking is, can anyone afford it?
"It's up there with the new home prices and it's just as expensive," said Matt Crouch.
The latest edition of the Las Vegas Perspective says the price of homes jumped nearly $70,000 from 2004 to 2005, while the average raise was around $200.
Now Crouch faces another dilemma. If he sells his old house, he's got to a buy a new one.
"Scary to move from a lower priced house to a more expensive house," Crouch said. "And with income that way it is... being able to afford it? Scary! My house payment now is $750 a month, and for me to jump into a $2,500 house payment a month is a lot. And it's a big difference."
There are more trends readers will find in the newest Las Vegas perspective.
Email reporter Tedd Florendo at tflorendo@klastv.com
