Home Affordability in Las Vegas, NV
The median home price in Las Vegas is $410,000 with a median household income of $57,095. Housing is significantly stretched relative to local incomes.
Median Home Price
$410,000
Median Income
$57,095
Price-to-Income Ratio
7.2x
Est. Affordable Home
$222,000
Property Tax Rate
0.54%
Annual Property Tax
$2,214
Sales Tax Rate
8.38%
Cost of Living Index
104
Buying a Home in Las Vegas
Based on the 28% rule (spending no more than 28% of gross income on housing), a household earning the median income of $57,095 in Las Vegas can afford a monthly housing payment of approximately $1,332. This translates to a home price of roughly $222,000, which is below the median home price of $410,000 — many households may need a higher income, larger down payment, or should consider more affordable neighborhoods.
Property taxes on a median-priced home in Las Vegas would be approximately $2,214 per year ($185/month) at the effective rate of 0.54%.
Down Payment Scenarios
| Down Payment | Amount | Loan Amount | PMI Required |
|---|---|---|---|
| 3% | $12,300 | $397,700 | Yes |
| 5% | $20,500 | $389,500 | Yes |
| 10% | $41,000 | $369,000 | Yes |
| 20% | $82,000 | $328,000 | No |
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