The Las Vegas housing market is truly a unique opportunity for those ready to invest in an area experiencing rapid growth and high demand. While challenges persist, including land availability and affordability, the city’s housing market is a strong bet for those who see potential in both present and future development.
According to Waldon Swenson, Vice President for Corporate Affairs at Nevada Hand—the state’s largest nonprofit affordable housing developer—the greatest challenge isn’t simply the lack of land; it’s keeping up with a population boom that requires more homes. “Access to land is a challenge,” Swenson acknowledges, but adds confidently, “it hasn’t stopped Nevada Hand from doing the work that we do.” Demand for affordable, safe housing continues to grow as “thousands of people a month” make Las Vegas their home, pushing the need for more construction across the region.
The city has seen significant appreciation in home prices over the past five years due to low inventory, with the median income needed to afford a mortgage now estimated at over $111,000. And it’s no surprise that affordable housing has become a top political issue, with residents across Nevada hoping for solutions that will increase access to quality housing.
Nevada’s gap in affordable housing supply is estimated to be over 78,000 units, largely affecting low-income renters. Yet Swenson is optimistic, with Nevada Hand currently undertaking the most extensive development phase in its history—nearly 1,900 units in planning and construction. Even with these efforts, the organization recognizes there is much more to do to meet demand.
Swenson and other leaders emphasize that releasing more land for development could ease housing costs by increasing supply. The Bureau of Land Management (BLM) controls 88% of Clark County’s land, and while the release of this land is a complex process, Swenson believes speeding it up would be beneficial. More land availability means the potential for new developments that can keep pace with the influx of new residents.
One persistent barrier, however, is the “not in my backyard” attitude. Despite evidence showing that affordable housing developments don’t lower property values or increase crime rates—in fact, some studies show the opposite—misconceptions remain. Nevada Hand works actively to change these perceptions, often engaging directly with communities to build trust and understanding.
Another crucial factor in affordable housing is the federal Low Income Housing Tax Credit, which supports the majority of affordable developments nationwide. Swenson cautions that if this funding source were reduced, the challenge of creating affordable housing would grow significantly.
With Las Vegas adding about 115 residents a day, the demand for land extends beyond residential needs, impacting economic growth across various sectors. Studies predict Southern Nevada could face severe land shortages by 2030. Currently, only around 36,000 acres of private land are available for development, prompting calls for streamlined processes to nominate federal land for public auction. Recent history shows this process can be slow—since the Southern Nevada Public Land Management Act passed in 1998, only 44,000 of the 70,000 set-aside acres have been released.
While there are obstacles, the Las Vegas market continues to thrive, attracting new residents and investors alike. The housing crunch brings undeniable challenges, yet it also underscores the city’s appeal and its powerful potential for those ready to invest in a city with room to grow. Investing in Las Vegas housing is not only about capitalizing on the current market; it’s about being part of a future that is as promising as the city itself.