LAS VEGAS (KTNV) — Affording a home might be fast becoming an unrealistic goal for many Las Vegans.
According to a new report, it is going to take a salary of over $100,000 annually to afford a mortgage.
Today I spoke to one loan officer who put the numbers into perspective.
"In these times of inflation it takes a lot to be a homeowner," said Tricia Regaspi.
She told us that from battling interests rates to dealing with high home prices, she and her husband were finally able to find their new home a few months ago.
"Being a homeowner anywhere is difficult, just trying to raise your family, household things, groceries, buying stuff for the house maintaining the house, property taxes, I can go on and on," Regaspi said.
Regaspi says if she was not part of a two income household there would be no way to afford the monthly payment.
According to Redfin, an online real state brokerage, a household in Las Vegas must now make at least $113,000 annually to afford a mortgage.
Median monthly mortgage payments are now about $2,830.
ABEL: When you hear those numbers what comes to mind for you?
TRICIA: Staggering, that is the first thing that came to mind, 100,000 is well over the national average per year.
Bryan Feldman is a senior loan officer with Luminate Home Loans, he says high interest rates, low inventory, and an increase in home prices are making homeownership a difficult and often insurmountable challenge for many.
"For somebody who is making less than a 100,000 a year right now, is it unrealistic for them to purchase a home?
"It is not unrealistic. You may be able to afford a house if you are making $100,000 but you're going to have to bank some concessions on the home you want to buy."
The Las Vegas Global Economic Alliance says the average household income is $95,584 in our valley.
Tricia says she is thankful she and her husband are both employed.
"You need stability that is the only way you can afford in these times."
Feldman says he suggest speaking to a lender and looking at your finances if you are considering to purchase a home.
