LAS VEGAS (KTNV) — In the Las Vegas Valley, the median price for an existing home is about $450,000, which is near an all-time high.
Mortgage interest rates — hovering around 8 percent — are about double what they were for a 30-year loan just five years ago.
Add inflation to the mix, and first-time home buyers face significant headwinds as they try to break into the homeownership club.
In Las Vegas, JaRon Turner says he and his partner pay over $1,800 monthly rent for the home they live in.
He says he'd like to buy a home, but the past few years have presented challenges.
"We were lucky just to rent a home," Turner says. "Now, we're looking at the house we're renting, and the rent is higher than some mortgages people have."
The benefits of homeownership, of course, are many. For starters, building equity in a home is a great way to build personal wealth.
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Traditionally, it's one of the most popular avenues for people to climb the socioeconomic ladder.
Experts say having enough money saved for a down payment is one of the biggest barriers people find to homeownership. That's where several state-sponsored programs offered through the Nevada Housing Division can help.
One program offers up to 4 percent toward a down payment for a home. The money is forgivable after seven years.
"I would say that's probably my favorite," says Jenny Cox, a sales manager with Guild Mortgage in Henderson who specializes in helping first-time buyers. "It's a program offered for Nevada, and the income limits are flexible."
Cox says many resources are available for people to help them find funds for a down payment and help raise credit scores.
The Housing Division works with mortgage lenders to try to find solutions for buyers.
Dwight Pace, supervisor of the assistance programs at the Housing Division, says homeownership doesn't make sense for everyone for various reasons, but that help is out there for folks.
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One reason is that having a stable middle class is seen by many as a benefit for the state.
"Homeownership is just in the best interest of the state and employers, just for the stability," Pace says. "We came into being, really, to help low and moderate-income families to be able to purchase a home."
On Wednesday, Cox, along with local Realtor Kory Walker, will host a virtual talk for those looking to learn about the homeownership process and assistance out there.
To register for the program, starting at 9:30 a.m., visit this link.
