LAS VEGAS, Nev. (FOX5) – According to a new report, those who want to rent a home in Las Vegas need to bring in nearly $70,000 annually.
That information was revealed in a Rental Market Report from Zillow, the real estate marketplace website. The “income to afford rent” is a new statistic published by Zillow Research. It measures the minimum household income needed to afford typical rent in a metro area.
In the Las Vegas metropolitan area, a household needs to make at least $69,810 to be able to afford a typical rental. That’s the 26th-highest income needed among the 50 largest U.S. metros—right in the middle compared to other major metros, and lower than the total U.S. average of $78,304.
In this measurement, payments for Las Vegas’ “typical” rent ($1,745) wouldn’t exceed 30% of the household’s income. That “typical” rent figure is Zillow’s Observed Rent Index for Las Vegas—what a renter in the market could expect to pay for a new lease in the area.
Zillow reported that the income needed to afford rent in Las Vegas has risen 34% since before the pandemic, when the income needed was $52,020. That’s the 12th-largest percentage increase in income needed to afford rent among the 50 largest US metros. Metros with the largest increase are Miami (53%), Tampa (49%), and Providence, Rhode Island (43%).
Zillow’s January Rental Market Report is available here.
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