Las Vegas Housing: Paying More For Less

Edward Lawrence, Reporter
Jul 26, 2005, 12:43 AM

The median price of a new home rose 19-percent in the last year according to data from UNLV and the U.S. Department of Housing and Urban Development, which re-ignited the debate about affordable housing.

For the past four months realtor Peter Guzman has helped Darryl Victorian house hunt. Victorian hopes that a house near the corner of Sahara and Cimarron is it. "Houses are a little more expensive than I anticipated," he stated.

Darryl Victorian noticed what the latest housing data shows -- you're paying more for less in a house. UNLV and federal statistics show in Las Vegas the median new home price tops more than $287,500. Meanwhile the median household income dropped by about $1,000 to $56,500 dollars a year.

Realtor Peter Guzman said, "There is no question about it. We have an affordable housing issue that is barely being talked about. I think it will be a continued problem with the expansion of the casinos and all the building."

Guzman says the current plan for growth has not been able to keep housing prices down. That's good if you own, but bad if you don't.

Las Vegas Director of Planning and Development Margo Wheeler says something must be done. "If we cannot continue to create and maintain housing to serve the workers here then the economy will ultimately stagnate."

Wheeler made her point to a special joint workshop between the Las Vegas Planning Commission and city council members. The meeting was held because the Las Vegas Valley area is losing the battle to the skyrocketing price of homes.

Las Vegas City Council members gathered information from a number of different expert witnesses.

The planning department will compile a list of recommendations they hope will help manage growth.

The council will vote on the recommendations at the next city council meeting.