Nevada
Report: Las Vegas Home Prices Up 217 Percent Since 2011 – Nevada Globe
Using data from Zillow and the U.S. Census, a study by TruckInfo.net found that from 2011 to the end of 2022, Nevada has seen the most dramatic ratio of home price to wage growth, increasing six times faster than wage increases. In comparison, Florida, Arizona, and Idaho have all seen homes increase 4 times faster than wages.
“From 2011 to 2022, Nevada saw home prices grow six times faster than wages, ranking it first among all states,” the report stated. “Elementary teachers in Nevada have been particularly impacted, with home inflation outpacing their wages by (a rate of) 17.9. Truck drivers in Nevada saw home prices increase 16.9 times faster than their wages.”
“To compare home affordability over time and across geographies, a commonly used metric is the home-price-to-income ratio,” the study stated. “From 1985 to 1999 this ratio was just 2.6. As of 2022, the national home-price-to-income ratio was a staggering 6.7, meaning homes are 2.5 times less affordable today than from 1985-1999.”
The Review Journal reports that “the average price for a home in the Las Vegas Valley currently sits at $400,354, which means since 2011 there has been an overall $253,000 increase in the price of a home over the past 12 years…This means Las Vegas Valley home prices grew 217 percent since 2011, compared to a 39 percent wage growth uptick.”
Supply and demand, combined with double-digit inflation and Federal Reserve-manipulated interest rates, are factors contributing to housing affordability.
As reported by The Globe, the average Nevadan household must spend an additional $13,296 annually just to maintain the same standard of living they enjoyed in January of 2021, right before inflation soared to 40-year highs, according to a recent analysis of government data.
According to a report by CBS News:
Average hourly pay for workers has increased robust 13.6% since January 2021, although that lags the 17% increase in inflation during the same period, according to government data. The main categories requiring heavier spending for consumers simply to tread water: food, transportation, housing and energy, which together account for almost 80 cents of every $1 in additional spending, according to the Republican analysis.
“Middle- and low-income Americans aren’t doing well enough — they are living fragilely on the edge,” said Gene Ludwig, chairman of the Ludwig Institute for Shared Economic Prosperity (LISEP), a think thank whose own analysis found that the income needed to cover the basics fell short by almost $14,000, on average, in 2022.
The study concludes that since 2011, the median home in America has increased by more than $181k while the median wage has only increased by $15.8k.
According to the Cato Institute, 87% of Americans are concerned about housing costs, and 69% worry about their descendants’ ability to purchase a home.
It took six years to build the transcontinental railway, which was more than 1,700 miles long. Now they are predicting it will take four years and billions of dollars to build a roughly 200-mile stretch of rail from California to Nevada. That’s progress.
Palo Verde, No. 4 in the Review-Journal’s Class 5A rankings, shut out No. 2 Coronado 2-0 to claim a home victory in a high school softball game Tuesday.
Bradi Odom allowed one hit and one walk in seven scoreless innings with five strikeouts for Palo Verde (15-6, 5-3 5A Mountain League).
Palo Verde’s win created a three-way tie atop the Mountain League with Shadow Ridge (14-6, 5-3) and Coronado (12-4, 5-3).
Shadow Ridge will earn the league title and No. 1 seed in the Southern Region playoffs on a tiebreaker. Palo Verde will be the No. 2 seed and Coronado will be the No. 3 seed when the playoffs begin Monday.
Palo Verde next hosts 5A Desert League champion Arbor View in a nonleague game at 3:30 p.m. Thursday, and Coronado hosts Tech at 3:30 p.m. Thursday.
Contact Alex Wright at awright@reviewjournal.com. Follow @AlexWright1028 on X.
Arbor View softball senior outfielder Breya Hee said the team has become more connected in recent weeks.
Winning helps with that.
The Aggies are on a four-game winning streak entering Tuesday and Hee has played a big role in it.
She went 3-for-4 with a double and six RBIs to help Arbor View defeat Green Valley 15-0 on April 24. She was named Nevada Preps Girls Athlete of the Week for her efforts.
“I was just trying to focus on bringing whatever I could, doing whatever I can to help the team win the game,” Hee said. “Whatever the weak spots were is where I tried to hit it.”
Let’s get to know this week’s girls athlete of the week. (Note: Answers have been edited for clarity and length.)
Nevada Preps: Who’s a softball player you look up to and try to model your game after?
Hee: My favorite softball player is Aliyah Andrews. She used to play at Louisiana State. She is an amazing outfielder. She’s spectacular. She flies everywhere. Her slapping is incredible. When I find drills, it’s always from her.
NP: If you weren’t playing softball, what sport would you be playing?
Hee: I’d probably be playing soccer or volleyball. I like soccer because it’s outside. And volleyball, it’s just a sport that I’d have an interest in. I used to play soccer when I was 6-years-old, but then I moved to softball.
NP: Do you have any pregame rituals or game-day superstitions that you follow?
Hee: I always put my left sock on first. And I always have to listen to “Hit ‘Em Up” by Tupac (Shakur) before a game. I have a pregame playlist, all the songs that get me hyped and ready. And I always try to eat some sugar so I have a lot of energy before the game.
NP: What’s been your favorite memory in your softball playing career thus far?
Hee: Playing in the Colorado Sparklers or any of the tournaments I’ve been in, it’s an amazing experience. Recently, this past Faith Lutheran win we had (on April 17). We were in the top of the seventh inning and we were down by two runs and my hit to center field brought in two runs.
Contact Alex Wright at awright@reviewjournal.com. Follow @AlexWright1028 on X.
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