# Nevada

### Summary

Nevada state is facing an acute affordable housing crisis. For every 100 low-income renter households, there are 32 units available that are affordable to them. The median rent in the state has risen by 28% since 2010, while median household incomes have grown by 19%. Currently, the state is short over 76,938 low-income housing units, meaning rental units that are affordable to households earning ≤60% of AMI.

42.2% share of renter households  
39.6% share of low-income households  
48.5% share of rent-burdened households

### Renter population data

**Renters vs homeowners**  
| Type of Household         | Households | % share   |
|---------------------------|------------|-----------|
| Renter households         | 482,281    | 42.2%     |
| Homeowner households      | 659,671    | 57.8%     |
| **Total households**      | **1,141,952** | **100.0%** |

**Low-income renter households**  
| Income Group              | Households | % share   |
|---------------------------|------------|-----------|
| Extremely low-income (≤30% AMI) | 65,603   | 13.6%     |
| Very low-income (31-50% AMI)   | 48,147   | 10.0%     |
| Low-income (51-80% AMI)        | 77,401   | 16.0%     |
| **All low-income households (<80% AMI)** | **191,151** | **39.6%** |

**Rent-burdened households**  
| Status                        | Households | % share   |
|-------------------------------|------------|-----------|
| Moderately rent-burdened      | 121,121    | 25.1%     |
| 30.0–34.9%                   | 41,917     | 8.7%      |
| 35.0–39.9%                   | 32,982     | 6.8%      |
| 40.0-49.9%                   | 46,222     | 9.6%      |
| Severely rent-burdened       | 112,634    | 23.4%     |
| **All rent-burdened households** | **233,755** | **48.5%** |

### Affordable housing shortage

**Rent vs median household income**  
| Year                          | Median Household Income | Median Rent | Increase (2010–2021) |
|-------------------------------|------------------------|-------------|---------------------|
| 2010                          | $39,088                | $850        | -                   |
| 2021                          | $46,624                | $1,087      | 19.3% (Income), 27.9% (Rent) |

**Affordable housing stock**  
| Description                  | Units  |
|-------------------------------|--------|
| Supply (current stock)        | 36,812 |
| Demand (total units needed)   | 113,750|
| **Shortage**                  | **76,938**|
| **Supply/Demand Ratio**       | **32.4%**|

### Finance institutions

#### Nevada Housing Division

Nevada Housing Division
1830 College Parkway, Suite 200
Carson City, NV 89706  
LIST OF loan programs  
- [Multi-Family Bond Financing](https://housing.nv.gov/Programs/MF_Bond/)  
- [Low-Income Housing Tax Credit](https://housing.nv.gov/Programs/LIHTC_Program/)  
- [Emergency Solutions Grant](https://housing.nv.gov/Programs/ESG/)  
- [HOME Investment Partnerships Program](https://housing.nv.gov/Programs/HOME_Investment_Partnerships__Program/)  
- [Affordable Housing Trust Fund](https://housing.nv.gov/Programs/Affordable_Housing_Trust_Fund/)  
- [National Housing Trust Fund](https://housing.nv.gov/Programs/NHTF/)  
- [Neighborhood Stabilization Program](https://housing.nv.gov/Programs/NSP/)  
- [811 Project Rental Assistance](https://housing.nv.gov/Programs/811_Project_Rental_Assistance/)

### QAP document (Qualified Allocation Plan)

The QAP is a document that states, and a few local agencies, must develop in order to distribute federal Low Income Housing Tax Credits (LIHTCs), which can be awarded only to a building that fits the QAP’s priorities and criteria. Each QAP must spell out a housing finance agency’s (HFA’s) priorities and specify the criteria it will use to select projects competing for tax credits. The priorities must be appropriate to local conditions.

[Download document](https://cdn.prod.website-files.com/5d28ec24752a3a6b71d5c7cd/6492c3b45ff4b516d8787ff1_navada-final-lihtc-qap-2023-122022.pdf)

### Housing news

#### September 19, 2024 – Fast Company  
**How Fed Rate Cuts Impact the Housing Market**  
The Federal Reserve’s recent rate cuts will influence the housing market, but the effects won't be immediate. Although lower rates make borrowing more affordable, the ongoing housing shortage and existing conditions in the market remain tough obstacles.

**Key Takeaways:**  
- **Lower Mortgage Rates**: Fed rate cuts have already reduced the average 30-year mortgage rate, which dropped from a peak of 7.79% in late 2023 to around 6.2%. This could ease the burden for homebuyers and those refinancing.  
- **Home Sales**: As rates decline, more homeowners might be encouraged to sell, which could help alleviate some of the housing market’s stagnation. However, a full recovery of the resale market is expected to be gradual.  
- **Ongoing Supply Issues:**  Despite lower rates, housing supply shortages will persist, especially in high-demand areas. Supply constraints, driven by zoning restrictions and labor/material shortages, remain a barrier to affordability.

While the Fed’s actions are a positive step toward stabilizing the housing market, broader structural challenges—particularly the lack of new housing supply—will continue to affect the market.

#### Other Notable Articles
- **Housing market won’t come ‘unstuck’ until 2026, economists predict** – Bank of America economists predict the US housing market won't recover until at least 2026. [Full article](https://nypost.com/2024/06/26/business/housing-market-wont-bounce-back-until-2026-economists-predict-heres-why/?utm_campaign=News%20digests%202024&utm_source=hs_email&utm_medium=email&_hsenc=p2ANqtz-98J9VclPF2voPBvWkazFLY09dd5s4nbERm2DCK2xfTjq2DhcVtm3TG0A3DQb32A6LG3unn)

- **States With the Largest Homeless Populations** – In 2023, the number of homeless individuals in the U.S. reached approximately 653,000, marking a significant increase. [Full article](https://www.usnews.com/news/best-states/articles/states-with-the-most-homeless-people?utm_campaign=News%20digests%202024&utm_source=hs_email&utm_medium=email&_hsenc=p2ANqtz--a4rsRpLbdj0rgcr1WOgq3zfiv--chzD5guiVN2jN7pkx10UAbVZN1gfTFkSbNNrEGVtMu)

- **The homebuying affordability gap is widening across the country** – The affordability crisis in the U.S. has reached alarming levels with significant disparities. [Full article](https://www.nbcnews.com/data-graphics/housing-affordability-worst-and-costs-highest-rcna155285?utm_campaign=News%20digests%202024&utm_source=hs_email&utm_medium=email&_hsenc=p2ANqtz-98J9VclPF2voPBvWkazFLY09dd5s4nbERm2DCK2xfTjq2DhcVtm3TG0A3DQb32A6LG3unn)

- **Homelessness, already at a record high last year, appears to be worsening among workers** – A troubling rise in homelessness among employed individuals is evident. [Full article](https://www.washingtonpost.com/business/2024/07/28/homeless-lack-of-affordable-housing-economy/?utm_campaign=News%20digests%202024&utm_source=hs_email&utm_medium=email&_hsenc=p2ANqtz-9JiYMxP47t5wqM-8ciCUfuaPzeMB0KK-AZoUwExxwBUGgkJ0U0t5ZTkDXpGDesWDkACHvx)