Income Needed to Buy in Las Vegas
Common Question: 'How much income do I need to buy a house in Las Vegas?' Based on the median home price of $420,000, lenders typically look for an annual household income of roughly $29,400. This ensures your payment stays below 28% of your gross pay.
Closing Costs in Nevada
Don't forget cash to close. In Nevada, buyer closing costs typically range from 2% to 5%. For a home in Las Vegas, you should budget between $8,400 and $21,000 on top of your down payment.
Rent vs Buy in Las Vegas
Is it better to rent or buy in Las Vegas? With a calculated monthly payment of ~$2,940, buying is currently more expensive monthly than the average rent. However, buying locks in your housing cost against future Nevada inflation.
Hidden Costs: Property Taxes
Generic calculators often get Las Vegas wrong because they underestimate taxes. Our Las Vegas Mortgage Calculator uses the specific Nevada property tax rate of 0.65%, which adds roughly $228/mo to your real payment.
First-Time Buyer Tips (FHA & PMI)
First-time buyers in Las Vegas often utilize FHA loans. Note that putting less than 20% down will trigger Private Mortgage Insurance (PMI), which can add 0.5-1% annually to your loan balance until you reach 20% equity.