Las Vegas residents now need to earn over $72,000 annually to comfortably afford rent, according to a new analysis released today by Zillow.
This represents a dramatic 35.6% increase in required income since 2020, highlighting the growing affordability crisis facing renters in Southern Nevada.
The typical rent for a Las Vegas apartment now stands at $1,801 per month, with residents spending approximately 26.8% of their income on housing costs, according to the report. While this keeps the average Las Vegas renter under the critical 30% "rent burden threshold," the rapid rise in necessary income has outpaced wage growth in the region.
"Housing costs have surged since pre-pandemic, with rents growing quite a bit faster than wages," said Orphe Divounguy, senior economist at Zillow, in a new release. "This often leaves little room for other expenses, making it particularly difficult for those hoping to save for a down payment on a future home."
The Las Vegas figures reflect a troubling national trend.
Across the United States, renters now need to earn more than $80,000 to comfortably afford the typical rental, up from $60,000 just five years ago — a 34.5% increase. The average rent nationwide has climbed to $2,024 monthly.
Even more concerning is the doubling of major metropolitan areas where six-figure incomes are required to afford rent. In 2020, only four markets required incomes over $100,000 to comfortably rent. Today, that number has jumped to eight markets, including San Jose ($137,000), New York ($136,000) and Boston ($127,000).
The most affordable rental markets identified in the study are Buffalo ($55,000 income required), Oklahoma City ($56,000), and Louisville ($57,000), where median earners spend 23% or less of their income on housing.
The Zillow analysis examined rental affordability across 50 major metropolitan areas nationwide, measuring the income needed to keep housing costs below 30% of earnings — the standard threshold for rental affordability.