LAS VEGAS (KLAS) — As rental prices have increased across the Las Vegas valley, the burden has been felt the most by those who can least afford it. Lower-income renters are dealing with a major shortage of available housing. In fact, an annual report shows Nevada with the worst shortage in the nation.
According to the GAP report by the National Low Income Housing Coalition, 25% of all renter households in the U.S. are considered extremely low-income households. Those are households with incomes at or below the poverty line or 30% of the area median income which is around $16,550.
The report states “Only 36 affordable and available homes exist for every 100 extremely low-income renter households.” But in Nevada, the numbers are more severe. There are only 18 affordable and available homes for every 100 extremely low-income households. According to the report, there is a shortage of nearly 80,000 available and affordable rental homes in the state.
In April, Governor Steve Sisolak announced a $500 million program for affordable housing in Nevada. He said it would be the single largest investment in affordable housing in the state’s history and would complement more than $300 million earmarked by the Nevada Housing Division for affordable housing projects.
The report showed that no state had an adequate supply of affordable rental housing for the lowest-income renters.