A recent report from Property Shark, utilizing U.S. Census Bureau data, highlights Nevada’s homeownership rates and compares them to national trends. Nevada ranks fourth from the bottom in owner-occupied homes, with 60.4% of homes owner-occupied, trailing the national average of 65.2%. Washington, D.C. (39.1%), New York (54.1%), and California (55.9%) are the only areas with lower rates.
In Nevada, homeownership rates have largely stagnated, increasing only slightly by 0.1 percentage points over the past year. Among Nevada’s largest cities, North Las Vegas leads with a 65.1% owner-occupation rate, while Reno has shown the most significant growth, increasing by 1.74 percentage points to 51.8%. Conversely, Las Vegas experienced a notable decrease, dropping 2.17 percentage points to 56.8%.
Nevada also has a high rate of owner-held vacant homes at 1.1%, placing it sixth in the nation. The state has the fourth-highest level of renter-occupied homes at 39.6%, with North Las Vegas and Henderson ranking among the lowest in the nation for renter-occupied rates.
Migration patterns reveal Nevada had the 14th highest net migration, gaining 13,275 residents last year. Meanwhile, home prices in Southern Nevada have remained stable, with the median sale price holding at a record $485,000 as of February.
On a national scale, the homeownership rate has fluctuated significantly since peaking at 69.2% in 2004, dropping to a low of 62.9% in 2016, and rising again to 67.9% in 2020 before settling at the current rate. Home construction has also been on the rise, with 133,200 new homes built in July 2024, a level not seen since 2000.
