Soaring rents in Las Vegas
There’s been an upswing in rent prices to start the year in Las Vegas.
The median rent for a two-bedroom apartment in Las Vegas has swelled to $1,487, according to Zillow, while a two-bedroom house (or a typical starter home) rents for a median monthly price of $1,890.
That means you’d need to earn an annual salary in the range of $60,000 to $75,000 to only spend around one-third of your income on rent — and that’s without factoring in other housing expenses like utilities and insurance.
But the average Las Vegas resident may have to dig further into their paycheck than the widely recommended 33.3% to fund their housing costs. According to Zip Recruiter, the average annual salary in Sin City is $58,850.
“It’s definitely in people’s heart to want to save some money right now. This economy’s tough,” the tiny house landlord told Fox5 Las Vegas. “People are just wanting to own something versus having to be in debt for forever.”
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Learn MoreTiny home laws
As mortgage rates and rental costs remain stubbornly high, tiny homes have grown into a viable option for some Americans seeking homeownership.
But before you draw up your plans and buy your materials, it’s important to understand that the rules and regulations around tiny home building are still developing in many parts of the country. You will also need to secure any necessary permits before embarking on your project.
For example, in Nevada, the state has mandated certain areas create zoning laws for tiny homes. Some places, however, may still be working through the process of amending their codes.
Budgeting for a tiny home build will depend on many things, including the overall size, who is doing the work, what materials you choose, the amenities and the quality of appliances and interior design.
The tiny home landlord interviewed by Fox5 Las Vegas says he managed to build his unit for just $22,000, but of course that cost can balloon based on size and features. It’s still vastly cheaper than the price of a typical single-family home — but to save those dollars, you’ll have to sacrifice a lot of square footage.
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