High priced Las Vegas
Las Vegas housing bubble has neither deflated nor has it been stagnant, as some expected it to. The prices are increasing every year though not at extreme rate as in the past. Non-availability of land is the major factor for the price rise. In Las Vegas, the lands are selling for as high as $700,000 an acre.Last five years has seen an increase of 115% in the median price of resale house while new houses saw a increase of 109%. The resale house price jumped from $131,000 to $282,000 and the new houses rate soared from $153,920 to $321,550. The national home ownership rate was 69.2% while it was 59.8% in Las Vegas. In the coming years, the working class people would not consider Las Vegas as an affordable housing city. The price rise will affect the economic diversification process and the work force. Las Vegas will be affordable only if the median new home prices are same as the median house hold income
