In the ever-evolving world of real estate, where housing markets are influenced by regional constraints and shifting economic policies, understanding the many forces at play is essential to financial well-being. Nicholas Irwin, an associate professor of economics, brings a distinctive expertise to this field.
With a research focus on how people value amenities like schools, jobs, and housing affordability, Irwin applies economic theory to the real-world challenges of real estate markets, particularly in a city as unique as Las Vegas.
Tell me about yourself, your story. How did you end up in Las Vegas and at 51³Ô¹ÏºÚÁÏ?
I grew up in Logan, a small town in the Appalachian region of Ohio. My family has deep roots there, and I’m the first generation not to work in a coal mine. My mom was a teacher, and my dad worked for General Electric, so they strongly encouraged me to pursue education. I attended Ohio State, intending to study engineering but fell in love with economics.
My passion for environmental economics stems from growing up around environmental damage caused by mining. After earning my master’s degree at American University in D.C., I focused on how people value environmental resources and housing, which eventually brought me to my current research. I joined 51³Ô¹ÏºÚÁÏ in 2018, drawn by the great faculty and unique opportunities here.
When you were a child, what did you want to be when you grew up?
I don’t recall a specific career ambition, but I was always drawn to solving problems and understanding the world around me, which naturally led me to economics.
What makes studying economics and real estate in Las Vegas particularly interesting?
Las Vegas’ economy is heavily influenced by gaming, hospitality, and tourism, making it distinct from other regions. The federal government owns 86% of the land in the county, creating constraints on development and housing affordability. These factors, combined with unique geographic challenges, make it a fascinating place to study how economic policies impact real estate and quality of life.
How does your research connect academia with real estate markets?
My work focuses on how people value amenities like schools or jobs through their housing choices. This research helps policymakers make informed decisions that impact housing affordability and community development.
By understanding what drives housing prices and preferences, my research provides insights for developing policies that can improve housing affordability and sustainability in rapidly growing areas like Las Vegas.
How do you integrate your research into teaching?
I use real-world examples from my research to make economics relatable for students, such as how housing markets work or the impact of policy decisions on environmental and housing outcomes.
What do you see as the future of real estate economics?
The field will likely focus more on sustainability and addressing affordability challenges. In places like Las Vegas, balancing growth with limited resources will remain a critical issue.
What would you tell students interested in pursuing a career in economics and specifically a master’s in economics at 51³Ô¹ÏºÚÁÏ?
Las Vegas offers a living laboratory for studying real-world economic challenges and solutions. Whether it's the housing market, environmental economics, or tourism, you’ll find opportunities to explore unique issues that don’t exist elsewhere. 51³Ô¹ÏºÚÁÏ’s program is rigorous but rewarding, with supportive faculty and research opportunities.
Do you consider yourself lucky?
Not particularly — I believe in strategy and creating your own opportunities. Success comes from surrounding yourself with good people and having a clear plan.
If you could teach a class on any random topic not related to your field, what would it be?
I’d love to teach a class on the economics of music — how the industry has evolved with technology, streaming, and touring. The rise of platforms like SoundCloud and the role of residencies in Las Vegas have completely changed how artists make money. It’s a fascinating topic that combines economics with culture.
You're a big fan of the NFL. What did you think about the results of the Super Bowl?
I’m happy for the Eagles – Go Birds!
Speaking of the NFL and music, what’s the influence of the Swifties on sports?
It’s remarkable! My daughters, for instance, now ask if the Chiefs game is on — not because they care about football, but to see if Taylor Swift is there. It’s a great example of how pop culture can intersect with and influence sports.
