In The News: Lied Center for Real Estate
A 2023 study by 51ԹϺ’s Lied Center for Real Estate Director Shawn McCoy estimates that investors (anyone who has bought more than five homes in the past 10 years) own approximately 15 percent of all of the single-family homes in Clark County and upwards of 25 percent in North Las Vegas, a number that has been rising steadily since the Great Recession.
Nevada ranks first for new homes built in natural landscapes prone to wildfires according to the Lied Center for Real Estate at 51ԹϺ. A map of the United States shows the growth percentage in residential housing units located in the Wildland-Urban Interface (WUI) between 1990 and 2020. Nevada is marked in red and shows a growth rate of 208 percent.
People are increasingly moving into the wildland-urban interface areas, where human development meets wild vegetation, like forests, according to a University of Nevada-Las Vegas expert. Such landscapes are also notorious for wildfires.
The wildfires that torched thousands of homes around Los Angeles will send refugees across the desert to Las Vegas, putting pressure on its tight housing market.
As houses continue to burn in Los Angeles, officials have already started talking about rebuilding the city. “We’re going to rebuild this remarkable community and we’re going to come back,” California governor Gavin Newsom said in a call with President Biden on January 10. Los Angeles mayor Karen Bass added her own call for action. “We’re going to recover, and we’re going to rebuild and we’re going to rebuild better.”
Wildfires continue to devastate Southern California, with the Los Angeles Times reporting today that a “particularly dangerous situation” warning is once again in effect for areas of Los Angeles and Ventura counties. At least 25 people have died.
As wildfires continue to devastate Los Angeles, many Las Vegas locals wonder, could this tragedy impact us here in the valley?
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As the battle against several Southern California wildfires continues to rage on, one expert told me the impact could be seen far outside the fire path, and even here in our valley.
The Los Angeles wildfires will most likely put pressure on the Las Vegas Valley’s already tight housing market, an expert says.
The fires in Southern California have burned in largely urban areas, which could have an impact on how home insurers work.
California’s housing crisis began spilling into neighboring Nevada as Golden State dwellers started flocking to Silver State communities in the mid-2000s. Home prices in Nevada skyrocketed due to increased demand, just like California incomes, which were about 93% higher than those of Nevada residents moving within the state, according to a 2024 paper by Lied Center for Real Estate at the University of Nevada, Las Vegas.