Las Vegas is one of the worst cities to buy a house in America.
Home prices there have dropped by 5% over the last year and could have another 20% decline to go before affordability levels are restored for locals.
A big problem for homebuyers in Las Vegas is that the incomes are low. With the median household income in the metro registering only $67,000.
Meaning that locals in Vegas need to spend 40-45% of their gross income on house payments in 2023.
That's not sustainable. And makes Las Vegas a bad place to buy real estate in 2023.
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