2023-09-28 21:09:00
More than 30 percent of North Las Vegas residents who own their homes could be considered “housing poor,” according to a new study from the Chamber of Commerce, an online business resource website.
The municipality is ranked 11th in the country, with 18 of the top 50 cities within California. The study breaks down what people still owe on outstanding mortgages, and approximately 61 percent of all homeowners nationwide are still in debt. Fontana, California, has the highest percentage of people with outstanding mortgages in the country, at 82 percent.
Collin Czarnecki, who led research for the study, which used U.S. Census data, said there are a few factors that contributed to North Las Vegas’ high ranking.
“North Las Vegas has experienced significant growth, which has attracted new homeowners to the area,” he said in an email response to the Las Vegas Review-Journal. “From 2012 to 2022, North Las Vegas’ population increased by 25 percent, according to the Census Bureau. The high percentage of new homeowners is also evident in the fact that the median tenure of homeowners in North Las Vegas is only about six years.”
Czarnecki also noted that there is a financial aspect to consider with the municipality. The city has 39,101 residents with unpaid mortgages, representing 76 percent of the population and an average monthly mortgage payment of $1,549.
“31 percent of homeowners in North Las Vegas could be classified as ‘housing poor.’ This means they spend more than 30 percent of their income on monthly housing expenses, including mortgage and utility payments. “This financial pressure may be causing North Las Vegas homeowners to take longer to pay their mortgages, as a significant portion of them are living beyond their means when it comes to monthly housing expenses.”
The city of Las Vegas ranks 56th of all cities in the country (69 percent still have outstanding mortgages), Henderson 63rd and Reno 88th. The study notes that 28 percent of homeowners in Henderson could be classified as “housing poor,” and that Henderson has experienced 25 percent population growth since 2012, and approximately 69 percent of its residents have outstanding mortgages.
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