Homeownership has been a valuable symbol of stability and wealth accumulation; especially among young and low income families in Nevada. Owning a home has been considered a pillar of the American Dream, so let’s take a look at trends of Nevada homeownership rates from 2010 till 2021.
According to the US Census Bureau, in 2010 the homeownership rate in Nevada was 59.7 percent, and would be followed by years of consecutively declining rates throughout the decade. Between 2011 and 2012, the homeownership rate dropped to 56.2 percent and 55.7 percent respectively. Between 2010 and 2011 was the largest rated drop of the decade for Nevada.
By 2013, homeownership jumped to 56 percent and remained the same percentile in 2014. Homeownership continued to drop for the SilverState in 2015 with a rate of 54.8 percent and an all time low in 2016 with 54.5 percent.
By 2017, Nevada’s homeownership rates saw a marginal improvement of 55 percent and in 2018 rates jumped to 57.8 percent.
In 2019, homeownership rates in Nevada remained steady at 58.2 percent but began to climb in 2020 with 61.2 percent,the largest bump of the decade with a 3 percent boost and the highest rate in several years. Last year 2021 dropped to 60.5 percent.
The homeownership rate had its random ups and downs in Nevada. The Department of Housing and Urban Development has resources to aid present and future homeowner needs. So if you’re buying a home for the first time or looking at keeping or maintaining your home- make sure to visit the website if you wish to start on that significant chapter in your life.