Homeownership Dreams Dwindle Amid Rising Prices in Washoe County

Despite a significant salary increase during the pandemic, local resident Martin feels increasingly excluded from the dream of homeownership as housing prices in Washoe County have surged nearly 50% since 2019. With her and her partner's combined income exceeding $200,000, Martin has explored over 100 homes, often attending multiple open houses each weekend. After two years of searching, she has paused plans to start a family, as current mortgage rates and prices would require a monthly payment of around $3,000, a figure she deems unaffordable given anticipated future expenses. The stark contrast in mortgage costs is evident when comparing current rates to those in 2019. Back then, a typical home mortgage was approximately $1,800, with interest rates around 4%. Now, with rates hovering around 7%, Martin struggles to find homes within her budget. This financial strain has influenced her political views, leading her to support candidates advocating for labor unions, which she believes could help raise wages and make homeownership more attainable. Chavez, another local resident, recently purchased a home for $470,000, but his monthly mortgage payment of $3,700 consumes nearly half of his take-home pay. He expresses concern that current political trends may hinder efforts to improve economic conditions. Meanwhile, data from the Center for Regional Studies indicates that most wage workers in the area cannot afford the median-priced home, exacerbating financial challenges for families. Cowie, a single mother of two, faces similar struggles. Despite her increased income, rising rent has placed a significant burden on her finances, leading her to anticipate a prolonged period of renting. The ongoing housing crisis in Washoe County highlights the urgent need for solutions to support aspiring homeowners.