How Much House Can I Afford in Nevada?

As of early 2025, the median home price in Nevada is approximately $430,000. However, this varies significantly by region: Las Vegas metro averages $420,000, Reno/Sparks averages $520,000, and Henderson averages $485,000. Rural Nevada counties have much lower median prices, often under $300,000. These prices fluctuate with market conditions, so always check current listings in your target area.

Down payment requirements vary by loan type. FHA loans require just 3.5% down (about $14,000 on a $400,000 home). VA loans for veterans require $0 down. Conventional loans typically require 5-20% down, though 3% down programs exist for first-time buyers. Nevada also offers down payment assistance programs that can provide $10,000-20,000 in grants or low-interest loans to qualified first-time buyers. The more you put down, the lower your monthly payment and mortgage insurance costs.

Yes! With a $60,000 annual income ($5,000/month gross), the 28% rule allows for $1,400/month in housing costs. This can afford approximately a $210,000 home with an FHA loan (3.5% down), or up to $240,000 if you have minimal other debts and qualify for conventional financing. In Las Vegas, you'll find condos, townhomes, and some single-family homes in this price range, especially in North Las Vegas or outlying areas. With Nevada's down payment assistance programs, you may afford even more.

Minimum credit scores vary by loan type. FHA loans accept scores as low as 580 (or 500 with 10% down). VA loans typically require 620+, though some lenders accept lower. Conventional loans generally require 620+ for best terms, though 640+ is preferred. The higher your credit score, the better interest rate you'll qualify for, which directly affects affordability. For example, a 740+ credit score might get you a rate 0.75% lower than a 620 score, saving you $200+/month on a $400,000 mortgage.

No, the 28/36 rule only considers your monthly housing payment, not upfront closing costs. In Nevada, closing costs typically range from 2-5% of the home price ($8,000-20,000 on a $400,000 home). These include appraisal fees, title insurance, origination fees, prepaid taxes/insurance, and recording fees. You'll need to budget for closing costs separately from your down payment. Some loan programs allow closing costs to be rolled into the loan or covered by seller concessions. FHA and VA loans also allow gift funds to cover closing costs.

Nevada's zero state income tax is a huge advantage! This means your take-home pay is higher compared to California, Oregon, or other high-tax states. For example, a $70,000 income in Nevada might feel like $75,000-80,000 in California after taxes. This extra cash flow improves your debt-to-income ratio and makes homeownership more comfortable. However, keep in mind Nevada makes up some revenue through sales tax (8.25% in Clark County) and higher property taxes in some areas. Overall, the tax advantage still significantly improves affordability for Nevada buyers.