How Much Do I Need To Make To Buy A House In Las Vegas?

How Much Do I Need To Make To Buy A House In Las Vegas?

When buying a house in Las Vegas, you need to consider average house prices, how much money you need to put down as a deposit, costs for closing on a house, and of course, the monthly mortgage payments required to keep your house.

So the big question is always, “How much do I need to make to buy a house in Las Vegas” the simple answer is that you’ll need to make between $50,000 to $60,000 per year and have a 10% - 20% down payment available for an average house in the Las Vegas area.

However, that doesn’t take into consideration all of the facts or your specific desires for your dream home or perfect area of Las Vegas to live in.

Average House Prices In Las Vegas

The average house price in Las Vegas is around $440,000 as of 2022, and the prices continue to increase each year as demand soars and the number of available and affordable homes is dropping.

With a 32.8% increase in house prices between 2021 and 2022, the longer you’re waiting, the higher the average house prices go.

Take into consideration that the average price for a Las Vegas house was $292,000 in 2020 and $272,000 in 2018, so prices have been going up for some time but are now skyrocketing.

Down Payment On A Las Vegas House

Your down payment for a Las Vegas House can be anywhere from 3% to 20% of the total cost of the home. Your credit score, income, and a range of other factors can determine what type of down payment is required for the mortgages that are available to you.

For a 20% down payment on a $440,000 house, you’ll need $88,000, and generally, this is the maximum required for most mortgage options, though you can always make it higher.

The average down payment is 7%, so on a $440,000 house, you’ll need $30,800, or at the low end of 3%, you’ll need $13,200.

Costs For Closing On A Las Vegas House

The average cost for closing on a Las Vegas house is between 2% - 5% of the total cost of the home. So on a $440,000 house, you may need between $4,400 to $22,000, which is another significant stockpile of money that will be required on top of your down payment.

For most home buyers in Las Vegas, the closing costs on their house are around $6,400, but your individual circumstances and any special requirements can increase that price.

Monthly Mortgage Payments On A Las Vegas House

Your credit score, income, down payment, and how long you want to spread your mortgage out can impact your monthly mortgage payments, and of course, how much your home actually costs to buy.

On a 30-year mortgage, the average interest rates in Las Vegas are 5.45%, so your monthly mortgage payments for $440,000 with a 10% down payment would be around $2,236.

How Much Do I Need To Make To Buy A House In Las Vegas?

How much money you make is less important than how much money you have saved and how much money you have available to pay your mortgage each month.

For a $440,000 house in Las Vegas, you need to have $13,200 - $88,000 saved for the down payment, around $6,400 for the closing costs, and you’ll need a spare $2,236 each month to make your mortgage payments.

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