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How many homes do Gen X millionaires own in Las Vegas?

Updated April 22, 2024 - 8:39 am

Las Vegas Gen X millionaire homeowners make up the largest demographic share of affluent owners in the valley, according to a new study.

Households making $1 million or more annually own 10 percent of all the single-family homes in the Las Vegas Valley, and Gen X — those born between 1965 and 1980 — households, making a combined salary of $1 million a year or more, own the largest share of those homes, at 41.5 percent, according to the Point2 study.

Millionaire Gen X households own more than millionaire baby boomers (23.5 percent) and millennials (17.5 percent) in the Las Vegas Valley.

Sabina Boboc, a communications strategist for Point2, who conducted the study using U.S. Census Bureau data, said this is part of a growing trend. She said out of the 2,087 millionaire homeowners in the valley, 866 are Gen Xers. And out of the total households in the metro (852,737), 871 are households earning at least $1 million.

“In just five years, the number of U.S. millionaire owner households quadrupled, increasing a massive 446 percent from 2017 to 2022,” she said. “And here’s the kicker: baby boomers aren’t dominating this ultra-exclusive club anymore. In fact, in 23 of the 30 largest metros, Gen X boasts the highest share of super-wealthy owners.”

Millennials struggle to buy

Meanwhile, the Las Vegas Valley’s largest demographic, millennials, are struggling to get into the housing market as they had the second-lowest percentage of millennial homebuyers in the nation last year, according to a new report from Construction Coverage.

Roughly 49 percent of the valley’s homebuyers in 2022 were millennials, ages 25 to 44, according to data compiled by Construction Coverage, which pulled numbers from the Federal Financial Institution’s Examination Council. Topping the list of the 56 major metros with the most millennial homebuyers was the San Jose area, with 74.4 percent. Coming in last, just behind the Las Vegas Valley was Tucson, Arizona, with 44.9 percent.

Baby boomers in the Las Vegas Valley still control a fair chunk of the housing market and are actually increasing their homeownership rate, according to new data.

The generation born between the end of World War II and the mid-1960s made up the biggest block of homebuyers in the valley in 2023 for homebuilding giant Taylor Morrison, at 39 percent, followed by Generation X (26 percent), millennials (24 percent) and Gen Z (4 percent).

Baby boomers own more than a third (36 percent) of all the homes in the valley, but only make up 19 percent of the population, according to a study from Construction Coverage, which used U.S. Census data in its analysis.

Mortgage rates are also the highest they’ve been in years, as Nevadans now need to make at least $111,557 to afford a monthly mortgage payment, according to a new study from Bankrate.

This is a 56 percent income increase from four years ago as related to what it takes to afford a median-priced single-family home in the state, which is now $434,400. That puts the average monthly mortgage payment at $2,603 for a household with two incomes.

Contact Patrick Blennerhassett at pblennerhassett@reviewjournal.com.

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