A new study has ranked U.S. states based on the difficulty first-time homebuyers face when trying to enter the housing market.
Nevada ranks #8 overall (tied), making it one of the eighth hardest states for first-time buyers to afford a home.
The median home value in Nevada is $435K, with a typical down payment of $63K (14.4% of the home price).
On average, it takes 5.4-yr for buyers in Nevada to save enough for a down payment.
The study assumes buyers rent a 2-bedroom home and save 30% of their income to estimate the time needed to afford a down payment.
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