For over a century, Nevada has been one of the nation’s fastest-growing states. From 1940 to 2010, it led the country in population growth for 70 consecutive years. Keeping pace with this demand requires continuous and strategic housing development. However, disruptions to homebuilding—such as those caused by the Great Recession and COVID-19 pandemic—can take years to overcome. Since 2010, Nevada has gained an average of 24,000 new residents annually, yet housing supply has struggled to keep up.

The state now faces a severe housing affordability crisis, driven by a persistent supply-demand imbalance. Rising construction costs, outdated zoning regulations, and slow permitting processes have worsened the problem. Additionally, federal land ownership limits available development space, while an influx of wealthier out-of-state buyers and low wages in the hospitality sector further strain affordability.

Five years after the legislative interim study on affordable housing—and four years after the COVID-19 pandemic reshaped the housing landscape—there was broad consensus that a new study on housing affordability in Nevada would help inform decision-making. This report offers policy considerations to address the state’s affordability challenges. While it touches on the important issue of housing stability, its primary focus, as outlined in the project scope, is an economic analysis of overall housing affordability.