Nevada Housing Costs Drive First-Time Buyer Median Age to 35

Young Americans are finding it harder than ever to buy a first home. Homeownership rates for millennials and Gen Z lag behind previous generations at the same age. The median age of first-time buyers is now 35.

According to Redfin data, approximately 38% of 28-year-olds own homes, compared with 42.5% of Gen Xers and 44.4% of baby boomers when they were the same age. Broader trends show homeownership declining across nearly every age group from 2000 to 2025, with notable drops for those in their 30s. Rising rents, up about $100 monthly to a median of $1,413, have also made it tougher for young people to save for down payments.

In Nevada, the struggle is particularly acute. Las Vegas median single-family home prices stood near record highs around $482,000 earlier this year, while Reno sat at roughly $580,000.

About one-third of Nevada young adults aged 18-34 still live with their parents, slightly above the national average. Low inventory, restrictive local zoning, and mortgage rates around 6.3% compound the issue.

Bipartisan momentum is building at both federal and state levels to address housing supply. In Nevada, Governor Lombardo’s (R) Nevada Housing Access and Attainability Act has already directed more than $64 million toward attainable housing projects, funding the development of hundreds of for-sale homes and multifamily rental units across the state. In Congress, the 21st Century ROAD to Housing Act aims to cut regulatory red tape, streamline permitting, and boost housing supply through grants and loans. The bill passed the Senate in March and has returned to the House for further consideration.

For Nevadans in Reno, Las Vegas and beyond, the outcome of efforts to increase supply will determine how quickly younger residents can achieve homeownership in a state where housing was once more attainable. Local leaders and voters in Nevada are monitoring developments as federal and state solutions take shape.