Las Vegas Too Expensive For Some
The LV Business Press informs that home prices have slowed in Lav Vegas. "The median price of a local home sold through the local multiple listing system increased slightly, up less than 1 percent from March. Year-over-year price increases are still up significantly, with an annual appreciation of about 18 percent for homes and nearly 44 percent for condos."
That may not be enough for area teachers. "It was a chilling realization for a school district that is accustomed to hiring 1,000 to 2,000 teachers a year."
"'I was astonished that even a modest three-bedroom home for my family would cost me over $200k,' Mark Dorman wrote Clark County Schools Superintendent Carlos Garcia via e-mail. 'There is simply no way at my age I am going back to living in an apartment, and even leasing a home in your city is a large financial burden on my meager teacher salary.'"
"Pay wasn't so much of an issue a decade ago when median home prices were in the low six figures. Not anymore. Teacher take-home pay has remained relatively flat. Rice is convinced that some creative solutions must be considered. She's met with home builders, asking that they set aside one of every 20 homes in subdivisions at a reduced cost for teachers. 'That went over like a lead balloon,' Rice says."