Nearly 43% of Clark County homes are not owner-occupied, records show

Nearly 43 percent of residential parcels in Clark County — 332,040 out of 775,199 — are not owner‑occupied, according to county tax records for 2025. The figure emerges amid a housing market where home prices and rental rates remain elevated, hovering near record highs as the region continues to recover from the pandemic‑induced surge. Owner‑occupiers receive a maximum property‑tax assessment of 3 percent, while second homes, vacation properties, rental units, vacant land and commercial parcels may be taxed as high as 8 percent. Tia Roman, broker/owner with Re/Max Reliance, attributes the high share of non‑primary residences to the strength of the local rental sector. “I judge the most compelling reason as to why we have such a high figure of non‑primary residences is because we have such a strong rental market in the Las Vegas Valley,” she said. “This continues to entice more investors to acquire more rental properties.” Roman also noted the area’s reliance on tourism and hospitality. “We are a destination municipality with our casinos, our nightlife, our proximity to the mountains, Red Rock, the Pacific Ocean, hiking, skiing, our warmer wind as compared to the remainder of the state in the wintertime, and on and on,” she said. A February survey by research firm Arbor ranked Las Vegas sixth nationally for the proportion of renters, with 44.9 percent of households renting, trailing only New York, San Francisco, Los Angeles, San Jose and San Diego. Roman added that the valley’s economy is chiefly driven by tourism and hospitality. ### What does this figure mean? It’s complicated Because comparable data on secondary homes for metropolitan areas are difficult to compile, Nicholas Irwin, research manager for UNLV’s Lied Center for Real Estate, suggested examining overall homeownership rates as a more reliable benchmark. The statewide homeownership rate stands at roughly 65 percent, according to the U.S. Census Bureau, while Nevada’s rate of 59.1 percent falls below the national average. “The homeownership rate in any state is reflective of the underlying economic fundamentals of that area,” Irwin said, “Looking at some secondary residences and the level of homeownership, they are both sides of the same coin and indicate the thought that it’s much harder to buy a home here, because on average, we are a blue‑collar town, we’re a wage‑driven economy tied to hospitality, tied to tourism, tied to gaming, that is currently experiencing, post‑Covid, a bit of a downturn.” Irwin added that mortgage rates must be considered in the current housing environment. The average long‑term mortgage rate in the United States is about 6.7 percent. “Even if you’re a low‑cost town, if those incomes don’t match the average housing costs, then you won’t see a high homeownership rate,” he added. Affordability calculations illustrate the gap. A household with two incomes in the valley would need approximately $116,563 to afford a home at present, according to Redfin’s latest report. The estimated median household income in the area is about $82,975, meaning the typical household would have to devote 42.1 percent of its income to mortgage payments — well above the commonly cited affordability threshold of 30 percent of monthly income. ### What are the types of nonprimary residences? Las Vegas records one of the highest rates of mortgages for second homes in the state at 2.7 percent, a level comparable to Jacksonville, Florida; Miami; Phoenix and San Diego. Daryl Fairweather, chief economist for Redfin, cautioned that Redfin’s data are not directly comparable to Clark County’s definition of nonprimary residences, but acknowledged the valley’s notable share of second‑home buyers. “There’s also a broader trend of people who live in expensive metros such as Los Angeles buying their first home as a second home location much more affordable,” she added. “They may not be able to afford a primary residence where they currently live, but they still want to get a foothold in homeownership and possibly benefit from home‑price appreciation.” Fairweather observed that affluent buyers dominate the current second‑home market. “Affluent buyers are driving much