Kashmir Martin, a 31-year-old accounting manager, and her husband are struggling to buy their first home in Reno, Nevada, despite their combined income of over $200,000 a year. The couple has seen home prices jump nearly 50% since 2019, making homeownership out of reach even with a budget of $550,000. Martin has looked at over 100 homes, but most require expensive repairs they can’t afford.
The housing market in Washoe County, where Reno is located, is making it difficult for many Americans to purchase homes. Home prices have outpaced middle-class incomes, mortgage rates are high, and fierce competition among buyers has caused many homes to sell above their listing price. This situation is also impacting voters’ perceptions of the economy in the swing county.
Despite strong economic growth in Washoe County under President Joe Biden, housing costs remain a significant burden for residents. Single-family home prices have increased by 46% since 2019, with mortgage payments exceeding what many households can afford. Renters are also experiencing challenges, with over half paying more than 30% of their income on rent and utilities.
For Martin and her husband, the struggle to buy a home has caused them to delay plans to start a family. They continue to rent a townhouse for $2,300 a month while searching for a more affordable option. Martin is looking to support candidates who prioritize increasing wages through labor unions to address the housing crisis. Both Democratic and Republican nominees have proposed solutions to lower housing costs, but the issue is not a top priority for either party in the upcoming election.
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