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NV’s most common jobs rarely pay enough to pay the rent, UNLV research shows

The findings, which uses information from the National Housing Conference’s Paycheck to Paycheck database and the Bureau of Labor Statistics, identified the ten most common professions in the Las Vegas metropolitan area, which totalled 24.7% of the area’s 918,670 workers, and in the Reno-Sparks area, where the ten most common occupations totaled 23.9% of 225,650 workers.

Report: Rising home prices lock out more than a quarter of Nevada workforce

A National Housing Conference affordable housing estimate places the annual income needed to afford the mortgage of a median-valued home with a 10 percent down payment in the Reno metro area at about $121,890. For a median-valued home mortgage with a 3 percent down payment in the area, the annual income necessary increases by slightly more than $7,000, as a smaller down payment typically triggers higher recurring monthly costs.

With landmark GSE equity plans, FHFA confronts legacy of redlining

“Fannie Mae and Freddie Mac as successor organizations to the Federal National Mortgage Association have a historic responsibility for redlining,” said Dworkin. “And they can fulfill that responsibility to right past wrongs, that is part of the spirit of [the Equal Credit Opportunity Act], without unrealistically expecting modern banks to volunteer mea culpas.”

Thompson Confirmed as FHFA Director

David Dworkin, president and CEO of the National Housing Conference, also praised her recent work as acting director. “In less than a year, she has led the rewrite of Fannie Mae and Freddie Mac’s Duty to Serve plans to expand the enterprises’ activity in underserved markets, and created a new Equitable Housing Finance framework to increase lending in markets not covered by the Duty to Serve program,” he said. “I have every confidence that she will continue to prioritize sustainably expanding racial equity and access to affordable housing now that she has been confirmed.”

Julia Gordon Confirmed as FHA Commissioner

David Dworkin, president and CEO of the National Housing Conference, applauded Gordon’s confirmation. “Julia Gordon brings deep experience to address the significant challenges that face FHA,” he said. “If we are going to succeed in closing the racial homeownership gap, FHA must be in the forefront. Through her leadership of the National Community Stabilization Trust, she has a nuanced understanding of local housing markets and how they can function sustainably even when under stress. She also has the skills, experience, and relationships to bring people together, both within FHA and among stakeholders, to address challenges collaboratively and effectively.”

Pace of inflation eases slightly in April but still at 40-year high

David Dworkin, president and chief executive of the National Housing Conference, said he doesn’t expect home prices to meaningfully fall, because the country is short about 3 million to 5 million homes, and builders are going to be hard-pressed to keep up if borrowing costs and construction costs keep rising. He estimates that the cost of the monthly mortgage payment on a typical single-family home goes up about $200 per month for every one-point rise in mortgage rates.

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