The soaring cost of housing in Nevada, a critical swing state, has become a top concern for voters as the 2024 presidential election approaches. This development could spell trouble for President Joe Biden’s re-election bid, as he currently trails former President Donald Trump in several polls conducted in the state.
Since 2016, home sale prices in Nevada’s Clark County have risen by 50%, and median rental prices in the county, which encompasses Las Vegas, remain 30% higher than pre-pandemic levels. A recent poll found that 51% of Nevada residents considered housing to be very important going into the presidential election, surpassing issues like abortion, climate change, and gun control.
The housing crisis in Nevada is primarily driven by a shortage of supply, exacerbated by an influx of new residents from neighboring California. According to the U.S. Census Bureau, nearly 158,000 people moved to Nevada from California between 2020 and 2024, accounting for 43% of all new residents in the state.
While Biden has proposed policies and billions of dollars to address the housing crisis, including expanding tax credits and encouraging zoning law changes, Trump has focused mainly on reducing inflation. As the incumbent, Biden may face the brunt of the blame for the housing crisis, despite his efforts to tackle the issue.
In 2020, Biden won Nevada by a slim margin, but recent polls show him trailing Trump by up to 12 percentage points, indicating that the housing crisis could have a pivotal impact on the 2024 election outcome.
