How Much Money Do I Need when Buying a House in Las Vegas

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The term “house poor” refers to a situation in which someone has spent all of their money on home ownership, mortgage payments, property taxes, and closing costs, leaving them with almost nothing left to live on. How stressful!

Steer yourself towards a more exciting, not stressful, home buying experience by arming yourself with knowledge about how much money it really takes to buy a house in Las Vegas. Knowledge is power, and buyers—first time buyers especially—must educate themselves on the actual cost of purchasing a home. The story doesn’t begin and end with the purchase price; in fact, that’s just the beginning of a whole set of associated costs. That’s why it’s better to know now what you should have in your bank account, rather than receiving unexpected bills after the deal closes. If you find yourself asking “How much money do I need to buy a house in Las Vegas?” We have your answer right here.


Down payments

Right now, home buyers in Las Vegas are looking at paying about 13.3%-14.9% of the total cost of the house, with the average down payment sitting at $36,326. That number is lower than the national average of about 14.8%, but it’s still the biggest single cost of buying a home.

The Nevada “Home is Possible” Program

The Home Is Possible grant program helps makes home ownership possible for qualified Nevadans. Qualified candidates are those who can afford the monthly mortgage payments, but whose current savings make the down payment impossible. They do not need to be first time home buyers and the amount is not to be paid back. The amount granted through the program can be as much as 5% of the mortgage, and can be used toward the down payment and closing costs. For example, on a $200,000 mortgage loan, the Home is Possible grant could be as high as $10,000. All you pay is a one-time fee of $675 if the application is accepted.

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Escrow Fees

For title insurance amounting to $50,000, expect to pay about $350 in escrow fees, up to about $2,387.50 for a title insurance amounting to $1million. On titles of $2million and over, you could be paying about $2960, plus $1.15-$2.00 per every thousand dollars over.

Buyer didn't close on time - per day fees

Inspection & Property Survey Costs

Inspections are a must to evaluate the overall condition of the property and structures. On average, home inspectors charge approximately $100 per hour of their time. The amount of time it takes to inspect a property depends upon size and age. For example, a condo could take only two hours, while a larger, old estate or farm could take over six hours. The fee for having a property survey done in Las Vegas generally cost $1000, or more.

Look at this particular expense from this perspective: A good and honest inspector could save you a lot of money in future repairs. More importantly, he could save you some money on the sale price of the home, and even more money if, after seeing the results of the inspection, you decide not to buy the home.


Are you paying a reasonable market price for the home you are purchasing? You may never know unless you have the home appraised before you purchase. The appraisal will also help you estimate your property tax down the road. Appraisal fees in Las Vegas cost about $300-$500.

Home Warranty Plan

The seller may choose to offer a 1-year home warranty, for which you can expect to pay about $300 for a basic plan.

Private Mortgage Insurance

Home Owners Insurance

The average home owners insurance in Las Vegas currently sits at $1,840. The average homeowners insurance for a 2,000-square-foot home ranges from $628-$1600.

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Commissions to Buyers Agent

In Nevada, as long as the seller is offering a cooperating broker a commission, the buyer won’t have additional fees for the agent representation unless something else was agreed to in a buyer representation contract.

Don’t let all of the above costs put you in the house poor club. With the right preparation and planning, you should have enough to cover all of the costs listed above, plus the move, and maybe a few great new pieces of furniture.

Call us to begin the process. Let us guide you. 702-604-7739

Here are is a great selection of starter homes in Las Vegas.

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Lori Ballen, REALTOR®

Lori Ballen, Realtor

Hi! I’m Lori Ballen REALTOR®. My team serves the Greater Las Vegas area from Summerlin to Boulder City, and everything in between. You can reach us at 702-604-7739.

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