It's getting more expensive to live in Las Vegas. Rent has jumped for tenants who live in Sin City's metro area.

Las Vegas area resident Lamesha Rowe said she doesn't know what she's going to do. The rent just increased for her North Las Vegas home near Gowan Road and Clayton Street.

"It went up $205, which is a big increase. I wasn't prepared for that," Rowe said.

Rowe said she has applied to be in a program to help people in her situation. Making matters worse, Rowe lost her childcare job during the pandemic. Even though she's working again, she's still playing catch up.

"Behind on rent. Still behind a little bit on utilities, water, gas, electric. But it's definitely, it's scary at this point. I'm just thinking like, 'what are we going to do next?'" Rowe said.

Rowe says she applied for assistance from a program offered in her area called the CARES Housing Assistance Program, or CHAP, to see if she can get some help.

But she isn't alone in this struggle. According to Rent.com, Las Vegas rental prices jumped nearly 30% last year. Keith Thomsen with Large Vision Property Management says some had it even worse.

"Some owners socked it to them. I mean, 33 percent, 40 percent raises in rents, which has created tremendous problems for these tenants," Thomsen said.

PRICED OUT

Thomsen says in some cases, tenants are being forced to find roommates.

"You're seeing more and more people move in with family and friends. You're seeing more and more families grouped together...our biggest thing that we're seeing now is people who do apply aren't making the three-times-the-rent standard," Thomsen said.

To make matters worse, Thomsen expects the rental market to heat up, as potential homebuyers face climbing home prices and interest rates.

"They will be coming back into the rental market, and I think those people will start driving up the rental prices again...I see that becoming a problem," Thomsen said. "We do not have enough houses or rentals in this city for the number of people who live here."

"I think by the end of this year, rents will start going back up again," he said.

ANY RELIEF?

So the real question is when can renters expect to finally see some relief? Some say that may not happen.

Rent.com says hot markets are remaining hot, so don't expect to see a decrease any time soon.

In fact, Rent.com data journalist Jon Leckie said he would be surprised if rents ever return to pre-pandemic levels, even if they level off some. Thomsen agrees.

"As more sports teams come here and as we grow into so many more avenues where we didn't have before, yeah, we're going to become the expensive city to live in," Thomsen said.

That's not very reassuring news for renters like Lamesha Rowe.

"I don't know what to do at this point. I don't know, because again, I'm behind, and I haven't really been able to set aside any savings," Rowe said.

WORK WITH LANDLORD

Rowe is working with her landlord and keeping him aware of her situation. She says other struggling renters should do the same.

"I've already let him know. Going into March, I'm trying to catch up," Rowe said.

But if she can't get help from CHAP, Rowe admits she might have to make a difficult decision.

"I'd have to leave the state. I have no family here. I'd have to go back to California, which is ridiculous," she said.

If you're struggling to pay your rent, the CARES Housing Assistance Program, or CHAP, may be able to help.

This story was originally published by Tricia Kean of KTNV in Las Vegas, Nevada.

The National Association of Realtors sees signs that the housing market could normalize in the new year.

Even though interest rates are rising, they say rates will still stay historically low — and that comes with perks.

"Interest rates will lock in for the next 30 years and (buyers) know exactly what your payments are going to be," said Jessica Lautz with the National Association of Realtors. "If you are renting right now, your rent is likely to increase next year, and that's going to stay, along with inflationary pressure. That's probably going to increase as landlords know that they can really increase that rent, and that's going to be difficult."

The National Association of Realtors predicts more inventory coming to the market next year. That could help slow down rising prices.

The association says the most important thing potential buyers need to know is how much to save and have for closing costs and down payments. Buyers should also track the fundamental changes brought on by the pandemic that can allow them to look for properties in less expensive areas.

"The other big thing that's different is the idea of what people want in their home, because CEOs are allowing that flexibility for remote work, and that's going to continue for the foreseeable future — at least a hybrid schedule that allows buyers to look at overlooked areas that they probably counted out in the past," Lautz said.

The U.S. housing market saw a record-breaking year in 2021, and 2022 will likely look very similar.

Homes prices soared across the country as sellers tried to cash in on the demand from potential buyers.

Tenants also saw their rent increase due to inflation.

Experts say those trends are expected to continue in 2022.

Finding the perfect home to purchase can be stressful, but couple that with a booming housing market and the search intensifies even more.

"We wanted to get a house badly and there were some tough points trying to find it," said Chad Sankow, a recent home buyer in Connecticut.

He and his wife, Charisse, finally found a home they loved after six months of searching. The couple said it was a nerve-racking process at times.

"Homes we were looking at sold for almost half the price the last time they sold," Charisse said. "We were worried that if the prices were going to keep rising, if we waited any longer, would we be able to afford in the future?”

According to online real estate marketplace Zillow, 2021 was one of the hottest markets in U.S. history.

"We did feel kind of a sense of urgency or else maybe we wouldn't be able to secure a home that fit our needs," Charisse said.

Experts say while 2022 won't be quite as hot as 2021, house prices will continue their upward trend, but more so due to supply constraints.

"We still have supply chain, inflationary type costs pushing new construction pricing up,” said Kevin Riordan, a real estate expert and clinical specialist of accounting and finance with Montclair State University.

Zillow's economic research team predicts an 11% home value growth in 2022.

Riordan said the demand for housing plus inflation also led to higher rental costs in 2021. He said that could continue in the new year as well.

"As housing prices increase, people's ability to buy that house diminishes because you need certain income levels and down payment requirements so that forces a cohort of people back into the rental market," Riordan said.

So, when will prices start dropping again? That depends on supply.

"If there's more supply, there could be more downward pressure on pricing that way," Riordan said.

That's especially true in the rental market.

"We need some type of supply jolt, through some kind of public-private partnership, affordability solutions," Riordan said.

If you're looking to buy, it still may be tough.

"You can use some affordable mortgage vehicles like FHA and so forth, which have low down payment requirements. Then, the issue will become the housing price itself. Can you find that right entry point?" Riordan said.

However, pay close attention to listings in your area and the time of year.

"There are less homes available during this time period, say October through February," Riordan said.

If you're putting your search on pause, Riordan suggests looking at multifamily homes as another option to consider.

"Then you can live in the house possibly and rent part of it also, so it helps subsidize the cost that's required for you to own it," he said.

Whichever route you decide, Chad and Charisse are encouraging those interested in buying to partner with a real estate agent who's familiar with the area.

They're also reminding prospective buyers not to give up.

"If that one doesn't work out, it wasn't meant to be but your home, but we'll find one," Charisse said.

Women in the U.S. have made lots of sacrifices during the COVID-19 pandemic. But when it comes to building a better future for their families, they're not slowing down.

According to the National Association of Realtors, single women have always been second to married couples in terms of who is buying homes. But single women are now buying homes at double the pace of single men, even though they historically make less and sacrifice more financially to make it happen.

"That's a good long-term investment for themselves because they know exactly what their mortgage is going to be for the next 30 years and they're not at the whim of a landlord who may increase their rent next year, or ask them to move," said Jessica Lautz of the National Association of Realtors. "So, this provides stability and not only for themselves but also for their family."

Single women buy homes faster because they're often the caregivers of children or aging relatives. They want stability, but they also want to be close to family and friends.

"That provides wealth stability for her family, maybe that means better school districts," Lautz said. "But it also means if she earns equity in that home, maybe she can help pay for college later on in the future, or actually give them a loan for a down payment when they go to purchase a home as well."

In terms of income, single women homebuyers typically make around $65,000 a year, while single men who buy homes make nearly $80,000. That leaves women more likely to cut down on spending, take on a second job or cancel vacations so they can afford a down payment.

When it comes to the value of the home single women end up buying, it's not too far off from the value of homes purchased by single men.

Zillow will stop buying homes through Zillow Offers for the rest of the year, as the company's iBuying program goes from full speed to full stop.

The company announced on Monday it would not contract to buy any more homes in 2021 in order to work through the backlog of homes it has already bought.

The "iBuyer" model used by Zillow and other real estate companies entails purchasing homes directly from sellers and then re-listing the properties after doing minor work. But thanks to the shortage of labor and materials, Zillow can't close, renovate and resell the homes fast enough.

"We're operating within a labor- and supply-constrained economy inside a competitive real estate market, especially in the construction, renovation and closing spaces," said Jeremy Wacksman, Zillow's chief operating officer, in a statement.

"Pausing new contracts will enable us to focus on sellers already under contract with us and our current home inventory," Wacksman said.

Zillow will still market and sell the homes it has acquired through Zillow Offers, which has been on a purchasing tear this year. It bought 3,805 homes in the second quarter -- a record high for the company and more than double the number of homes bought in the first quarter, according to a note to company shareholders.

Zillow, known for its online real estate listings, introduced an iBuyer program, Zillow Offers, in 2018 and now operates in 25 cities. Like other iBuyers -- such as Opendoor, RedfinNow and Offerpad -- Zillow Offers uses data and algorithms about the property and the market to make a cash offer on an off-market home and buys directly from the homeowner.

IBuyers appeal to home sellers because closings can take place anywhere from seven to 90 days after the contract is signed and can provide some certainty and control over the sale of their home without the hassle of finding an agent and prepping the house for market. According to Zillow, the fee to the seller for Zillow Offers averages 5% but can vary based on market conditions.

Home purchases by iBuyers now account for about 1% of the market, according to a report from Zillow. The share is still a tiny part of the whole market but shows tremendous growth over the past few years as the iBuyer share in some cities, like Phoenix, Atlanta or Charlotte, North Carolina, now tops 5%.

Zillow wasn't alone among iBuyers in buying a lot of homes this year. IBuyers bought more houses, at higher prices, in the second quarter of this year than in any other quarter, according to research from Mike DelPrete, an independent real estate technology strategist and scholar in residence at the University of Colorado Boulder. That has surprised some skeptics who did not think the iBuyer model would be appealing to home sellers in a hot market.

His research suggests that sellers are drawn to the certainty and ease of iBuying and the market conditions fueled its growth.

Zillow's move to halt purchases is surprising, he said, particularly because it is so sudden.

"iBuyers have access to a tremendous amount of data, they can see months into the future and plan their inventory," said DelPrete. "So the fact that Zillow didn't see this coming and wasn't able to make adjustments before it had to resort to an iBuying lockdown is pretty surprising."

This shift, he said, demonstrates how difficult this business model is to scale up. Large iBuyers need to be skilled at both managing billions of dollars in capital, but also the logistical specifics of prepping a home for sale, down to drywall and painting and closing deals.

"There is only so much that technology can do," said DelPrete. "At the end of the day, you need people to process a lot of transactions."

However, the halt appears to be a Zillow-specific problem, not an iBuyer industry problem, DelPrete said.

"Zillow just kept barreling down and now they've hit this wall," he said.

This is not the situation a growth-focused company wants to be in, he said.

"If you're trying to be number one in the market, slamming on the brakes is one of the worst things you can do," said DelPrete. "You want to make some adjustments before you get to that point -- slow down, switch gears. This is not the preferred outcome for Zillow."

Open Door, the leading iBuyer ahead of Zillow at a distant second, said in a statement it is still open for business.

The days of ultra-cheap mortgages could be numbered, as rates rose back above the 3% mark last week.

The average interest rate on a 30-year fixed-rate mortgage rose to 3.05% in the week ending Oct. 14, according to Freddie Mac, the highest rate since April. The 15-year fixed-rate mortgage rose to 2.3%.

After falling steadily during the first year of the pandemic, rates reached a record low at the beginning of 2021, with 30-year mortgages at 2.65%. They rose through the spring to as high as 3.18% in April before falling again and settling in just under 3% for most of the summer.

Now rates are expected to continue to gradually rise again, said Sam Khater, Freddie Mac's chief economist, as inflationary pressure builds because of the ongoing pandemic and tightening monetary policy.

While rates are still historically low, home prices continue to hover near record highs.

"Many potential homebuyers are staying on the sidelines due to high home price growth," Khater said. "Rising mortgage rates combined with growing home prices make affordability more challenging for potential homebuyers."

Refinancing is becoming less appealing to homeowners as rates rise, with the share of refinances dropping last week according to a weekly survey from the Mortgage Bankers Association.

"We continue to expect weakening refinance activity as rates move higher and borrowers see less of a rate incentive," said Joel Kan, MBA's associate vice president of economic and industry forecasting.

But purchase applications went up, according to the MBA, suggesting that homebuyers are pushing on.

Financing costs remain favorable for most homebuyers, offering first-time buyers a strong incentive to keep looking, said George Ratiu, Realtor.com's manager of economic research.

"Halfway through October, the number of homes for sale has improved compared to the overheated first half of this year, leading to slower price growth," he said. "It seems that buyers and sellers are finally taking a step back from the pandemic-induced stampede of the past year to regain their footing and reassess their next steps."

Related video above: Massachusetts real estate market cooling down, but prices remain high

Everett Benyard thought he was finally in a strong enough financial position to purchase his first home earlier this year. He'd saved money by living with his parents for a time and secured a higher-paying job in 2020.

But the 30-year-old San Diego corrections officer has struggled to compete in one of the country's hottest real estate markets, where the median home price on single-family houses reached $860,000 in July, according to the California Association of Realtors.

"I was just getting outbid, outbid big," Benyard told CNN Business during a recent phone interview. "I went and saw many different places. ... I would go see something and the day after, it would be off the market."

Benyard is one of many Black Americans who are being disproportionately priced out of pandemic-fueled housing boom.

Before the pandemic, the Black homeownership rate in America was slowly but steadily rising — a small but significant economic bright spot against a backdrop of racial inequality. Then the pandemic slammed the brakes on that upward trend, even as homeownership among White Americans continued to climb.

"It's just so competitive in this market right now," Benyard said. "The prices are extremely high."

San Diego's 'significant disparity'

A recent analysis by the Center for American Progress, a liberal think tank, showed that the nation's Black homeownership rate stood at just over 44% at the end of last year, virtually unchanged from the same point in 2019. The homeownership rate for White Americans increased to 74.5% from 73.7% over the same period.

"Homeownership among African Americans grew more slowly than it did for White households during the pandemic, despite historically low mortgage interest rates," the study authors wrote. "Simply put, Black households faced more obstacles to becoming and staying homeowners because they had less money to fall back on."

That disparity is on display in Benyard's home city of San Diego. Like many communities known for their desirable weather and relative affordability compared with their bigger metropolitan neighbors, San Diego has been inundated in the past year with wealthy tech-industry homebuyers, according to officials from the nonprofit San Diego Foundation.

Although San Diego County real estate is far more expensive than the national average, it's a bargain compared with typical homes in San Francisco, where Zillow data show the typical home price rose to more than $1.5 million in July.

The trend is hurting all aspiring first-time homebuyers from the area, nonprofit officials said, but the group fears it's exacerbating racial wealth inequality in the city. According to a Redfin study, 61% of White households in San Diego owned their own homes in 2018, compared with just 30% of Black households.

"There is clearly a significant disparity there," San Diego Foundation vice president of community impact Pamela Gray Payton told CNN Business. "It's hard to get into the market if you're not already in the market."

The pandemic's skewed impact

Black Americans are overrepresented in low-wage service sector jobs that have been disproportionately hit by pandemic layoffs. Black Americans also tend to carry a higher burden of student loan debt, earn less money and have less savings on average when compared to their White counterparts.

In its study, the think tank notes the nation's history of redlining and mortgage lending discrimination has contributed to Black households having less wealth on average than the general population, making it less likely that Black millennials and Gen Zers can rely on their parents to help them purchase their first home.

"It's just emblematic of the confluence, the coming together of many different economic pressure points for people of color," said Christian Weller, one of the study's authors and a senior fellow of economic policy at the Center for American Progress.

"They're losing their jobs sooner than White people. They're out of a job longer," Weller added. "They have fewer savings, which means they have less money for a down payment. Things can spiral out of control very quickly, especially for African American homeowners."

Nearly a quarter of all homebuyers today are all-cash purchasers who aren't utilizing mortgage loans, according to Jessica Lautz, vice president of demographics and behavioral insights at the National Association of Realtors, who says the current market favors wealthier Americans who tend to be White.

Between April and July of last year, 82% of Americans who purchased homes were White, according to a study by the National Association of Realtors. Just 9% were Hispanic, 8% were Asian and 5% were Black, according to the group's researchers.

"It's a small section of the economy who is able to pay all cash for property and wave appraisals," Lautz told CNN Business. "We do see a very large share of them are White individuals."

Help for prospective homebuyers

Benyard, the corrections officer, recently received a major helping hand in his homebuying search.

In July, the Urban League of San Diego County, a local division of the national civil rights group, informed Benyard that he was chosen to receive one of several down payment assistance grants through the group's new Black Homebuyer Program.

Qualifying Black residents of San Diego County who meet the program's income, employment and credit requirements and complete the Urban League's homebuying training course can receive more than $70,000 in grant assistance toward the purchase of a home.

Urban League of San Diego County COO Al Abdallah says the "first-of-its kind" program is designed to address the city's racial wealth gap by helping Black residents who are qualified to own a home, but need help competing with wealthier buyers.

"This is going to help them get across the finish line," Abdallah told CNN Business. "You can work as hard as you want, but it is very difficult if not impossible to save $70,000 to put down on a home."

Last month, CNN's Before the Bell observed early signs that the red-hot global housing market could be starting to cool, as elevated prices appeared to hurt demand and home improvement spending eased.

It may have called the top too soon.

What's happening? U.S. home prices rose 18.6% in June compared to one year earlier and 16.8% versus May, according to the S&P Corelogic Case-Shiller Index released this week. In Phoenix, home prices jumped 29% year-over-year, while San Diego logged a 27% increase.

It's the third month in a row that the rate of house price increases set a record.

Video above: How the pandemic is keeping first-time homebuyers out of the market

Over in the United Kingdom, annual house price growth rose to 11% in August from 10.5% in July, according to new data from the Nationwide Building Society. Prices were up 2.1% month-on-month, the second-largest monthly gain in 15 years.

In Australia, while there are some signs the housing boom is moderating, home values still rose 1.5% in August, according to CoreLogic's latest Home Value Index. This rate of growth remains "well above average," CoreLogic said. The Reserve Bank of New Zealand, for its part, recently said house prices are "above sustainable levels."

What gives? Low borrowing costs and work-from-home upgrades are still supporting demand, even as some would-be buyers scoff at the scale of recent price increases.

Yet in a research note published this week, Goldman Sachs emphasized another factor.

"While low mortgage rates and the shift to working from home are also fueling housing demand, one under-appreciated reason for the price boom is that housing supply is very tight," the investment bank's economists said.

Price increases would normally feed a boom in the construction of new houses. But this hasn't materialized, thanks to raw material and labor shortages, as well as land regulations, according to Goldman.

"While the easing of temporary bottlenecks, such as material constraints and pandemic labor supply effects, should support an eventual recovery in supply ... more persistent constraints, such as land-use regulations, should continue to push up house prices in coming quarters, especially in the U.S., Canada, and UK," the bank predicted.

In short: Even if demand starts to waver, supply problems could bolster prices for some time.