Home Affordability in Reno, NV
The median home price in Reno is $480,000 with a median household income of $61,948. Housing is significantly stretched relative to local incomes.
Median Home Price
$480,000
Median Income
$61,948
Price-to-Income Ratio
7.7x
Est. Affordable Home
$241,000
Property Tax Rate
0.59%
Annual Property Tax
$2,832
Sales Tax Rate
8.27%
Cost of Living Index
110
Buying a Home in Reno
Based on the 28% rule (spending no more than 28% of gross income on housing), a household earning the median income of $61,948 in Reno can afford a monthly housing payment of approximately $1,445. This translates to a home price of roughly $241,000, which is below the median home price of $480,000 — many households may need a higher income, larger down payment, or should consider more affordable neighborhoods.
Property taxes on a median-priced home in Reno would be approximately $2,832 per year ($236/month) at the effective rate of 0.59%.
Down Payment Scenarios
| Down Payment | Amount | Loan Amount | PMI Required |
|---|---|---|---|
| 3% | $14,400 | $465,600 | Yes |
| 5% | $24,000 | $456,000 | Yes |
| 10% | $48,000 | $432,000 | Yes |
| 20% | $96,000 | $384,000 | No |
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