Quick facts: Reno, NV

Quick Facts

107
Cost of Living
above US average
273,448
Population
31.3
Crime Rate per 1000
above US average
$73,073
Median Income
below US average
$485,000
Median House Price
above US average
$2048.11
Average Rent
above US average
12%
Poverty Rate
above US average
5.1%
Unemployment Rate
above US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $73,073.

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Income Needed to Buy

βœ— Stretch
$152k/year
Based on $485,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $152k vs median $73,073
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Income Needed to Rent

⚠ Stretch
$88k/year
Based on $2048.11/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $88k vs median $73,073
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Reno, NV

Reno, known as "The Biggest Little City in the World," is located in northwest Nevada, just a short drive from Lake Tahoe. This vibrant city is famous for its casinos, entertainment, and outdoor recreational opportunities. With a population of around 250,000, Reno offers a mix of urban amenities and natural beauty. The city boasts a rich history tied to the silver mining rush and has evolved into a hub for gaming and tourism. The downtown area is lively, featuring iconic casinos, the Reno Arch, and a variety of restaurants and shops. Annual events like the Burning Man festival and the Reno Rodeo attract visitors from all over. Reno is also known for its proximity to stunning outdoor activities. The Sierra Nevada mountains provide excellent hiking, skiing, and biking options. Additionally, the Truckee River flows through the city, offering opportunities for kayaking and fishing. Overall, Reno balances the excitement of city life with the tranquility of nature, making it a unique destination for residents and visitors alike.

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