Reno ranked one of the least affordable cities by real estate site
RENO, Nev. (KOLO) - Sarah Hausman has lived in Reno for more than 5 years. She is a full-time teacher, who along with her partner has been working hard just to get by, but as Northern Nevada continues to grow, so does the cost to live in the Biggest Little City.
“It is really frustrating to see that, to know it is happening, and to not really be able to do anything about it,” said Hausman.
According to the RealtyHop Housing Affordability Index, Reno is ranked 21 out of 100 of the least affordable cities in the country.
Hausman said this is a result of the drastic increase in prices and the low amount of inventory. She added they are going to wait till our economy simmers down a bit in order to purchase a home.
“There is an influx of Californians coming in with higher income and they are pushing the prices up,” said Hausman.
RealtyHop states the average household income in Reno is nearly $60,000 and the average home price is currently $444,000.
James Nava, Keller Williams Group One realtor said this isn’t doable for the average working-class family. He said we can attribute this to the large volume of people coming into our area with a greater amount of income.
“They are buying everything they can, not just one property, but two properties,” Nava said. “Investment properties, on top of their primary residence.”
Nava said this is what has led to our low amount of inventory, raising the prices for what is left. Nava claimed now is not the best time to purchase.
“I would really recommend saving money, if you can cosign with another party I would recommend that to beat the competition,” Nava explained.
Nava said prices are expected to level out soon, but during this time being financially savvy can go a long way to help achieve your goals.
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