In recent years, there’s been conflicting information about the housing situation in Northern Nevada, and not all of it has been flattering. But when you cut through the buzz, there’s a wealth of incredible opportunities in the region, particularly for those interested in purchasing a home, investment real estate, or both. But don’t take our word for it. We’ve compiled the latest stats on Reno property investment so you can decide.
Here’s what you need to know about real estate investing in Northern Nevada and why now’s the ideal time to get a (or two) stake in the market.
Reno Property Investment: Must-Know Stats
A nationwide survey by SmartAsset recently named Reno, Nevada, the second-best city in the United States for purchasing real estate. The survey looked at 100 metropolitan areas, and Reno-Tahoe consistently came out on top. This ranking represents a leap from 19th place in 2018 and demonstrates how local officials have taken positive steps to meet the needs of citizens, both new and established.
Among the highlights homeowners enjoy in Reno-Tahoe are property values that continue to rise. To give you an idea, in 2019, real estate values shot up by a whopping 64 percent!. Yet, prices still remain affordable, especially compared to the Bay Area and other urban areas. Reno also boasts refreshingly low property taxes, which make it a win-win, not only for those relocating to the area but also individuals interested in investment properties.
Although the study suggests room for growth regarding the number of two-or-more-bedroom residences available to the public, Reno still outperforms other well-known cities by a long shot. According to AJ Smith, vice-president of SmartAsset’s financial education, “We see New York City, San Francisco, and (Washington) D.C. and their number of homes with two bedrooms is under 60 percent. In Reno, it’s over 80 percent” (as quoted by the Reno Gazette-Journal).
Reno-Tahoe’s Can’t-Miss Real Estate Opportunities
There’s no better recipe for real estate investment success than high property values and low property taxes. That said, purchasing real estate in the area requires a clear understanding of the local community and the best places to invest. Among the neighborhoods in Northern Nevada worth checking out are South Reno, the Old Southwest, Cold Springs, Spanish Springs, and Midtown. There are clear reasons these communities stand out.
For example, South Reno ranks as the top neighborhood in the city and the state, overall. Factors for this ranking include high average incomes, low crime, excellent home values, and schools that perform well. As for the Southwest, it holds the title of being one of the quaintest and oldest neighborhoods in the city. You’ll enjoy convenient highway access as well as proximity to Reno’s most happening spots in Midtown and Downtown.
If you don’t mind commuting into town and prefer the scenic quiet of a rural location, you’ll fall in love with communities like Cold Springs and Spanish Springs. Both regions afford panoramic natural scenery and remain poised for continued real estate development and growth.
For those who love the dynamism of a big city and walkable access to the best dining and entertainment in Reno-Tahoe, consider real estate in Midtown. The neighborhood has a young vibe enhanced by eclectic retail shops, trendy coffee shops, delectable restaurants, gorgeous murals and public arts projects, and a vibrant nightlife. Historic landmarks abound, and you’ll find charming old buildings ideal for renovation. If you’re after an area with plenty of character and soul, this is hands-down your spot.
No Better Time to Take Advantage of Northern Nevada’s Investment Potential
Countless reasons to consider investing in the Reno-Tahoe area exist. When you couple these with the fact Reno was named #1 on the list of best small cities of 2020, there’s no contest when it comes to where you want to hang your hat. Resonance Consultancy ranked Reno the most desirable location because “by day, this sun-drenched town at the feet of the snow-capped Sierra Nevadas earns its … rank for Weather. By night, its neon-lit casinos help Reno to the top spot for Nightlife among our small cities.”
But the attractive attributes of Reno don’t stop there. It represents one of the hottest spots for tech companies, renewable energy companies, and highly educated young workers. And its proximity to Lake Tahoe promotes a year-round outdoor lifestyle hard to find anywhere else. Are you ready to find out more about Reno property investment and relocating to the best small town in America? We’ve got you covered.
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Engrid Barnett is an award-winning travel writer and digital content marketer based in Western Nevada. Recognized by the Nevada Press Association in 2019, her work has been featured in Nevada Magazine, Northern Nevada Business Weekly, Tahoe South, Rova, American Trails, Ripley’s Believe It Or Not, and more.
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