People have been flocking to the city of Reno for a number of different reasons. Reno has great opportunities for employment, moderate cost of living, and beautiful amenities for everyone to enjoy. It’s no surprise that more and more people are purchasing real estate in Reno.
See for yourself why the “Biggest Little City” has been booming with new residents.
Becoming the Newest Technology Hub
Reno used to survive off of the earnings brought in by the casino industry. Throughout the years, however, we’ve seen how unpredictable this industry can be, and the effects that has on the community. Luckily, Reno is expanding and moving away from its reliance on the casino’s, towards the opportunities that having major corporations, such as Tesla, now offer. Major tech companies such as Apple and Amazon have also helped Reno garner attention from bigger tech companies and is helping it to become the next big technology hub.
Thanks to Reno’s low costs and being in a state that doesn’t require state taxes, it’s the perfect place for a major business to lay down roots.
Increased Job Opportunities
Because of the influx of considerable technology companies in the Reno area, the amount of job opportunities has skyrocketed. The unemployment rate is even down to 3.2% from its average 5.9%, which is a huge decrease.
Roughly 25% of Reno’s workforce is employed by those in the construction, manufacturing, transportation, communications, and finance-related services, which are now more available because of these huge corporations. Several smaller businesses have established warehouses in Reno as well, which also provides lots of job opportunities for the Reno area.
Increased Housing Opportunities
We’ve seen an increase of residents moving away from their expensive California or Las Vegas homes to the more affordable homes that are available in the Reno area. Housing in Reno is more affordable than Las Vegas, and is even more affordable than living in California. Reno’s median pricing for a home is $514,000, whereas in the Bay Area, you can expect the median price of homes to exceed $800,000.
Due to the increase in job opportunities, more and more people are purchasing real estate in Reno. Because of this, Reno has begun building numerous homes and apartments to accommodate the growing number of residents.
Why is Purchasing Real Estate in Reno a Better Choice than Renting?
Purchasing a $250,000 home in Reno will cost roughly $1,500 a month in mortgage payments, taxes, and home insurance fees. The median cost of monthly rent in Reno is around $1,900. It’s clear that purchasing a home in Reno is a better investment than spending $1,900 on a place you can never make a profit on later. When you own your home, you get the chance to sell it later for even more money than you paid for it, while living in an apartment will only cost you monthly fees and leave you with nothing to show for it later.
You also have much more freedom with your home when you buy as opposed to renting, and you’ll have more privacy. Living in an apartment with multiple other tenants around you can be noisy and frustrating. With a house that is all your own, you won’t have to worry about people being in close proximity to you. In your own home, you set the rules. If you want to get a dog, you can without limitations. And feel free to paint those walls whatever color you want.
Owning your home is not only a great investment, but it’s also an opportunity for you to live freely in your home.
Connect with Remaklus Realty
Our exclusive buyer’s agents work specifically for the buyer, and never the seller. That means we work to act in the best interest of the buyer and we work to ensure that they are fairly represented. If you’re looking to purchase real estate in Reno, then connect with us! Our team is dedicated to finding the right home for you, the buyer.