Reno, NV
The numbers that matter most
What an investor checks first when sizing up a new metro — affordability ratio, rent vs income, cap rate proxy, and where the market is moving. Each metric shown vs. state and national medians for instant context.
expensive
Price to income
5.60×
The single most-cited 'is this market still cheap' check. Below 3× and you're in an affordability tailwind.
- vs Nevada
- 5.60×=
- vs U.S.
- 3.43×
Benchmark
ACS median home value ÷ median HHI
moderate
Rent to income
26.5%
What share of a typical household's income goes to rent. Below 30% means tenants can absorb modest rent increases.
- vs Nevada
- 26.5%=
- vs U.S.
- 23.3%
Benchmark
(HUD FMR 2BR × 12) ÷ median HHI
tight
Cap rate proxy
3.08%
Rough first-pass yield assuming a 35% expense ratio. Not an underwriting number — a 'is this even worth modeling' filter.
- vs Nevada
- 3.08%=
- vs U.S.
- 4.35%
Benchmark
(FMR 2BR × 12 × 0.65) ÷ ACS median home value
steady
Net migration
+0.32%
Forward-looking demand signal. Positive net migration drives rent growth and absorbs new supply.
- vs Nevada
- 0.45%
- vs U.S.
- 0.03%+0.29
Benchmark
IRS net migration ÷ population
normal
Permit pipeline
4.91
permits per 1,000 residents
Forward-supply indicator. Above ~5 means the metro is building meaningfully relative to its size; below 2 means supply is tight.
- vs Nevada
- 5.87
- vs U.S.
- 3.52+1.38
Benchmark
Census BPS permits TTM ÷ population × 1,000
softening
Unemployment
4.0%
Tighter unemployment means higher wages, more rental demand, lower vacancy.
- vs Nevada
- 4.0%=
- vs U.S.
- 3.9%
Benchmark
BLS LAUS, latest month
Where prices are and where they've been
5-year price appreciation
+41.9%
homeValues.yearOverYear
+2.4%
Median home value
$474,000
The rent ladder
| Bedroom | Monthly | Annual | % of median HHI |
|---|---|---|---|
| 1 BR | $1,489 | $17,868 | 21.1% |
| 2 BR | $1,870 | $22,440 | 26.5% |
| 3 BR | $2,539 | $30,468 | 36.0% |
Labor market direction
Unemployment
4.0%
Median household income
$84,684
What's being built
Total TTM
2,408
Single-family
1,612
2–4 unit
62
5+ unit
734
All 2 counties, ranked by population
| County | Population | Home value | Median HHI | Permits TTM | YoY |
|---|---|---|---|---|---|
| Washoe County | 486,674 | $496,600 | $85,600 | 2,395 | |
| Storey County | 4,095 | $393,100 | $96,000 | 13 | +62.5% |
Similar metros nationally
| Metro | Pop | Med HHI | P/I | Cap proxy | HPI 5y | Permits/1k | Unemp |
|---|---|---|---|---|---|---|---|
| ★Reno | 490,769 | $84,684 | 5.60× | 3.08% | +41.9% | 4.91 | 4.0% |
| Huntsville, AL | 493,980 | $83,529 | — | — | +55.2% | — | 1.9% |
| York-Hanover, PA | 457,051 | $82,238 | — | — | +53.4% | — | 3.4% |
| Lancaster, PA | 553,202 | $83,703 | — | — | +60.2% | — | 2.7% |
| Portland-South Portland, ME | 552,916 | $88,602 | — | — | +66.5% | — | 2.7% |
| Modesto, CA | 552,063 | $79,661 | — | — | +36.2% | — | 6.8% |
Where people are moving in from
Net migration
+1,577
+0.32% of population
| Origin county | Tax returns |
|---|---|
| Clark County, NV | 966 |
| Lyon County, NV | 598 |
| Carson City, NV | 548 |
| Los Angeles County, CA | 468 |
| Santa Clara County, CA | 451 |
| Sacramento County, CA | 419 |
Who lives in Reno
- Median age
- 39
- Bachelor's+
- 31.4%
- Owner-occupancy
- 61.6%
- Vacancy rate
- 8.1%
- Rent burdened (30%+)
- 48.3%
- Median household income
- $84,684
This page shows federally sourced data. A full editorial analysis with charts and investment commentary is in progress.