Housing is usually a family’s largest expense, but costs rise dramatically when families live farther away from the area they work and shop. While median income has remained almost the same for a decade, the Reno-Sparks MSA median sales price of existing single-family homes has gone from $204,900 in 2004, to a high of $349,900 a year later, dropped to a low of $158,000 in 2011, and rebounded to $283,600 in 2015 (14.6% increase over the prior year; more than double the US increase); 2016 rose 8%, and 2017 rose 12.8%. Second quarter 2018 has already risen another 12%, breaking the previous high.
Comparable MSA’s across the west include the following prices for 2017:
- Albuquerque, NM $196,600 ↑
- Boise, ID $226,700 ↑
- Las Vegas, NV $256,500 ↑
- Reno-Sparks, NV $345,100 ↑
- Salt Lake City, UT $308,900 ↑