If you keep an eye on real estate trends in the U.S., you probably already know that Reno, Nevada, is on fire. Although “The Biggest Little City in the World” has previously been overlooked in favor of Las Vegas, things have since changed — dramatically.
According to data from the U.S. Census Bureau, Nevada was the fastest-growing state in 2018 and the second-fastest-growing in 2019. Interestingly, 127,000 people moved to Reno in 2018, 50,000 of them from California. That’s nearly 40%.
It makes perfect sense: The cost of living and working in major California cities is sky-high, particularly in the Bay Area. By comparison, the median home value in Reno is less than one-third of what it is in San Francisco and property taxes are some of the lowest in the country. Nevada also does not have a state income tax. There’s a lot to love about Nevada these days, especially Reno.
Opportunity Abounds In Reno
So what’s responsible for Reno’s dramatic transformation in the last 10 years? For starters, gambling is no longer the backbone of the city’s economy. Instead, an entire tech industry has popped up. Major companies including Tesla and Intuit have brought production facilities and a substantial number of jobs into Reno, providing opportunities for locals and transplants alike. Startups have followed, bringing even more innovation and opportunity. In fact, over 100 startups have set up shop in Reno-Sparks since 2016.
As more and more people have come to Reno for jobs, what’s kept them here is the low cost of living and the long list of tax benefits in Nevada. The state is notoriously business-friendly, does not have personal or corporate state income tax, and property taxes are exceptionally low.
When it comes to Reno homes, your investment goes a lot further than in many other places. According to Zillow, the current median sale price of previously-owned homes in Reno is $396,400. In San Francisco, that number is $1,370,900. Home values have been steadily increasing in Reno as well, with prices having risen an average of 2-3% in 2019 and predicted to rise another 3-4% in 2020. In December 2019 and January 2020, there were 13% and 12% increases in year-over-year sales prices.
Bridle Gate Homes
The Bridle Gate Homes community showcases the best of Reno living with four elegant home models to choose from and an ideal location close to everything. Major corporations and employers are close by, the area’s schools are some of the best in Reno, there are several nearby dining and entertainment options, and outdoor recreation including skiing and golf are within easy access. You can be at one of the world-class ski resorts in Lake Tahoe in just one hour.
All of the spacious one-story residences at Bridle Gate are situated on generously-sized lots, some as large as a half-acre. Each of them features 3-car garages, upscale island kitchens, owner’s suites, and plenty of customization options and upgrades.
- Residence One – 2,105 sq. ft., 3 bedrooms, 2.5 baths, plus an optional outdoor room and extended covered patio
- Residence Two – 2, 336 sq. ft., 3 bedrooms, 2.5 baths, split garage, plus the option of either a fourth bedroom or formal dining room/study
- Residence Three – 2,478 sq. ft., 3 bedrooms, 2.5 baths, optional outdoor room, plus a choice of fourth bedroom or study
- Residence Four – 2,685 sq. ft., 4 bedrooms, 3 baths, split garage, optional multi-gen suite, plus optional fifth bedroom or formal dining room/study
We’re doing everything we can to be here for our community during this trying time. Our Sales office at the Bridle Gate community is available now by appointment. Give us a call at (775) 451-4198 or contact us online to learn more. We look forward to meeting you and helping you find your new home!