Let’s face it, home prices are increasing in Northern Nevada and many people are asking themselves, can I afford a new home or should I keep renting? The average Rent in Reno for a 853 sq ft apartment is $1268.00, thinking about renting a house..the median monthly rent is $1563.00.
RENT -vs- BUY
- Historic low interest rates allow renters to purchase homes for the same monthly amount as some rentals.
- Get a 30 year fixed Mortgage, and you will never have to worry about a continued rent increase.
- You gain the equity in the home, not your landlord! In some markets like Fernley, NV the home prices increased an average of 5.80% last year. For a $340,000. priced home that’s a gain of $19,720.
- Just 34 Minutes outside of Reno, NV rural markets like Fernley, NV have 100% financing options with loan programs like USDA and Nevada Rural Housing.
- Is your credit bad, or maybe you’re not sure.. some Local Lenders have programs that can help you. My favorites in the area are CMG Financial, Wells Fargo, or Caliber Home Loans.