Mortgage payment estimates, closing cost breakdowns, and homebuying data for Ely, Nevada.
Median Home Price
$225K
Population
4K
Avg Monthly Rent
$920
Property Tax Rate
0.53% *
* Property tax shown is the Nevada state average effective rate. Actual rates vary by county, city, and school district — check with your local assessor for exact rates in Ely.
Ely vs Nevada Median
The median home price in Ely is $225,000, which is 47% below the Nevada state median of $425,000.
Mortgage Calculator — Ely, NV
Pre-filled with Ely median home price and Nevada tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $225K home using Nevada's 0.53% tax rate and $1,700/yr insurance.
5% Down
$1,717/mo
Down: $11,250
Loan: $214K
P&I: $1,351
Tax: $99
Insurance: $142
PMI: $125
10% Down
$1,639/mo
Down: $22,500
Loan: $203K
P&I: $1,280
Tax: $99
Insurance: $142
PMI: $118
20% Down (No PMI)
$1,379/mo
Down: $45,000
Loan: $180K
P&I: $1,138
Tax: $99
Insurance: $142
Income needed (28% rule): $59K/year with 20% down, $70K/year with 10% down.
Rent vs Buy in Ely
Rent
$920/mo
vs
Buy (10% down)
$1,639/mo
Price-to-rent ratio: 20.4 — At a ratio above 20, renting may be more economical in Ely for shorter stays. Buying costs $719 more per month than renting, and it typically takes 5-7 years to break even on the transaction costs of buying.
The median home price in Ely is $225,000, 47% below the Nevada state median of $425,000. With a population of 4,255, Ely is a smaller market where home prices tend to be more accessible than in many parts of Nevada.
Property taxes in Nevada average 0.53% annually. This low property tax rate is a significant advantage for Ely buyers, keeping your monthly costs well below what you'd pay in higher-tax states. Homeowners insurance in Nevada runs approximately $1,700 per year. This is within the normal range nationally.
Average rent in Ely is $920/month. With a price-to-rent ratio above 20, renting could be more economical in the short term — use our Rent vs Buy calculator to model your specific timeline.
Ely offers strong affordability. With median prices under $250K, first-time buyers have realistic paths to homeownership, especially combined with Nevada's Home Is Possible DPA program.