Mortgage payment estimates, closing cost breakdowns, and homebuying data for Reno, Nevada.
Median Home Price
$495K
Population
264K
Avg Monthly Rent
$1,650
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 Reno.
Reno vs Nevada Median
The median home price in Reno is $495,000, which is 16% above the Nevada state median of $425,000.
Mortgage Calculator — Reno, NV
Pre-filled with Reno median home price and Nevada tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $495K home using Nevada's 0.53% tax rate and $1,700/yr insurance.
5% Down
$3,607/mo
Down: $24,750
Loan: $470K
P&I: $2,972
Tax: $219
Insurance: $142
PMI: $274
10% Down
$3,436/mo
Down: $49,500
Loan: $446K
P&I: $2,816
Tax: $219
Insurance: $142
PMI: $260
20% Down (No PMI)
$2,863/mo
Down: $99,000
Loan: $396K
P&I: $2,503
Tax: $219
Insurance: $142
Income needed (28% rule): $123K/year with 20% down, $147K/year with 10% down.
Rent vs Buy in Reno
Rent
$1,650/mo
vs
Buy (10% down)
$3,436/mo
Price-to-rent ratio: 25.0 — At a ratio above 20, renting may be more economical in Reno for shorter stays. Buying costs $1,786 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 Reno is $495,000, 16% above the Nevada state median of $425,000. With a population of 264,165, Reno is a mid-size city where home prices reflect strong demand and local economic factors.
Property taxes in Nevada average 0.53% annually. This low property tax rate is a significant advantage for Reno 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 Reno is $1,650/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.
Reno is a higher-cost market. At $495K median, buyers need significant savings or strong income. Down payment assistance through Nevada's Home Is Possible DPA program becomes especially important.