Total monthly cost of ownership
Cost to Own a Home in Reno, Nevada
A $499,000 home here costs
$3,642per month, all in, with 20% down at today's 7.40% 30-year fixed rate. By the 28% rule that takes a household income of about $156,000 a year.
A standard mortgage calculator would have told you $2,764. The real number is $878 higher every month, 32% more than the payment most buyers budget for.
Compare Washoe County with anywhere in America · full county breakdown
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Reno against Washoe County and Nevada
| Measure | Reno | Washoe County |
|---|---|---|
| Median home value | $498,600 | $496,600 |
| Median property tax | $2,252 | $2,297 |
| Effective tax rate | 0.452% | 0.463% |
| Median gross rent | $1,453 | $1,507 |
| Population | 268,959 | 491,770 |
The weather behind that power bill
Reno sits in Washoe County, which averages a high of 95.2°F in its hottest month and a low of 16.3°F in its coldest, with 7.72" of precipitation a year and 40% of it in a single three-month stretch. That climate drives 805 cooling and 5,702 heating degree days, which is what sets the $119 electricity line above.
See the full climate breakdown for Washoe County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Washoe County
Talk to someone who works this market
These are Reno averages. What one specific house costs to own, or what it would sell for today, depends on the street and the condition of the place. We will connect you with one licensed local agent who works Reno every week. Free, no obligation, and we never sell your details to a list.
Common questions
How much does it cost to own a home in Reno?
A $499,000 home in Reno, Nevada costs approximately $3,642 per month with 20% down at 7.4%. That is $2,764 principal and interest, $188 property tax, $87 homeowners insurance, $187 utilities and $416 set aside for maintenance.
What is the property tax rate in Reno?
Reno has an effective property tax rate of 0.452%, based on a median home value of $498,600 and median real estate taxes of $2,252. That is lower than the Washoe County average of 0.463%.
What is the average home price in Reno?
The median owner-occupied home value in Reno, Nevada is $498,600, against $496,600 across Washoe County.
Is it cheaper to rent or buy in Reno?
Median gross rent in Reno is $1,453 a month, against $3,642 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in Reno?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Reno, Nevada at today's rate takes a household income of roughly $156,000 a year. That covers the full $3,642 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Reno, US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance, NAIC average premium for Nevada.
- Electricity price, EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate, Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.