Total monthly cost of ownership
Cost to Own a Home in Reno, Nevada
A $499,000 home here costs
$3,447per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $2,565. The real number is $881 higher every month — 34% more than the payment most buyers budget for.
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 $122 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
Common questions
How much does it cost to own a home in Reno?
A $499,000 home in Reno, Nevada costs approximately $3,447 per month with 20% down at 6.66%. That is $2,565 principal and interest, $188 property tax, $87 homeowners insurance, $190 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 $3,447 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
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.