Reno-Sparks among 2% of least affordable housing markets
RENO, Nev. (AP) — The Reno-Sparks area ranks among the top 2% of the markets nationally for the least affordable housing based on prices and area incomes.
The Reno Gazette Journal reports that the latest study by the mortgage information website Freeandclear shows Washoe County as the 66th least affordable among all 3,142 counties in equivalent areas and 138th overall.
Topping the list are New York counties containing Brooklyn and Manhattan, and San Francisco.
The median home price for Washoe County last year was $386,179. But the median-household income of $60,386 means typical residents could only afford a $325,477 home, or 84% of the median-priced house.
In Las Vegas, the median home price was $309,500 and the median income $56,560. Median-income earners in Las Vegas can afford a home priced at $304,853, or about 98% of the median-priced house.
Information from: Reno Gazette-Journal, http://www.rgj.com