CALCMONEY // HOME AFFORDABILITY // NV // RENO
How much house can you afford in Reno? Based on local median home prices, current NV mortgage rates, and Reno property tax data.
$480,000
$2,997/mo
$128,444/yr
$212,319
Monthly housing costs of $2,997 represent 52.9% of Reno's median gross monthly income ($5,667/mo). At 52.9%, median-income buyers in Reno are significantly stretched — well above the 28% guideline. A larger down payment or higher income is required.
| Median Home Price | $480,000 |
| Down Payment (20%) | $96,000 |
| Loan Amount | $384,000 |
| Monthly PI Payment | $2,529 |
| Monthly Property Tax | $268 |
| Monthly Insurance Est. | $200 |
| Total Monthly PITI | $2,997 |
| Housing Cost % of Income | 52.9% |
| Required Income (28% rule) | $128,444/yr |
| Max Affordable Home | $212,319 |
$16,800
$3,847/mo
Reno Home Affordability Quick Reference 2026
| Metric | Value | Notes |
|---|---|---|
| Median Home Price | $480,000 | Reno city median |
| Down Payment (20%) | $96,000 | Conventional loan |
| Monthly PITI | $2,997 | 6.9% rate, 30yr fixed |
| Required Income (28% rule) | $128,444 | Annual gross |
| Max Affordable Home | $212,319 | Based on median income |
| FHA Down (3.5%) | $16,800 | Minimum FHA |
| Housing Cost % of Income | 52.9% | Median income: $68,000/yr |
| Property Tax Rate | 0.67% | $3,216/yr on median home |
Monthly PITI includes principal, interest, property tax, and homeowners insurance. Estimates only.
The median home price in Reno is $480,000, with a local 30-year mortgage rate of 6.9%. A buyer putting 20% down carries a loan of $384,000, generating a monthly P&I payment of $2,529. Adding property taxes ($268/mo) and homeowners insurance ($200/mo) brings total monthly PITI to $2,997.
Reno's property tax rate of 0.67% is among the lower rates in the country, which improves overall affordability by keeping total PITI closer to the principal and interest payment alone. On the Reno median home, that is $268/month, or $3,216 per year.
Nevada has no state income tax, improving effective take-home pay for Reno residents and giving buyers additional capacity relative to equally-priced homes in high-tax states.
Using the 28% rule, a household earning Reno's median income of $68,000/year can afford up to $1,587/month in total housing costs. Based on Reno's mortgage rate of 6.9% and property tax rate of 0.67%, that translates to a maximum affordable home price of approximately $212,319 with 20% down on a 30-year loan.
To afford the median Reno home priced at $480,000, you need an annual gross income of approximately $128,444. Total monthly housing costs (principal and interest of $2,529, property taxes of $268, and insurance of $200) come to $2,997/month, which equals 28% of the required income.
At the median home price of $480,000 and median household income of $68,000, the total monthly housing cost of $2,997 represents 52.9% of gross monthly income. This is well above the standard 28% threshold, making Reno a challenging market for buyers at median income.
A conventional 20% down payment on the median Reno home of $480,000 is $96,000. An FHA loan requires just 3.5% down — $16,800 — but adds mortgage insurance of roughly $328/month, bringing total FHA payments to $3,847/month.
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