— A new report by the National Association of Realtors has found that Nevada residents are spending more than twice as much on a house in the state as people in the national average.
The Las Vegas Realtor Association estimates that renters in the Reno metro area spend $1,053 on their homes.
In Las Vegas, the average cost of a home in this city is $3,853.
The report was released Thursday by the association, which represents more than 2,300 REALTORS nationwide.
The average rental price in the metro area is $2,086, the report found.
The Reno Metro is one of the fastest-growing metro areas in the country, with about one-quarter of the metro population.
In recent years, many people have moved into Reno and are now moving out of the area, the association said.
Renters are also getting older.
About 15 percent of Nevadans over the age of 55 are renters, the study found.
In Nevada, the median age of renters is 46, up from 32 in 2013.
The median age in the rest of the country is 30.
For Nevadas renters, it is the third-highest in the nation.
In 2017, median age for Nevada renters was 29.
In the last year, the metro average rent increased 1.5 percent to $1.929 per square foot.
Renting is an increasingly popular option for Nevadians, said Kristina J. Rios, president and CEO of the Reno-Tahoe-Lompoc Area Realtory Association.
She said renters are being able to save on their monthly mortgage payments, since they have more flexibility to pay off their debt.
The number of renter households has increased over the last decade.
In 2015, there were about 2,700 renter families in the area.
Today, there are about 7,700.
The REALTOR association has a rental income guide, which is a free service for REALTERS to use to compare renters across cities and states.
Rio said renters should not expect to see much rent increases as they age.
In 2018, the typical renter household income was $46,000, or $28,400 a year, Rios said.
“When you get into a 50-year-old or 60-year of age, they’re starting to see the same rent increases that they did in their 30s and 40s,” Rios added.
The study, which surveyed 2,000 Nevadadans from July through December, found that the average rent for a 1,400-square-foot (2,400 square meters) home is $1.,632.
The rate of increase is 2.3 percent a year.
The association is releasing the report online Thursday.
It was commissioned by the Nevada State Fair, and the study is being conducted by the RealtOR Foundation, a nonprofit organization.