Bonnenfant said supply and demand is only part of the story of why prices are high in Reno. The other part is rising incomes. Renos tech boom has fueled higher incomes, which means more people can afford more expensive homes. With prices so high, many people are concerned about affordability.

Why is rent so expensive in Reno?

The rising rent occurs as high demand puts pressure on the markets available housing supply, with some neighborhoods approaching near-zero vacancy. The vacancy rate during the third quarter was 2.24%, far below the 5% vacancy rate typically seen in a balanced market.

Are houses expensive in Reno?

The study cited the high price of housing in the Reno-Sparks metro in relation to household incomes in the area. RealtyHop pointed to a median price of $444,000 for the metro, compared to a median household income of $58,790.