5 Reasons You Should Consider Buying a Home in Fernley
When some people think of Fernley, they might think of the hard times it experienced during the economic downturn, but since the introduction of Google, Tesla, Apple, and other major companies in the TRI Center, the city’s dynamics have changed. Here are five reasons why Fernley now represents a great opportunity in our market:
1. Affordability: While the median price in the Reno/Sparks market is $324,000, the median price in Fernley is just $216,000. That means the Reno/Sparks market is 50% more expensive. The next time you hear about buyers getting priced out of the market, rent skyrocketing, and apartments being the only thing available in the Reno/Sparks area, just remember that a whole new level of home affordability is just 30 minutes away.
2. School funding: I have a young family myself, so it’s important to me that school systems are sound. I don’t mean to knock the Reno/Sparks area, but Washoe County is out of options for a $40 million deficit. Lyon County schools districts are funded differently, so they don’t have the same issues. If you’re a buyer with a young family, this should make it a more attractive option.
3. Amenities: Among its amenities, the Fernley community has a Walmart, a Lowe’s, a Scolari’s, and its own golf course—not to mention Google, Tesla, Apple, and other major employers within the TRI Center.
4. Commute time: Despite perception, Fernley is closer to the action than people think. When you’re heading from Fernley to the TRI Center, you’re heading west and against the grain of traffic. Most of the major traffic times on I-80 are from Reno/Sparks heading east to the TRI Center. The drive from Fernley to the TRI Center exit is only about 13 minutes. By comparison, the drive from Reno/Sparks to the TRI Center exit can be as long as 25 or 30 minutes. If you work in the TRI Center, it would be more convenient to drive there from Fernley. In addition, all the shopping centers and restaurants just outside of Reno are only 30 minutes away. Lake Tahoe is also only 75 minutes away, and the airport is only 40 minutes away.
5. Lack of rental availability: As of 2014, Fernley had a population of 19,208 people. As of right now, there are only nine rental properties available. There are many employment centers pulling from Fernley, and very little rent available.
All these factors will create upward pressure on pricing. If you’re an investor thinking in terms of a rental dollar versus purchase price basis, Fernley will provide your best return. On an expected future appreciation basis, we can expect Fernley to appreciate faster than Reno and Sparks.That 50% gap in pricing will eventually shrink, but right now Fernley is a great opportunity in today’s market because it’s a true live-work community.