Reports Show More and More People Moving to Reno
In the first decade of the 21st century, Nevada as a whole ranked #1 for the fastest-growing state in the US. However, when the economy took a downturn (after 2008), so did the state’s economy. Washoe County went from positive migration into the area in 2008 to negative numbers from 2009 to 2011. Since 2012, the county has shown a steady rise of people coming into the area. Two different reports from two separate moving companies show that more and more people are moving to Reno than ever before.
Moving to Reno
According to United Van Lines’ 2017 Movers Study, 61% of household goods moved throughout Nevada were coming into the state from other areas. That placed them third behind Oregon (at 65%) and Idaho (at 63%). On Atlas’ 2017 Migration Patterns study, Nevada also came in third with 62.4% of household goods being moved into the state. The only two states that showed a higher influx of movers were Idaho (65.1%) and Washington (62.5%). While Las Vegas showed the highest increase in movers throughout the state, younger residents have consistently chosen Reno as their home base.
Why Move to Reno?
For some, moving to Reno means a new job. The Tesla gigafactory, Amazon, Apple, Zulilly, and more operate within the Reno-Sparks area. For others, Reno provides the perfect place to retire. And it looks like this growth may continue for at least the next five years. While the Reno real estate market shows record high median sale prices, they still remain lower than our neighbors in Silicon Valley. So, when high tech companies look to find a more business and tax-friendly environment than California’s bay area, moving to Reno sounds like a great idea. This helped spur on the increase of the highly sought after 18 to 34 year old demographic into the region. While the national average of these younger residents was at 23.6%, Reno and Washoe County experienced a 44.7% increase. When asked what helped them decide on Northern Nevada, “jobs” was the most common answer.
What Effect Has the Influx Had on the Reno Real Estate Market?
More people migrating into the area has put a strain on the Reno real estate market. Prices continue to rise. Affordable housing comes up short. Builders have struggled to meet demand. The construction industry in Nevada, in general, and Reno, in particular, were hit extremely hard by the Great Recession. They took a little longer to bounce back. Hopefully, several new developments throughout the city will help alleviate some of the issues facing Reno buyers today. When you’re ready to start looking for your next Reno home, give me a call.