Counties with the lowest home prices in Nevada
The real estate market is booming right now thanks to low interest rates, a flood of millennial buyers, and shrinking inventory. The median cost of a home has increased 20% year over year, hitting $347,500, according to a report released in April 2020 by real estate listing website Redfin. These high asking costs—while good for sellers—are pricing many buyers out of the market entirely.
But all things are not equal when it comes to real estate in the United States.
Credible used 2021 data calculated by the National Association of REALTORS to compile a list of counties with the lowest median home values and monthly mortgage payments in Nevada. Counties were ranked by the monthly mortgage payment for a typical home in 2020, from lowest to highest. Ties were broken by median home values in 2020.
The National Association of REALTORS calculated the fourth quarter 2020 median home values by applying the Federal Housing Finance Agency’s House Price Index growth to 2019 housing and population data from the American Community Survey and determining an estimate of 2020 median home values for all counties where data is available. The monthly mortgage payments for fourth quarter 2019 and fourth quarter 2020 were calculated for a 30-year fixed-rate mortgage with a 10% down payment.
Keep reading to discover which county in Nevada has the lowest home prices.
#17. Washoe County
- Monthly mortgage payment in 2020: $1,514 (3.3% less than 2019)
- Monthly mortgage payment in 2019: $1,565
- Median home value in 2020: $408,900
- Ranked #3,020 out of 3,120 counties nationwide
#16. Douglas County
- Monthly mortgage payment in 2020: $1,492 (1.3% less than 2019)
- Monthly mortgage payment in 2019: $1,511
- Median home value in 2020: $402,900
- Ranked #3,016 out of 3,120 counties nationwide
#15. Clark County
- Monthly mortgage payment in 2020: $1,221 (1.5% less than 2019)
- Monthly mortgage payment in 2019: $1,239
- Median home value in 2020: $329,800
- Ranked #2,921 out of 3,120 counties nationwide
#14. Carson City
- Monthly mortgage payment in 2020: $1,083 (2.7% greater than 2019)
- Monthly mortgage payment in 2019: $1,055
- Median home value in 2020: $292,600
- Ranked #2,836 out of 3,120 counties nationwide
#13. Storey County
- Monthly mortgage payment in 2020: $951 (1.0% less than 2019)
- Monthly mortgage payment in 2019: $961
- Median home value in 2020: $256,700
- Ranked #2,716 out of 3,120 counties nationwide
#12. Lyon County
- Monthly mortgage payment in 2020: $846 (5.5% greater than 2019)
- Monthly mortgage payment in 2019: $802
- Median home value in 2020: $228,600
- Ranked #2,577 out of 3,120 counties nationwide
#11. Elko County
- Monthly mortgage payment in 2020: $837 (4.5% less than 2019)
- Monthly mortgage payment in 2019: $876
- Median home value in 2020: $226,000
- Ranked #2,562 out of 3,120 counties nationwide
#10. Churchill County
- Monthly mortgage payment in 2020: $754 (0.7% less than 2019)
- Monthly mortgage payment in 2019: $759
- Median home value in 2020: $203,700
- Ranked #2,411 out of 3,120 counties nationwide
#9. Humboldt County
- Monthly mortgage payment in 2020: $711 (6.0% less than 2019)
- Monthly mortgage payment in 2019: $756
- Median home value in 2020: $192,100
- Ranked #2,326 out of 3,120 counties nationwide
#8. Lander County
- Monthly mortgage payment in 2020: $708 (12.4% less than 2019)
- Monthly mortgage payment in 2019: $808
- Median home value in 2020: $191,300
- Ranked #2,316 out of 3,120 counties nationwide
#7. Nye County
- Monthly mortgage payment in 2020: $643 (5.9% greater than 2019)
- Monthly mortgage payment in 2019: $607
- Median home value in 2020: $173,700
- Ranked #2,104 out of 3,120 counties nationwide
#6. White Pine County
- Monthly mortgage payment in 2020: $607 (8.3% less than 2019)
- Monthly mortgage payment in 2019: $662
- Median home value in 2020: $163,900
- Ranked #1,975 out of 3,120 counties nationwide
#5. Lincoln County
- Monthly mortgage payment in 2020: $555 (5.5% less than 2019)
- Monthly mortgage payment in 2019: $587
- Median home value in 2020: $149,900
- Ranked #1,776 out of 3,120 counties nationwide
#4. Eureka County
- Monthly mortgage payment in 2020: $473 (28.5% greater than 2019)
- Monthly mortgage payment in 2019: $368
- Median home value in 2020: $127,700
- Ranked #1,384 out of 3,120 counties nationwide
#3. Pershing County
- Monthly mortgage payment in 2020: $445 (1.1% greater than 2019)
- Monthly mortgage payment in 2019: $440
- Median home value in 2020: $120,200
- Ranked #1,201 out of 3,120 counties nationwide
#2. Mineral County
- Monthly mortgage payment in 2020: $389 (3.7% greater than 2019)
- Monthly mortgage payment in 2019: $375
- Median home value in 2020: $105,200
- Ranked #831 out of 3,120 counties nationwide
#1. Esmeralda County
- Monthly mortgage payment in 2020: $256 (20.7% less than 2019)
- Monthly mortgage payment in 2019: $323
- Median home value in 2020: $69,100
- Ranked #86 out of 3,120 counties nationwide
This story originally appeared on Stacker.com.
