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There's a the age old question everyone thinks about when they decide to move to a city in Nevada:
Should I buy a place or rent? Well, we aren't here today to solve that problem for you exactly. We are just assuming you'll do the right thing and a buy a place. And while we are happy to tell you the best place to live in Nevada, this analysis is going to tackle the question of the best place to buy a house as an investor. That is we are going to try and determine the up and coming cities in the Silver State.
To do that we are going to look at places in Nevada that are growing faster than average, but where home prices are below average. In every day terms, the "deals". The best deal in Nevada at the moment? That would be Winnemucca according to our analysis.
Here's a look at the top ten places to buy a home in nevada for 2020:
- Winnemucca (Photos | Homes For Sale)
- Fallon (Photos | Homes For Sale)
- Boulder City (Photos | Homes For Sale)
- Mesquite (Photos | Homes For Sale)
- Fernley (Photos | Homes For Sale)
- Elko (Photos | Homes For Sale)
- Carson City (Photos | Homes For Sale)
- Sparks (Photos | Homes For Sale)
- North Las Vegas (Photos | Homes For Sale)
- Reno (Photos | Homes For Sale)
What's the best place to buy a home in Nevada for 2020? According to our analysis, would the the ideal place to buy a home looking into the future.
The methodology that wen't into this can be a bit complicated, so we'll break it down for you in as much detail as we can below. If you're not worried about finding a deal on good places to live, check out the most expensive places to live in nevada and, for those of you on a budget, the cheapest places to live in nevada.
For more Nevada reading, check out:
- 10 Best Places To Raise A Family In Nevada
- These Are The 10 Best Places To Retire In Nevada
- These Are The 10 Richest Cities In Nevada
The 10 Best Cities To Buy A House In Nevada For 2020
The land upon which Boulder City was founded was a harsh, desert environment. Its sole reason for existence was the need to house workers contracted to build the Hoover Dam on the Colorado River. Men hoping for work on the dam project had begun settling along the river in tents soon after the precise site for the dam had been chosen by the Bureau of Reclamation in 1930. Their ramshackle edifices were collectively known as "Ragtown".
Mesquite was settled by Mormon pioneers in 1880, who called it Mesquite Flat. The community was finally established on the third attempt after having been flooded out from the waters of the Virgin River. The name was later shortened to Mesquite, and the city was incorporated by Thelma Davis in May 1984. Mesquite, like nearby Bunkerville, had its origins in farming. The Peppermill Mesquite casino, which opened in the 1970s, drove Mesquite's diversified economy. The city incorporated in 1984 and established a master development plan during the early 1990s. In the mid-1990s, more casinos opened. By 2006, Mesquite was one of the fastest-growing small towns in the United States, though the late-2000s recession led to the closure of both the Mesquite Star and Oasis casinos.
Fernley, established in 1904, developed as primarily an agricultural and ranching community in proximity to Reno. Early in its history, Fernley established its first schoolhouse. The one-room schoolhouse is still in use today as the home of the Fernley Chamber of Commerce.
Though Elko lies along the route of the historic California Trail, it was first inhabited only in 1868, when it was at the east end of the railroad tracks built by the Central Pacific Railroad. When the railroad crews moved on, Elko remained, serving as a center for ranching, mining, rail freight and general supplies.
The first European Americans to arrive in what is known as Eagle Valley were John C. Frmont and his exploration party in January 1843. Fremont named the river flowing through the valley Carson River in honor of Kit Carson, the mountain man and scout he had hired for his expedition. Prior to the Fremont expedition, the Washoe people inhabited the valley and surrounding areas. Settlers named the area Washoe in reference to the tribe.
The area that is now Sparks was first inhabited by the Washoe people. Euro-American settlement began in the early 1850s, and the population density remained very low until 1904 when the Southern Pacific Railroad built a switch yard and maintenance sheds there. As the population increased a city was established, first called Harriman, after E. H. Harriman, president of the Southern Pacific, and then renamed Sparks, after John Sparks, then Governor of Nevada.|Sparks remained a small town until the 1950s, when economic growth in Reno triggered a housing boom north of the railroad in the area of Sparks. During the 1970s, the area south of the railroad started to fill up with warehouses and light industry. In 1984, the tower for the Nugget Casino Resort was finished, giving Sparks its first, and currently only, high-rise casino. In 1996, the redevelopment effort of the B Street business district across from the Nugget that started in the early 1980s took a step forward with the opening of a multi-screen movie complex and the construction of a plaza area. This area, now known as Victorian Square, is a pedestrian-friendly district that hosts many open-air events.
Archaeological finds place the eastern border for the prehistoric Martis people in the Reno area.|As early as the mid 1850s a few pioneers settled in the Truckee Meadows, a relatively fertile valley through which the Truckee River made its way from Lake Tahoe to Pyramid Lake. In addition to subsistence farming, these early residents could pick up business from travelers along the California Trail, which followed the Truckee westward, before branching off towards Donner Lake, where the formidable obstacle of the Sierra Nevada began.
How do you determine the best places to buy a home in nevada for 2020?
We were in real estate for almost five years and have been working on this site for another three. Suffice is to say, we've put a lot of thought into what goes into finding a good place to buy a home.
So all that thinking has come to this moment where we get to spell out how we'd approach finding an up-and-coming place to live in Nevada. Put differently, the analysis will try to find places in Nevada with undervalued homes relative to pent up demand.
To do that we looked at the most recent American Community Survey Census data for 2014-2018 and compared it to the previous vintage (2012-2016). Specifically, we used the following criteria:
- Y-o-Y Change In Population (People want to live here)
- Y-o-Y Change In Median Home Prices (People are willing to pay for it)
- Home Prices Relative To The State Average (It's still kinda cheap)
We want places that are growing, have seen home prices increase in recent years, and are still "cheap" for Nevada with the following caveats:
- Home prices had to be within 20% of the state average (Much lower than that and you get to some of the more dangerous places)
- Home prices increased in the last year, and
- Above 5,000 people (Bigger cities have more data points)
So of the 0 cities and towns in Nevada, only 12 places made it through our initial filters to even be considered.
We then ranked each place from 1 to 12 for the criteria mentioned above with 1 being the best for that criteria. We averaged the rankings to create a "best place to buy" index with the place having the lowest index being the best. You can download the data here.
Turns out that Winnemucca is the best potential gem in the not-so-rough in the Silver State.
Read on for more on these places.
There You Have It - The Best Places To Purchase A House In nevada for 2020
There's our analysis of the best places to buy a house in Nevada. And, to be clear, we aren't necessarily saying these places are the best places to live, just that it looks like they might be in a couple of years based on the data.
In fact, every place in the following table meets our criteria, so even though it may not look super long, remember we started off with all 0 places in the state.
So if we'd could rent or buy in these cities, we'd definitely buy.
For more nevada reading, check out:
Detailed List Of The Best Places To Buy A Home In Nevada
|North Las Vegas||9|