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Nevada homeowners have many options for mortgage lenders, including banks, online lenders, and credit unions. Finding an affordable location is important, as is shopping for the best mortgage rates. Here are some of the most affordable places to buy in the Silver State in this guide.
If you're looking for an inexpensive place to buy a Nevada home, check out these locales known for their low cost of living.
Las Vegas may be best known for its casinos, but it's also one of the top 30 cities in the U.S. in terms of diversity, according to Niche. Median home values of $258,600 are above the national average of $217,500, but more than half of residents -- 53% -- own their homes. A relatively affordable property tax rate helps put homeownership within reach -- residents of Clark County pay an average of just 0.72% of assessed fair market value in property taxes, according to Tax-rates.org.
Paradise is ranked third by Niche for best places in Nevada for young professionals and the eighth-best city in America in which to retire. Median home values here are higher than the national average at $239,400, which is perhaps one reason only 39% of Paradise residents own their homes. Paradise, like Las Vegas, is in Clark County, so the property tax rate averages the same 0.72% of median value.
Henderson is the eighth-best suburb in the Las Vegas area in which to raise a family, and it's also one of the best cities in America in which to retire. Sixty-four percent of residents in this city own their homes, despite a high median home value of $318,800. Henderson is the third city on our list in Clark County, with an average property tax rate of 0.72% of home value.
Reno is in the top 2o places in Nevada to raise a family and is also one of the best cities in America for outdoor activities. Median home value here is $335,00, and around half of residents own their homes. Reno is in Washoe County, where property taxes are even lower than Clark County. The average property tax rate is 0.64% of assessed fair market value. It's also home to many casinos, including the Grand Sierra and the Circus Circus Hotel, so those who like to gamble but who don't want the crowds on the Vegas Strip may enjoy making Reno their home.
Sun Valley is a Reno suburb, but this town of more than 20,000 is an affordable option for those looking to escape the hustle and bustle of urban life. It takes the No. 15 spot on Niche's list of the best suburbs in Nevada to raise a family. A median value of $169,000 helps make becoming a homeowner an affordable option, and 71% of Sun Valley residents are homeowners. Sun Valley is in Washoe County, so the property tax rate is the same as Reno's -- 0.64% of assessed fair market value.
These are just a few of many places to purchase a Nevada home. All buyers should consider location and price when choosing where to buy. This approach, combined with researching options for the best mortgage rates in Nevada, can help ensure total ownership costs are affordable on almost any budget.
If you want to uncover more about the best mortgage lenders for low rates and fees, our experts have created a shortlist of the top mortgage companies. Some of our experts have even used these lenders themselves to cut their costs.
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