Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Elko County | Nevada Avg | US Average |
|---|---|---|---|
| Median Home Price | $208,333 | $338,659 | $242,182 |
| Price Trend (Annual %) | 2.0% | 9.9% | 8.2% |
| Median Gross Rent | $1,125 | $1,488 | $1,342 |
| Rent Trend (Annual %) | 3.5% | 6.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Elko County is about 38% lower than in Nevada. Rent is about 24% lower than the Nevada average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Elko County, up about 2.0% and 3.5% a year respectively. Rent is changing faster.
Median rent in Elko County rose about 25.9% between 2015 and 2023, from $894 to $1,125. Over the same span, rent in Nevada rose about 53.1%.
Affordability
On average, housing unit costs 2.5 yearly household incomes in Elko County.
Buying the median-priced home in Elko County costs roughly 15.4 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Elko County. The price-to-rent ratio in Nevada is about 19.0.
| Metric | Elko County | Nevada Avg | US Average |
|---|---|---|---|
| Median Home Price | $208,333 | $338,659 | $242,182 |
| Median Household Income | $83,822 | $75,608 | $78,145 |
| Price-to-Income Ratio | 2.5 | 4.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Elko County rose about 21.2%, while median household income rose about 33.0% between 2009 and 2023 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Elko County | Nevada Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 62.5% | 53.7% | 58.2% |
| Rental Rate | 26.2% | 36.8% | 31.3% |
| Vacancy Rate | 11.3% | 9.5% | 10.6% |
| Median Tenure (years) | 14.0 | 12.0 | 15.0 |
| Median Year Moved In | 2012 | 2014 | 2011 |
Elko County has a homeownership rate of 62.5%, higher than the Nevada average of 53.7%. Its housing vacancy rate is 11.3%, compared with 9.5% in Nevada.
Housing Stock
| Metric | Elko County | Nevada Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.71 people | 2.62 people | 2.54 people |
| Median Structure Built Year | 1986 | 1993 | 1978 |
| Median Number of Rooms | 5.4 | 5.3 | 5.5 |
The typical housing unit in Elko County was built around 1986. On average, 2.7 people live in a home with about 5.4 rooms, staying for about 14.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Elko County, Nevada.
What is the median home price in Elko County, Nevada?
The median home price in Elko County, Nevada is $208,333, lower than the Nevada average of $338,659.
What is the average home price in Elko County, Nevada?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Elko County, Nevada?
The median gross rent in Elko County, Nevada is $1,125 per month, lower than the Nevada average of $1,488.
What was the median gross rent in Elko County in 2020?
In 2020, the median gross rent in Elko County, Nevada was $960 per month.
What is the price-to-rent ratio in Elko County, Nevada?
The price-to-rent ratio in Elko County, Nevada is about 15.4, meaning it would take roughly 15.4 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Elko County.
Are home prices or rent rising faster in Elko County, Nevada?
Both home prices and rent are rising in Elko County, up about 2.0% and 3.5% a year respectively. Rent is changing faster.
What is the homeownership rate in Elko County, Nevada?
62.5% of households in Elko County, Nevada own their home, higher than the Nevada average of 53.7%.
What is the vacancy rate in Elko County, Nevada?
The housing vacancy rate in Elko County, Nevada is 11.3%, higher than the Nevada average of 9.5%.