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 | Storey County | Nevada Avg | US Average |
|---|---|---|---|
| Median Home Price | $349,999 | $338,659 | $242,182 |
| Price Trend (Annual %) | 85.8% | 9.9% | 8.2% |
| Median Gross Rent | $1,007 | $1,488 | $1,342 |
| Rent Trend (Annual %) | 6.4% | 6.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Storey County is about 3% higher than in Nevada. Rent is about 32% 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 Storey County, up about 85.8% and 6.4% a year respectively. Home prices are changing faster.
Median rent in Storey County rose about 39.7% between 2015 and 2023, from $720 to $1,007. Over the same span, rent in Nevada rose about 53.1%.
Affordability
On average, housing unit costs 3.7 yearly household incomes in Storey County.
Buying the median-priced home in Storey County costs roughly 29.0 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Storey County. The price-to-rent ratio in Nevada is about 19.0.
| Metric | Storey County | Nevada Avg | US Average |
|---|---|---|---|
| Median Home Price | $349,999 | $338,659 | $242,182 |
| Median Household Income | $95,520 | $75,608 | $78,145 |
| Price-to-Income Ratio | 3.7 | 4.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Storey County rose about 668.9%, while median household income rose about 56.7% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Storey County | Nevada Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 86.4% | 53.7% | 58.2% |
| Rental Rate | 2.3% | 36.8% | 31.3% |
| Vacancy Rate | 11.3% | 9.5% | 10.6% |
| Median Tenure (years) | 13.0 | 12.0 | 15.0 |
| Median Year Moved In | 2013 | 2014 | 2011 |
Storey County has a homeownership rate of 86.4%, higher than the Nevada average of 53.7%. Its housing vacancy rate is 11.3%, compared with 9.5% in Nevada.
Housing Stock
| Metric | Storey County | Nevada Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.20 people | 2.62 people | 2.54 people |
| Median Structure Built Year | 1992 | 1993 | 1978 |
| Median Number of Rooms | 5.4 | 5.3 | 5.5 |
The typical housing unit in Storey County was built around 1992. On average, 2.2 people live in a home with about 5.4 rooms, staying for about 13.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Storey County, Nevada.
What is the median home price in Storey County, Nevada?
The median home price in Storey County, Nevada is $349,999, higher than the Nevada average of $338,659.
What is the average home price in Storey 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 Storey County, Nevada?
The median gross rent in Storey County, Nevada is $1,007 per month, lower than the Nevada average of $1,488.
What was the median gross rent in Storey County in 2020?
In 2020, the median gross rent in Storey County, Nevada was $704 per month.
What is the price-to-rent ratio in Storey County, Nevada?
The price-to-rent ratio in Storey County, Nevada is about 29.0, meaning it would take roughly 29.0 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Storey County.
Are home prices or rent rising faster in Storey County, Nevada?
Both home prices and rent are rising in Storey County, up about 85.8% and 6.4% a year respectively. Home prices are changing faster.
What is the homeownership rate in Storey County, Nevada?
86.4% of households in Storey County, Nevada own their home, higher than the Nevada average of 53.7%.
What is the vacancy rate in Storey County, Nevada?
The housing vacancy rate in Storey County, Nevada is 11.3%, higher than the Nevada average of 9.5%.