The Reno market was spotlighted by the research firm Axiometrics as a market that continues to exhibit impressive growth. Among the 120 markets tracked by Axiometrics, Reno recorded the highest rent growth. The area's rent growth is attributed to strong job growth and in-migration.
According to Moody's, Reno-Sparks will finish 2016 on a high note, outperforming the state and the nation in payroll growth over the next several quarters. Tesla and other high-value-added companies will encourage strong in-migration, and robust job creation will boost incomes. Longer term, low business costs, population gains, and improving industrial' diversity will keep Reno an above-average performer.
Governor Brian Sandoval recently made the announcement of the annual Governor's Conference at Business that more jobs were created in Nevada in the past six years than the 186,400 that were shed in the downturn. The state's previous record employment was in May 2007, when Nevada had just under 1.3 million jobs. Unemployment rates fell for all of the state's metro areas in August. Reno's unemployment rate shrank to 4.9% while Reno's employment grew at 5.4 percent over the year, amounting to 11,400 new jobs.
Home-Equity Wealth Makes a Comeback
Homeowners Had, on Average, $11,000 Gain in Home-Equity Wealth Last Year in the USA.
Nevada homeowners had an average $17,000 Gain in Home-Equity Wealth
Home prices have risen significantly throughout the nation since 2011. The CoreLogic Home Price Index has recorded a 40 percent rise in the national index since 2011, with some areas up more sharply and other markets showing a more subdued bounce back.
One outcome of the broad geographic recovery in home values has been a rebuilding of home- equity wealth for America's homeowners. The difference between the value of one's home and the amount of mortgage debt on the home is home equity. If you own your home - free and clear of mortgage debt - then the entire value of your home is your home-equity wealth.