Northern Nevada boasts friendly business climate and cheaper cost of living
Reno, NV – As more companies are turning to go virtual for the long term, Reno has seen a surge in workers coming to Nevada due to its affordability, tax-friendliness, and is located just four hours from the Bay Area.
Reno is a city that boasts a more friendly business climate, a cheaper cost of living, and an overall better quality of life. Northern Nevada has become an ever-growing region to live and work. In fact, according to the Milken Institute's 2020 rankings of best-performing cities, Reno scored among the top 10 best-performing large cities.
There has been a trend of buyers from California steadily climbing for the past few years, especially with the increasing cost of housing and high tax rates in areas like Silicon Valley. And now, with increased telecommuting in the era of Covid-19, this trend has grown even more.
California Exodus
According to the Economic Development Authority of Western Nevada (EDAWN), one-third of current-in-migration is moving to the Reno area from California. The Reno/Sparks Association of Realtors has seen a 51.9 percent decrease in the number of days a home is on the market in 2020 compared with 2019. This is in line with more people moving to the area, the demand being high, and supply at an all-time low.
Lower home prices, lower taxes
In Reno, remote workers can find great real estate in fantastic communities without the high home prices and taxes of the Northern California market, and all within an easy 4-hour drive or 1-hour flight from their office. Developers such as Tolles Development Company, Lyon Living, and Neeser Construction are continually building an expansive range of single-family homes/townhomes, luxury apartments, and live-work-play communities.
Reno Experience District
The new luxury mixed-use project, Reno Experience District (RED), will be a hub for young professionals to live, work, and play. RED will provide inventive living spaces coupled with experience-based community programming for residents, guests, and visitors. Featuring an outdoor retail venue, a 2-acre central park with a large LED video display and outdoor performance venue, and multiple rooftop lounges with sweeping views of the mountains, RED will play host to a multitude of events and performances throughout the year.
Rancharrah
Just down the road from RED is Rancharrah, a 141-acre property in the heart of south Reno that embodies the city's history and future. Reno Land Inc. purchased the ranch in 2015 from John Harrah, whose family owned the bulk of the property for nearly six decades. The family patriarch, Bill Harrah, founder of Harrah's Casino, brought Rancharrah to life.
The master-planned community includes seven residential villages with 611 residential units along with commercial and retail opportunities. The gated residential community at Rancharrah is composed of homesites, condos, and townhomes with access to the world-class Club at Rancharrah.
NO state income tax
Reno's diverse economy, no state income tax, proximity to all Northern Nevada recreational activities, and its emerging culinary scene is also a draw for homebuyers especially since BestCities.org recently named Reno as the #1 small city in the U.S.