Affordable Housing in Reno is a Thing of the Past
EDITORIAL by Maggie K. Curtis
Reno Nevada News - September 06, 2005
Just look through any real estate magazine or website and you will see that the average home in Reno Nevada is coming up on the 500,000 range. You must agree with me that the price of real estate in Reno Nevada is downright stupid; but so is gas...I actually paid 3.19 for gas today. I said about a year ago that gas will never go over 50 a barrel - It was 70 the other day. I also said in 2000 that I could wait a few years before buying my first home. Boy do I feel stupid. I waited to long and now I can't believe that there is not one piece of affordable property anywhere within the limits of Reno; of course you may still find a little piece a dirt somewhere between a dead cow and the old mine for 100 grand.
What burns me up so much is that 10 years ago I was stupid with a credit card, left with poor credit, paying 1350 rent , and wished to God that I had bought even a "broken down barn" back then; because I'll bet you there is some knucklehead realtor will surely tell me that "the price of that broken down barn house in Verdi is a million dollars."
Now don't get me wrong, there are beautiful homes in Reno with fine trimed lawns, and they are worth every penny especially when compared with what you get in San Francisco or LA. but where am I ever going to get even 5% down of a half a million dollar house. For those of you without a quick brain that's $25,000. Most of the time you are looking at 10% or more down so forget that!
I know there are not many young couples or single moms that can come up with that kind of cash, and if you did by some wild freak of nature, or some lotto jackpot come up with that downpayment you are looking at $3500 a month in mortgage payments for the next 30 years. Are they out of their minds? Worst of all; what if I am wrong, what if the house I am looking at today for 500,000 is going to be 700,000 next year? Who knows. It is sad to say that all I can do is hope; hope that the Reno City Council and it's neverending "Downtown Development" will see fit to force developers to stop making quarter million dollar one bedroom condos and make some homes for the regular folk, like me:Maggie Kathleen Curtis
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