Home News Reno is named America’s latest boom-town as house prices are up by 70% in four years

Reno is named America’s latest boom-town as house prices are up by 70% in four years

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linoin Nevada Blue chip companies flock to take over its warehouse space and locals fear discounts, making it America’s newest boomtown.

The city, formerly famous for its casinos, has little warehouse space available, and construction companies are setting up new warehouses as soon as possible.

The unemployment rate is just 0.8%, well below the national average.

Warehouse workers are relatively well paid at $20 or more an hour, but they say they can still struggle as property prices, rent and gas bills all skyrocket.

The average Reno property sells for about $580,000, up 6% year over year. Gas prices, meanwhile, are $5.70 a gallon, well above the national average of $3.91.

Ironically, in a town where most of the workforce is employed in packing warehouses, many locals complain of empty shelves at their local supermarkets as supply chain problems continue. is leaking.

Reno has fallen victim to its own success, union officials say, as competition for warehouse workers drives up wages and some companies are understaffed with employees flying ships for pay raises. ing.

Following the Covid-19 pandemic, northern Nevada saw an influx of lockdown refugees from California, mostly from Sacramento and San Francisco.

talk New York Times, Resident Christina Pixton explained that after her shift at the UPS warehouse ended at 11 p.m., she was about to go grocery shopping and found the store shelves empty.

Bigger stores like Target and Walmart have fallen victim to supply chain problems, while local stores are not open, Mr. Pixton said.

This is because major retailers such as Chewie, Amazon and Apple are expanding their operations in the region on the back of the e-commerce boom created by the Covid-19 pandemic.

Reno is an attractive choice for businesses thanks to available land, freeway access, and an international airport.

Demand for new labor has led to an increase in housing demand that has pushed up rent and mortgage costs, but salaries pale in comparison.

Even though she owns her own home with her husband, who is the foreman of an HVAC company, Pixton said the two are “caught in a struggling pattern.” I explained that joint income would be six figures a year.

Teamsters local agent Ross Kinson, meanwhile, told The Times that UPS is experiencing a shortage as competition from other warehouses in the region increases.

The UPS contract with Teamsters expires in 2023. Kinson said the union is working to ensure that factory wages reflect the realities of people’s lives.

Reno is an attractive choice for businesses thanks to available land, freeway access, and an international airport

Reno is an attractive choice for businesses thanks to available land, freeway access, and an international airport

California transplant Christina Pixton said she's

California transplant Christina Pixton said she’s “stuck in a struggling pattern” despite owning her own home with her husband, a foreman at an HVAC company.

Union agent Ross Kinson said the union works to ensure wages at UPS reflect the reality people live in.

Union agent Ross Kinson said the union works to ensure wages at UPS reflect the reality people live in.

Mr Kinson said: Otherwise it won’t work.”

Pixton told The Times that in 2021 his salary will increase from $16 to $19 an hour. In January 2022, his wages were reduced to $16.

She said: “It was pretty hellish. It wasn’t a full living salary, but it was something I could struggle with without having to get another job.”

According to UPS, wages in Nevada have increased to $19.

Northern Nevada rents are up 20% from 2021.

In addition to rent and food shortages, according to AAA, gas prices in Washoe County, where Reno is located, are $5.70, compared to the national average of $3.90.

The Times quoted Mr. Pixton as saying, “This is not a sustainable pattern.”

Following the Covid-19 pandemic, northern Nevada has seen an influx of lockdown refugees from California. According to Apartment List’s report, the majority of those who moved to the area were from Sacramento and San Francisco.

Pixton moved to the area from California with her husband in 2008 during the global economic crisis. They were attracted to the area because of the real estate prices.

Now she says: “What’s the point if you’re earning less than what you’re paying for with gas?”

Businesses have moved their facilities to the Reno area for years. In 2016, online grocery store Thrive His Market moved to the area, making him $17.45 a wage.

In 2020, Elon Musk threatened to move Tesla’s headquarters from Northern California’s Alameda County to Nevada over frustration with Golden State lockdown restrictions.

Musk opened Tesla’s Gigafactory battery manufacturing plant in the Reno area in 2014.

In September, pet store chain Chewy announced the opening of an 800,000-square-foot fulfillment center in Reno. According to him, the new warehouse will bring 1,500 jobs. Reno Journal Gazette.

You can feel the expanse all around. Earlier this month, it was announced that Reno-Tahoe International Airport would receive his $500 million investment.

In the summer, it was announced that Reno would welcome a new casino, named Legends Bay, for the first time in almost 20 years.

In the summer, it was announced that, for the first time in almost 20 years, Reno was planning to welcome a new casino named Legends Bay.

In the summer, it was announced that, for the first time in almost 20 years, Reno was planning to welcome a new casino named Legends Bay.

Across Nevada, Nevada is reported to have the second highest number of mortgage defaults in the nation. This is Reno.

Reno’s September numbers are up 89% compared to the same period last year.

A June 2022 study found that a quarter of employees in Reno and Las Vegas cannot afford to pay a mortgage based on median income.

A survey by the Inspection Support Network ranked Reno 15th out of 97 mid-sized cities in the United States for homebuilding.

In response to the survey, Brian Bonnenfant, project manager at the University of Nevada Center for Area Studies, said: gazette It’s interesting that the study doesn’t mention housing affordability.

He said: “We are in a community where housing costs are reaching a point where a household must have two breadwinners in order to be able to afford it.”

“Our real big problem is affordable housing for people who are at least 40% below the local median income. That’s where we have our big, big problem.

These concerns were echoed by Mayor Ed Lawson of the Reno suburb of Sparks, who said in September: We will lose another generation of children.

Just this month, Mark Wahlberg revealed he would be leaving his longtime home in Los Angeles in favor of Nevada and joining Escape from California to finally build “Hollywood 2.0” in Sin City. I made it

In an interview with The Talk Tuesday, the 51-year-old actor said he said goodbye to California in hopes of giving his children a “better life” in Nevada, which has no income tax.

According to Elite Agents, he has already made two purchases in Silver State: a $15.6 million, 2.5-acre piece of land in an exclusive area he plans to build on, and will be available to live in once construction begins. It’s a $14.5 million bungalow.

Residential rents soared in September in Chicago, rising a whopping 23.9% in the crime-ridden city, while workers fled during the pandemic trail in tech hubs like Boston and New York.

Conversely, Sun Belt cities where pandemic immigrants fled saw a significant drop in rent gains last month, with cities like Orlando, San Diego and Dallas seeing 8% gains.

Despite recent easing, median rent in some Sunbelt cities remains significantly higher than pre-pandemic, with Miami up 51.8%, Tampa up 40.9% and Memphis up 37.5% in September. It shows a % increase.

U.S. average long-term mortgage rates hit their highest level in more than 20 years this week and will rise further as the Federal Reserve nearly promises more rate hikes in its battle to curb persistent inflation. There is a possibility.

Mortgage buyer Freddie Mac reported Thursday that the average key 30-year rate rose to 6.92% from last week’s 6.66%. Some lenders now offer interest rates above 7%.

At this time last year, the rate was 3.05%.

american boomtown

The US housing market has cooled significantly since the Federal Reserve decided to raise interest rates.

The list of cities with increased housing inventory is interestingly broad.

The inclusion of cities such as Panama City, Florida and Lake Charles, Louisiana in the list is likely due to the hurricane’s long-lasting effects, according to Realtor.com.

In Provo, Utah, homeowners can buy a home for $25,000 less than a home in Salt Lake City, the state’s largest city, located less than 45 miles away.

The same goes for Colorado Springs, where homes are similarly cheap compared to Denver, which is just over 60 miles away.

Reno’s existence is more easily explained by its proximity to California and Lake Tahoe, not to mention its mountains and desert splendor.

Full list:

1. Panama City, Florida

2. Lake Havasu City, Arizona

3. Provo, Utah

4. Reno, Nevada

5. Merced, California

6. Lake Charles, Louisiana

7. Coeur d’Alene, Idaho

8. Colorado Springs, Colorado

9. Medford, Oregon

10. Austin, Texas

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