Cost of Living in Reno, NV

With a cost of living index of 119, Reno, NV is a notably expensive place to live. Living here is 19% more expensive than the national average and 10% above the Nevada state average of 109. As a major city with a population of 268,959, Reno offers a wide range of housing options, employment opportunities, and urban amenities.

Housing costs are the biggest factor in Reno's cost of living. The median monthly rent is $1,453 (10% above the US median of $1,319), and the median home value sits at $498,600 (64% above the national median of $304,900). At current prices, the median home costs roughly 6.4x the median household income — a challenging ratio that puts homeownership out of reach for many residents.

The median household income in Reno is $78,448, which is 4% higher than the national median of $75,149. Residents spend roughly 22% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum.

Climate is another factor for anyone considering a move to Reno. The area sees an average annual temperature of 55°F, with summers averaging 74°F and winters around 38°F. Annual rainfall totals 7.4 inches spread over roughly 51 days.

Everyday prices in the Reno, NV (Metropolitan Statistical Area) metro area are generally below the national average. Out of 6 common items tracked by the Bureau of Labor Statistics, 6 are priced lower than the US average. These real-world prices — from groceries to electricity — add up and should be factored into any cost of living comparison.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.