Compare different loan terms using your home price of $350,000 with $70,000 down at 6.8%.
15-Year Fixed
$2,401/mo
Total interest: $152,141
Total cost: $432,141
Save $221,646 vs 30-year
20-Year Fixed
$2,088/mo
Total interest: $221,025
Total cost: $501,025
Save $152,762 vs 30-year
30-Year Fixed (Current)
$1,816/mo
Total interest: $373,787
Total cost: $653,787
Lowest monthly payment
Pro
Professional Simulator
Complete financial model: closing costs breakdown, rent vs buy, inflation-adjusted returns, true cost of ownership
years
%
%
%
%
10-Year Net Gain/Loss
-$173,685
After selling in year 10 at $493,710
Total Paid Over Hold Period
$398,929
Down + closing + all payments
Home Value at Sale
$493,710
3.5%/ yr appreciation
Selling Costs
$29,623
6% of sale price
Net Sale Proceeds
$225,244
After mortgage payoff + selling costs
Real Interest Rate
4.25%
Nominal 6.8% - inflation 2.5%
Real Monthly Payment
$1,254
Today's dollars (mid-loan)
State Property Tax
$5,600
TX rate: 1.6%
True Monthly Cost
$2,499
PITI + HOA + maintenance
Buying a Home in Nevada
Nevada has long attracted homebuyers from California and other high-tax, high-cost states seeking more housing value without sacrificing urban amenities. With an average home price of $425,000 and no state income tax, Nevada offers a compelling combination for buyers accustomed to coastal pricing. The Las Vegas-Henderson metro dominates the state's housing market and has been one of the fastest-recovering and appreciating markets post-pandemic.
Las Vegas offers an extraordinarily diverse range of neighborhoods and price points — from master-planned communities like Summerlin and Henderson's Green Valley to more affordable areas in the North Las Vegas and East Valley. The city's entertainment and hospitality economy creates some vulnerability to economic downturns but also generates high wages in service, gaming, and convention industries. Tech company relocations and remote work have added a new layer of professional demand.
Reno, in northern Nevada near Lake Tahoe, has developed into a tech and logistics hub driven by companies including Tesla, Amazon, and Apple. The Reno-Sparks metro has seen sustained price appreciation and continues to attract California migrants priced out of the Bay Area. Nevada's 3% cap on assessed value increases provides existing homeowners meaningful protection against property tax escalation in rapidly rising markets like both Las Vegas and Reno.
Key Housing Facts for Nevada
Average home price: $425,000
Average effective property tax rate: 0.48%
Average homeowners insurance: $1,200/year
No state income tax
Assessed value increase cap: 3% per year for existing owners
Most active markets: Las Vegas, Henderson, Summerlin, Reno-Sparks
Frequently Asked Questions
Nevada's average effective property tax rate is approximately 0.48%, one of the lowest in the western US. On a $425,000 home, you'd pay roughly $2,040 per year in property taxes. Nevada also caps assessed value increases for existing homeowners at 3% per year, providing protection against tax spikes in rapidly appreciating markets.
Nevada Housing Division offers the Home Is Possible (HIP) program with below-market interest rates and grants of 4% of the loan amount for down payment and closing costs. The Home Is Possible for Heroes program extends benefits to veterans and active military. The Home Is Possible for Teachers program provides 3% grants for qualifying educators. Clark County and Washoe County also have local assistance programs.
No. Nevada has no state income tax, which is a significant financial benefit for homeowners. Combined with the state's low property tax rate, Nevada offers one of the lower total tax burdens of any state in the West. This is one of the primary reasons Nevada has attracted significant in-migration from California and other high-tax states.
Closing costs in Nevada typically range from 2–3% of the loan amount. On a $425,000 home, expect approximately $8,500–$12,750 in closing costs. Nevada does not have a state transfer tax but does have a real property transfer tax levied at $1.95 per $500 of value in most counties (higher in some rural counties). The Nevada Housing Division's 4% grant can offset these closing costs significantly.