Buying a Home in Nevada: What You Need to Know
If you're considering buying a home in Nevada, understanding the true cost of homeownership is essential. Beyond your mortgage payment, Nevada homeowners face property taxes, insurance costs, and closing fees that vary significantly from the national average. This calculator uses Nevada-specific data to give you accurate monthly payment estimates.
Nevada Property Taxes
Nevada has an effective property tax rate of 0.49%, ranking #42 out of 50 states (where #1 is the highest). On a median-priced home of $455,000, you'd pay approximately $2,230 per year in property taxes, or about $186/month.
Nevada is among the states with the lowest property taxes in the nation. This can make homeownership more affordable here compared to high-tax states, though you should verify rates in your specific county.
Nevada Homeowners Insurance
The average annual homeowners insurance premium in Nevada is $1,074 for $300,000 in dwelling coverage, or about $90/month.
Nevada enjoys relatively low insurance costs compared to many other states. This is often due to lower risk of major natural disasters. However, rates vary by location, so get quotes for your specific property.
Nevada Closing Costs
Closing costs in Nevada average 0.84% of the home's purchase price. On a $455,000 home, that's approximately $3,822. Closing costs typically include:
- Loan origination fees
- Appraisal and inspection fees
- Title insurance and search
- Recording fees
- Prepaid property taxes and insurance
Nevada Housing Market
The median home price in Nevada is $455,000. This is close to the national median of approximately $410,000, offering a balanced housing market with options for various budgets.
More Nevada Mortgage Tools
Use these additional calculators to plan your Nevada home purchase: