In the fourth quarter of 2008 home buyers earning the median income could afford almost 65% of the homes for sale in the Reno Sparks area. One year ago median earners could only afford about 24% of the homes on the market. An even more remarkable comparison is looking back to the second quarter of 2006 when a median earner could only afford 15% of homes for sale.
This is good news for home buyers! Combined with the $8,000 first-time home buyer tax credit and great mortgage interest rates, now is a great time make the leap from renting to owning.
