R
eno's young adults are lagging behind the national average in homeownership, with only 3.6% of home purchase loans going to residents under 25, according to a recent housing study. This puts Reno at 75th among mid-size metros and 292 overall out of 382 cities, solidifying its spot in the bottom fourth.

    The city's struggles with affordability are a major contributor to this trend. The median mortgage loan for young Reno homebuyers is a staggering $330,000, compared to the national average of $195,000 – a difference of $135,000. Meanwhile, the median sale price for an existing home in Reno-Sparks has surpassed $600,000.

    Nevada as a whole fares even worse, with young adults accounting for only 3.4% of home purchase loans and ranking it among the bottom 10 states. In contrast, Iowa leads the pack with 11.9% of homebuyers under 25, followed closely by North Dakota at 10.2%.

    The challenges facing young adults in the housing market are multifaceted. Elevated home prices and high interest rates have made it difficult for first-time buyers to make a purchase, while limited inventory means they must compete with established homeowners for what's available.

    Despite these obstacles, young buyers have made progress in recent years, with their homeownership rate peaking at 25.7% in 2020 – a record tied with 2005. However, this trend has reversed since the pandemic, with the under-25 homeownership rate declining to 23.6% in 2023.

    The housing shortfall is a pressing issue, with Zillow estimating that over 4.5 million homes need to be built to meet existing demand. As young adults face an increasingly competitive market, it remains to be seen whether they will be able to overcome these challenges and achieve their dream of homeownership.