Top 5 Residential Real Estate Investment Markets in Nevada

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By Trent Seigfried Updated May 29, 2024
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Edited by Michael Yessis

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Winnemucca is home to the best residential real estate investment market in Nevada.

The 89445 zip code in Winnemucca presents the greatest opportunity for investors among the 380 individual real estate markets in Nevada we evaluated. We looked at property values, population trends, and six other metrics for each market. We used that data to calculate each market's InvestScore.

Top 5 Nevada residential real estate markets

RankCity InvestScore Affordability Property value appreciation
1Winnemucca1003.949.03%
2Ely96.42.846.82%
3Lovelock93.23.488.72%
4Pahrump91.35.955.74%
5Las Vegas85.65.652.65%
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1. Winnemucca

We've identified the 89445 zip code in Winnemucca as Nevada's best real estate investment market. Here's why.

πŸ”Ž Key data about Winnemucca

Data pointValueRank in state (of 380 markets)
Zip code89445N/A
InvestScore 100Highest
Typical property value $306,363[1]12th lowest
Five-year appreciation 49.03%[2]21st highest
Household income $77,783[3]47th highest
Affordability ratio 3.96th most affordable
Five-year population growth 4.5%[4]57th highest
Unemployment rate 4.9%[5]22nd lowest
Property taxes $1,298[6]25th lowest
Educational attainment 19.8%[7]57th highest
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Winnemucca (zip code 89445) is the best residential real estate investment market in Nevada. It has the 21st highest property value appreciation among markets we evaluated, with a 49.03% appreciation of the typical property over the last five years.

Winnemucca is the 6th most affordable market among the 380 Nevada markets we evaluated, with an affordability ratio of 3.9.

2. Ely

The 89301 zip code in Ely is Nevada's second-best residential real estate investment market.

πŸ”Ž Key data about Ely

Data pointValueRank in state (of 380 markets)
Zip code89301N/A
InvestScore 96.42nd highest
Typical property value $206,671[8]lowest
Five-year appreciation 46.82%[9]34th highest
Household income $75,089[10]51st highest
Affordability ratio 2.82nd most affordable
Five-year population growth -6.9%[11]93rd highest
Unemployment rate 3.3%[12]6th lowest
Property taxes $1,075[13]15th lowest
Educational attainment 13.6%[14]83rd highest
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The 89301 zip code in Ely features a typical property value of $206,671, the lowest in the state.

Property values have appreciated 46.82% over the past five years, the 34th highest increase among evaluated markets in the state. Ely homes have an affordability ratio of 2.8, the 2nd most affordable in the state.

3. Lovelock

The 89419 zip code in Lovelock comes in at No. 3 in our ranking of residential real estate investment markets in Nevada.

πŸ”Ž Key data about Lovelock

Data pointValueRank in state (of 380 markets)
Zip code89419N/A
InvestScore 93.23rd highest
Typical property value $208,760[15]2nd lowest
Five-year appreciation 88.72%[16]the highest
Household income $60,568[17]69th highest
Affordability ratio 3.44th most affordable
Five-year population growth -6.5%[18]92nd highest
Unemployment rate 7.4%[19]58th lowest
Property taxes $1,304[20]26th lowest
Educational attainment 11%[21]89th highest
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With a typical property value of $208,760, Lovelock's 89419 zip code features the 2nd lowest property values in the state.

Lovelock homes have an affordability ratio of 3.4, the 4th most affordable among the markets we evaluated.

4. Pahrump

The 89060 zip code in Pahrump ranks No. 4 among Nevada's residential real estate investment markets.

πŸ”Ž Key data about Pahrump

Data pointValueRank in state (of 380 markets)
Zip code89060N/A
InvestScore 91.34th highest
Typical property value $282,009[22]8th lowest
Five-year appreciation 55.74%[23]5th highest
Household income $48,076[24]5th highest
Affordability ratio 5.950th most affordable
Five-year population growth 30.1%[25]9th highest
Unemployment rate 7.7%[26]63rd lowest
Property taxes $1,082[27]16th lowest
Educational attainment 12.5%[28]84th highest
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Property values in Pahrump's 89060 zip code have seen the 5th highest increase among evaluated markets in the state, with an appreciation of 55.74% over the past five years.

Pahrump's affordability ratio of 5.9 makes it the 50th most affordable among the 380 markets we evaluated.

5. Las Vegas

The 89156 zip code in Las Vegas rounds out our top five residential real estate investment markets in Nevada.

πŸ”Ž Key data about Las Vegas

Data pointValueRank in state (of 380 markets)
Zip code89156N/A
InvestScore 85.65th highest
Typical property value $347,627[29]22nd lowest
Five-year appreciation 52.65%[30]9th highest
Household income $61,856[31]9th highest
Affordability ratio 5.641st most affordable
Five-year population growth 9.8%[32]35th highest
Unemployment rate 7.9%[33]71st lowest
Property taxes $1,033[34]14th lowest
Educational attainment 12.1%[35]88th highest
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Property values in Las Vegas's 89156 zip code rose 52.65% over the last five years, ranking the city 9th highest among evaluated markets in Nevada.

Las Vegas homes have an affordability ratio of 5.6, the 41st most affordable among the markets we evaluated.

How we rank residential real estate markets in Nevada

We evaluated 380 markets on eight metrics, and then assigned an InvestScore based on their weighted and combined rankings. Each market corresponds to a specific zip code in Nevada.

What is InvestScore?

InvestScore is a score on a scale of 0 (worst in state) to 100 (best in state) that estimates the residential real estate investment potential of a given market. It takes into account a suite of key data points for each city.

  • Typical property value: This measures the typical home value in this zip code, according to the Zillow Home Value Index. It reflects the typical value for homes in the 35th to 65th percentile range, including all homes, with the numbers smoothed and seasonally adjusted. We prefer lower property values, which indicate both more room for growth and a greater ease of purchase. We assign a weight of 20% to typical property values.
  • Property value appreciation: This measures how much property values have increased in the area over the past five years, according to the Zillow Home Value Index. We prefer a higher appreciation, as it indicates better returns on housing. However, past performance isn't indicative of future results. We assign a weight of 20% to property value appreciation.
  • Median household income: This is the inflation-adjusted median household income in the zip code, according to U.S. Census American Community Survey data. We prefer a higher household income, as it indicates local residents have more income to spend on housing. We assign a weight of 10% to median household income. We assign a weight of 10% to median household income.
  • Affordability ratio: This is the ratio of the typical home value to the median household income in the area. A lower ratio is better because it means more households can afford a home, which indicates higher demand. We assign a weight of 15% to the affordability ratio.
  • Population growth: This is how much the area's population has grown over the past five years, according to U.S. Census estimates. Higher is better, as it indicates residents are moving into the area at a rapid clip. We assign a weight of 10% to population growth.
  • Unemployment rate: This is the unemployment rate in the area, according to U.S. Census data. We prefer a lower rate, as it indicates the availability of steady employment in the area, meaning residents will find it much easier to afford homes. We assign a weight of 15% to unemployment rate.
  • Property tax: This is the median real estate property tax paid in the area, according to U.S. Census estimates. We assign a weight of 10% to property tax.
  • Educational attainment: This is the percentage of residents in the area that have obtained a bachelor's degree or better, according to U.S. Census estimates. We prefer a higher rate because it indicates  local residents who have higher earning potential and thus should be able to afford homes. We assign a weight of 15% to educational attainment.

Disclaimer: The information contained in this article isn't intended as, and shall not be understood or constituted as, financial advice. The information in this article isn't a substitute for financial advice from an investment professional or real estate agent who is aware of the facts and circumstances of your financial situation or the specifics of any individual property.

Article Sources

[1] Zillow – "Zillow Home Value Index". Updated March 31, 2024.
[2] Zillow – "Zillow Home Value Index, difference over last five years". Updated March 31, 2024.
[7] U.S. Census – "U.S. Census Table S1501 - Educational Attainment 2018-2022". Updated 2018-2022.
[8] Zillow – "Zillow Home Value Index". Updated March 31, 2024.
[9] Zillow – "Zillow Home Value Index, difference over last five years". Updated March 31, 2024.
[14] U.S. Census – "U.S. Census Table S1501 - Educational Attainment 2018-2022". Updated 2018-2022.
[15] Zillow – "Zillow Home Value Index". Updated March 31, 2024.
[16] Zillow – "Zillow Home Value Index, difference over last five years". Updated March 31, 2024.
[21] U.S. Census – "U.S. Census Table S1501 - Educational Attainment 2018-2022". Updated 2018-2022.
[22] Zillow – "Zillow Home Value Index". Updated March 31, 2024.
[23] Zillow – "Zillow Home Value Index, difference over last five years". Updated March 31, 2024.
[28] U.S. Census – "U.S. Census Table S1501 - Educational Attainment 2018-2022". Updated 2018-2022.
[29] Zillow – "Zillow Home Value Index". Updated March 31, 2024.
[30] Zillow – "Zillow Home Value Index, difference over last five years". Updated March 31, 2024.
[35] U.S. Census – "U.S. Census Table S1501 - Educational Attainment 2018-2022". Updated 2018-2022.

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