California Investors Shifting East: Will Reno Be Your 2024 Goldmine?

[Trevor Richardson]

We tracked a lot of investment trends in 2023

Tired of California's competitive markets and skyrocketing prices? You're not alone. In 2023, a staggering 50% of investor purchases in the Golden State were made by out-of-state buyers, seeking greener (and more affordable) pastures. Reno, Nevada, with its booming economy, diverse housing market, and attractive tax benefits, is emerging as a top contender for California investors looking to diversify and grow their portfolios in 2024.

Why Reno is Attracting California Investors:

• Lower price point: Enjoy significantly more bang for your buck compared to California's expensive markets like San Francisco, Los Angeles, and San Diego.
• Tax-friendly environment: No state income tax and lower property taxes offer substantial savings for long-term investors.
• Growing economy: Boasting a diverse economy driven by healthcare, technology, and tourism, Reno offers strong job growth and rental demand. Tesla is planning on building the Tesla Semi truck factory outside of Reno. 
• Thriving housing market: With a mix of established neighborhoods, exciting new construction, and upcoming development projects, Reno caters to a variety of investor preferences.
• Quality of life: Reno offers stunning natural beauty, vibrant entertainment options, and a laid-back atmosphere, making it a desirable place to live and invest.

New Construction: California Investors' Favorite Trend

In 2023, we saw a clear trend amongst California investors – they love new construction! The modern amenities, low maintenance requirements, and attractive rental potential of new builds make them a compelling choice. Luckily, Reno has a robust pipeline of new developments catering to this preference, offering options for every budget and investment strategy.

Ready to Make Your Move?

If you're a California investor looking for a fresh start in 2024, Reno might be the perfect fit. Join the discussion and share your California market insights in the comments below!