Rent to own Homes in Elko, NV
This place is about as authentic and true to the image of the American West as can be. Elko sits astride the Humboldt River in one of the most remote areas of the country. Still, the city of over 18,000 is a modern outpost that serves as a regional shopping and commercial center. The settlement started as a railroad town along the first transcontinental route. Rail and ground transportation are key industries to this day, with I-80 passing directly through town.
Elko, NV is a great place for affordable rent-to-own homes! With a median household income of over $77,659 and a median rent of $1,040, the Elko, NV rent-to-own market is more affordable than the traditional housing market which has shown tremendous growth across the U.S. and with it, aggressive competition for home purchases. With the current housing shortage trend it can make it harder to become a homeowner, including in Elko, NV. This means higher than average down payments for homes and higher qualification standards for conventional home loans. With a rent-to-own property, tenants are also buyers. You can live in the house for a set amount of time before you purchase it, meaning that you get to know the house, your neighbors, and your community before making the final purchase. This enables you and your family to make the right choice based on both information and experience. Rent-to-own is also a great alternative way to get into a home if you have bad credit or don't have enough saved for a down payment.
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Elko, NV is seeing rapid growth and Elko, NV's' housing market remains not optimal with an average home price that is 6% above the 2024 national average. Elko, NV is part of Elko county and taxes are an important factor to consider when purchasing a home whether through rent to own or a traditional purchase. The average tax rate as of 2024 for county Elko is 0.56% which is below the national average, which is 0.99%.
Median Home Price in Elko, NV
Median Rent in Elko, NV
4 Reasons to Love Living in Elko, Nevada
Great entertainment! Because Elko is the largest city in any direction for 130 miles, the locals have made their own options. The gambling laws of Nevada also mean the city draws casino fans from all over, especially from the Salt Lake City area. Stockman's is an historic downtown landmark that has welcomed gamblers and entertainment fans for decades. Another place with a lot of history is Commercial Casino, which was originally built in 1869 and called the Humboldt Lodging House. Be sure to check out the stuffed 10 ft. tall polar bear in the lobby.
Good values in a buyer's market! The average listing price for late 2014 was $263,329--down just a tenth of a percent from the year before; but the median sales price of $207,500 was down 11.5%. That means sellers are likely taking offers. Look for rent to own homes along Mountain City Highway for newer properties or on the north end of town near Elko High School for more established houses.
Huge range of outdoor fun! The Ruby Mountains, located just to the east of town, have been called America's Alps. Majestic peaks, mountain lakes and meadows, and magnificent scenery await. Hunting and fishing, mountain biking, remote camping, horseback riding, hiking and a myriad of other activities are here for the taking. Take the scenic drive up Mountain City Highway to Wildhorse Reservoir for good fishing or go through Lamoille up to Ruby's iconic peaks.
Wide range of home styles to choose from! The neighborhood on the southeast side of the Humboldt River is primarily single-family homes. Find large homes near the greens at Ruby View Golf Course or check out potential rental homes in the Mountain View Park neighborhood. The older homes near downtown tend to be brick or stone, while the houses in new areas run the range of styles. Ranch homes on acreage are common here and are a potential rent to own opportunity worthy of exploration.