Is Reno the New San Francisco?
Reno, NV, gets a lousy rap. A down-and-out casino town, with higher-than-average unemployment and high crime that has somehow remained immune to the wealth that flocks to nearby Lake Tahoe. Its slogan, “The Biggest Little City in the World” seems ironic at best.
Maybe that’s all about to change. Tech giants from Tesla to Apple have announced plans to open offices in Reno. The city of around 233,000 is “expecting a flood of tech-sector workers over the next couple of years,” according to MainStreet.com. Some analysts believe there may be an additional 50,000 Reno residents by 2020.
Guess what comes with the high-paying jobs in tech hot spots? Pricier real estate (Silicon Valley, anyone?). “Reno’s home prices are already soaring with the prospect of new employers entering the area. The area’s median home sales price rose by 16% since last year,” it continued.