Compared to Distribution

an indicator guage with the arrow in the green the value is in the best half of communities.

an indicator guage with the arrow in the yellow the value is in the 2nd worst quarter of communities.

an indicator guage with the arrow in the red the value is in the worst quarter of communities.

Compared to Target

green circle with white tick inside it meets target; red circle with white cross inside it does not meet target.

Compared to a Single Value

green diamond with downward arrow inside it lower than the comparison value; red diamond with downward arrow inside it higher than the comparison value; blue diamond with downward arrow inside it not statistically different from comparison value.

Trend

green square outline with upward trending arrow inside it green square outline with downward trending arrow inside it non-significant change over time; green square with upward trending arrow inside it green square with downward trending arrow inside it significant change over time; blue square with equals sign no change over time.

Compared to Prior Value

green triangle with upward trending arrow inside it higher than the previous measurement period; green triangle with downward trending arrow inside it lower than the previous measurement period; blue equals sign no statistically different change from previous measurement period.

green chart bars Significantly better than the overall value

red chart bars Significantly worse than the overall value

light blue chart bars No significant difference with the overall value

gray chart bars No data on significance available

Housing Opportunity Index (HOI) Ranking

Measurement Period: 2023

Filter: none (all Metropolitan Statistical Areas (MSA))

The HOI is defined as the share of homes sold in an MSA area that would have been affordable to a family earning the local median income, based on standard mortgage underwriting criteria.

Why is this important?

The National Association of Home Builders assumes that a family can afford to spend 28% of its gross income on housing. In addition to principal and interest, cost then also includes estimated property taxes and property insurance for the home. Mortgage insurance is not currently a component of the HOI. Including income and housing cost components, the HOI is the share of records in a metropolitan area for which the monthly income available for housing is at or above the monthly cost for that unit.

More...

Metropolitan Statistical Area (MSA): Reno-Sparks

20.1

Share of homes affordable for median income

Source: National Association of Home Builders
Measurement period: 2023
Maintained by: Truckee Meadows Tomorrow
Last update: April 2024

Filter(s) for this location: State: Nevada

Compared to See the Legend

Technical note: There is a break in the history of the HOI starting with the first quarter of 2012. In the spring of 2019, the FHFA interest rate series used to calculate the HOI since its inception was discontinued. To preserve comparability, NAHB revised the HOI, both at the national and metro area level, back to the first quarter of 2012, consistently using the new Freddie Mac interest rate series.

National Association of Home Builders/Wells Fargo Housing Opportunity Index, https://www.nahb.org/news-and-economics/housing-economics/indices/housing-opportunity-index

More details:

NAHB/Wells Fargo retired the HOI year-end 2023, and replaced it with the new Cost of Housing Index (CHI) starting 2024. The two indices should not be compared.