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West Wendover: Fluctuating Home Values and Ownership in a Small Nevada City
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
West Wendover, a small city in Nevada, has experienced notable shifts in its housing market over the past decade. Located on the Utah-Nevada border, this city of just over 4,000 residents has seen fluctuations in homeownership rates and housing prices that reflect broader economic trends and local dynamics.
The homeownership rate in West Wendover has shown significant variability from 2013 to 2022. In 2013, the city had an even split between owners and renters at 50% each. By 2018, homeownership peaked at 60%, but then declined to 45% by 2022. This downward trend in homeownership coincided with a substantial increase in average home prices. From 2013 to 2022, average home prices rose from $149,264 to $257,082, representing a 72% increase over nine years.
The relationship between federal interest rates and homeownership rates in West Wendover shows some correlation. As interest rates remained low from 2013 to 2016, hovering around 0.1-0.4%, homeownership rates increased, reaching 56% in 2014. However, as interest rates began to rise more significantly from 2017 onwards, homeownership rates started to decline. By 2022, with interest rates at 1.68%, the homeownership rate had dropped to 45%.
Renter percentages in West Wendover have generally moved inversely to homeownership rates. As homeownership declined from 60% in 2018 to 45% in 2022, the percentage of renters increased from 40% to 55%. Interestingly, average rent prices have not shown a consistent upward trend during this period. Rent prices fluctuated, peaking at $784 in 2014, dropping to $592 in 2017, and then rising again to $759 by 2022. These fluctuations may be influenced by factors such as local economic conditions and housing supply.
In 2023 and 2024, West Wendover's housing market continued to evolve. Average home prices reached $262,276 in 2023 and further increased to $273,914 in 2024, showing a continued upward trend. Simultaneously, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying affordability and market dynamics.
Looking ahead, based on current trends, it's projected that average home prices in West Wendover could continue to rise over the next five years, potentially reaching around $300,000 by 2029. Rent prices may also see moderate increases, possibly reaching an average of $800-$850 per month in the same timeframe. However, these projections are subject to various economic factors and local market conditions.
In summary, West Wendover has experienced a shift towards a higher proportion of renters in recent years, coinciding with rising home prices and fluctuating interest rates. The city's housing market reflects a complex interplay of economic factors, with homeownership rates declining as housing costs increase. As the market continues to evolve, balancing affordability with housing demand will likely remain a key challenge for this small Nevada city.
