Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more
With 20,279 people, 6,726 houses or apartments, and a median cost of homes of $207,024, Elko real estate prices are well above average cost compared to national prices.
Single-family detached homes are the single most common housing type in Elko, accounting for 55.72% of the city's housing units. Other types of housing that are prevalent in Elko include mobile homes or trailers ( 17.02%), duplexes, homes converted to apartments or other small apartment buildings ( 13.37%), and a few large apartment complexes or high rise apartments ( 13.13%).
The most prevalent building size and type in Elko are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 61.64% owning and 38.36% renting.
There is a lot of housing in Elko built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Elko built between 1940-1969 ( 16.54%). A lesser amount of the housing stock also hails from between 2000 and later ( 12.24%). There's also some housing in Elko built before 1939 ( 6.58%).
Appreciation rates for homes in Elko have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 12.53%, which ranks in the top 30% nationwide. This equates to an annual average Elko house appreciation rate of 1.19%.
Appreciation rates are so strong in Elko that despite a nationwide downturn in the housing market, Elko real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Elko appreciation rates continue to be some of the highest in America, at 6.00%, which is higher than appreciation rates in 74.02% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Elko. Elko appreciation rates in the latest quarter were at 4.32%, which equates to an annual appreciation rate of 18.45%.
Importantly, this makes Elko one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.
Relative to Nevada, our data show that Elko's latest annual appreciation rate is lower than 90% of the other cities and towns in Nevada.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Elko differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Elko - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Elko real estate investment or home purchase decisions.
|$828,001 - $1,104,000||0.0|
|$552,001 - $828,000||2.4|
|$442,001 - $552,000||5.9|
|$331,001 - $442,000||7.7|
|$221,001 - $331,000||31.6|
|$111,001 - $221,000||31.2|
|$55,001 - $111,000||6.5|
|$0 - $55,000||13.9|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
2000 Q1 - 2017 Q1
|* 10 is highest|
|AGE OF Elko HOMES|
|2000 or Newer||12.2|
|1970 - 1999||64.6|
|1940 - 1969||16.5|
|1939 or Older||6.6|
|TYPE OF Elko HOMES|
|Small Apt. Buildings||13.4|
|SIZE OF Elko HOMES|
|5 or more bedrooms||5.92|