The old Ross Manor is becoming the new One 18 West Apartments
Jim Mickey, owner of ARCaDESMA Architecture, talks about transforming the old Ross Manor, or Colonial Apartments, into a modern apartment building to be called One18 West Apartments.
Nevada is the exception in annual homeownership costs among its western neighbors.
A new Bankrate study ranks Nevada 26th in homeownership costs, factoring in taxes, insurance, maintenance and utilities.
Nevada homeowners spend an average of $19,115 per year — thousands less than their neighbors in California ($32,262), Washington ($27,444) and Colorado ($25,766). New York was excluded due to data limitations.
Nevada may be one of the last western states offering an affordable path to ownership. Here’s how it compares regionally and nationally.
Home prices and costs in Nevada and the West
Nevada’s homeownership costs may be lower than most western states, but that doesn’t mean home prices themselves are low — especially in fast-growing urban areas.
As of May, the median sale price for a home in Nevada was $436,167, according to Zillow. That’s well above the national median of $357,600, slightly higher than Arizona ($426,458) and still below Utah ($500,961).
Prices within Nevada vary widely.
Reno recorded a median sale price of $637,500 in April, according to Sierra Nevada Realtors. That figure reflects only existing, stick-built single-family homes.
In Las Vegas, the median home sale price was $480,000 in May, just below its record high of $485,000 earlier in 2025, according to Las Vegas Realtors.
Western comparisons:
- California: $739,333
- Washington: $583,333
- Colorado: $573,333
- Utah: $500,961
- Montana: $495,768
- Oregon: $489,133
- Nevada: $436,167
- Arizona: $426,458
- Wyoming: $331,250
- New Mexico: $333,259
On the home ownership costs, Nevada’s $19,115 in annual homeownership costs isn’t exactly low, but it’s a deal by western standards. It’s nearly $4,300 less than the western average of $23,416.
Californians pay more than $17,000 just in maintenance and property taxes, compared to $11,400 in Nevada for the same categories.
Nevada also has lower utility costs ($3,613) and a moderate insurance average of $2,628, helping it rank 26th nationally despite its rising home prices.
Top 10 most expensive states for homeownership
Three western states crack the top five, with all 10 driven by a mix of high housing prices, taxes and upkeep costs:
- Hawaii — $34,573/year
- California — $32,262/year
- New Jersey — $29,751/year
- Massachusetts — $29,277/year
- Washington — $27,444/year
- Connecticut — $27,170/year
- New Hampshire — $25,870/year
- Colorado — $25,766/year
- Florida — $24,713/year
- Rhode Island — $23,885/year
Top 10 least expensive states for homeownership
The Midwest and South dominate the list of lowest-cost states, where expenses are nearly half those in the West:
- West Virginia — $12,579/year
- Mississippi — $14,810/year
- Indiana — $14,903/year
- Missouri — $15,349/year
- Arkansas — $15,362/year
- Iowa — $15,737/year
- Michigan — $16,045/year
- Ohio — $16,259/year
- Alabama — $16,365/year
- North Dakota — $16,389/year
These states benefit from lower home prices, cheaper utilities and modest property taxes.
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