Thinking of buying real estate in Reno? Well before you start packing up your things, take a serious look at your finances to see if you can afford it. This goes not just for people who will be making their first property purchase but also for owners of real estate in East York, Ontario as well. Each city is different, so each market should be carefully investigated on its own merits. Here are some things to think about in Reno.

Home Prices

The price of the home is the biggest financial drain on a new home buyer. The good news is that home prices are down all over the continent due to the recession. A house for sale in Mississauga is no longer as expensive as it was a year or two ago, and the same goes for Reno. Houses are listing for an average of $368,000 but are selling for closer to $175,000, which means big savings for seller. Don't get carried away, though. You shouldn't be paying more than 30% of your monthly income on your mortgage.

Taxes and Insurance

Even though home prices are down, it's important to remember that the property tax and home insurance rates will not be frozen at your home's current low value. Home insurance prices vary depending on how well you looked after your old Toronto waterfront condos and what company you buy your policy from, but in Reno property taxes are assessed at 35% of the home's value. That means in a few months or years when prices go back up, so will your taxes.

Cost of Living

It is also important to remember that you will not only be buying a home in Reno (a one-time purchase) but you will be living there as well, buying groceries, clothes, household items, gas, etc. It doesn't matter if they're giving away condos in Bloor West Village, because the cost of living is so high only the wealthy can afford to support themselves. In Reno, the cost of living is 97.5, nearly equal to the United States average.

Employment

Whether you can afford to live here or not will depend on what you get when you put up your Arlington, Texas houses for sale and also on what sort of job you can get when you arrive. Unless you've got a job lined up already, you can use the per-capita income figures to guesstimate your annual income. In Reno, it's just shy of $28,000.