Business Beat: Workers Priced Out Of Housing Market, Demand For Home Products On The Rise
Here's the latest business news from around Northern Nevada, with Business Beat from the Northern Nevada Business Weekly.
Rising Housing Costs Pricing Out Local Workers
Over the last year, housing prices in the region have continued to rise, while interest rates have remained historically low. That’s been good news for existing homeowners who were able to refinance their mortgage to a lower monthly payment or to take out money for home improvement projects.
However, it’s been a lot harder for people looking to break into the housing market. That’s especially true in Northern Nevada, where high demand and low inventory have led to record-setting median home prices, and that’s pushed many middle-income families and laid-off workers out of the market.
Pandemic Led To Surge In Demand For Home Products
Toilet paper, jigsaw puzzles and lawn chairs? The pandemic led to a surge in demand for a variety of products last year. For Carter Brothers Ace Hardware in Midtown Reno, that meant items that had been collecting dust for years were suddenly out of stock.
Co-owner Tim Carter says he used to spend much of his time figuring out what people wanted, but last year, that didn’t matter. If anything, he says the company had trouble keeping up with a sudden interest in home products, and he’s worried revenues may slow as more people restart canceled travel plans.
Interest In Travel Agents Rising
People across the country are itching to get out of town after a year of virus-related travel restrictions, and many are turning to travel agents to navigate confusing rules and restrictions.
According to the American Society of Travel Advisors in early March, 76% of travel advisers saw a boost in customers compared to pre-pandemic interest, and 80% are hearing from travelers who have never worked with a travel adviser before.
Kaleb Roedel is a KUNR contributor and reporter with the Northern Nevada Business Weekly. For more business news, check out the Northern Nevada Business Weekly at nnbw.com or in print on Wednesdays.