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Tesla Gigafactory's effect on local housing
invite response
2016 Aug 10, 12:47pm 1,954 views 3 comments
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1
Sharingmyintelligencewiththedumbasses
2016 Aug 10, 12:51pm
Sharingmyintelligencewiththedumbasses
2016 Aug 10, 12:51pm
Is Reno a good place to live? Tahoe 30 minutes away is a huge plus! the kayak river in the middle of town too!
2
The Original Bankster
2016 Aug 10, 1:00pm
The Original Bankster
2016 Aug 10, 1:00pm
does anyone take the claims of Tesla Motors seriously at this point?
3
rocketjoe79
2016 Aug 10, 7:14pm
rocketjoe79
2016 Aug 10, 7:14pm
Uh, how about Panasonic, who is heavily invested in the factory as well. But, hey, Musk cashed out of Paypal with all his buddies, for a few Billion. Real dummie. Must not have anything here either. ARE YOU NUTS. My fail was not buy Tesla stock at 20. I was an idiot.
Tesla said they expect their gigafactory to employ about 6500 people full time by 2020, and the average salary looks to be about
$23/hr, so thats about 45k / yr. $23/hr is slightly above average for the Reno area.
http://www.rgj.com/story/news/2014/10/22/tesla-submits-gigfactory-incentives-application-technobubble/17751341/
The gigafactory is here at the Star,
https://www.google.com/maps/d/viewer?mid=1XLqLq-2K4HlzY2W3Z3hBxNQgTMI&hl=en_US
I think most of these new employees would live mainly in Reno and Sparks. The other nearby towns
are pretty small, combined they're only around 25k ppl. Sparks is about 96k ppl, and Reno about 240k.
http://www.census.gov/quickfacts/table/PST045215/3260600,3268400
This Reno/Sparks area economy has about 233k jobs.
http://www.bls.gov/eag/eag.nv_reno_msa.htm
About 4-5k homes are sold per year. Maybe about 140k units exist.
http://www.city-data.com/city/Reno-Nevada.html
http://www.city-data.com/city/Sparks-Nevada.html
To me, it seems like this gigafactory alone has the potential to push up
local real estate prices a decent amount. It adds a decent chunk of jobs that pay well
for the area. And, unless I'm not thinking about it right, I think 6500 new jobs
translates to needing a similar amount of new housing units - what seems to be about
1 years worth of housing supply.
Anyone else think this factory will make a meaningful pop in prices?
#housing #economics #investing