For those of you that want to sell your existing home take heed -Hordes of California’s millennials are coming to Nevada, according to a new study.
Nevada has the nation’s sixth-highest rate of net migration which is the difference between the number of new residents and the number of people leaving. According to StorageCafe, there are over 14 newcomers for every 1,000 residents. StorageCafe combines data from the U.S. Census Bureau and the Bureau of Labor Statistics.
The largest percentage of new residents are millennials from California.
Part of the reason is that a home here is significantly cheaper- 42 percent less expensive than one in California.”
In 2021, the migration really took off when approximately 60,000 Californians moved to Nevada. A recent summit that took place in Summerlin highlighted interest in Las Vegas within a specific demographic: tech billionaires and millionaires.
A report from Redfin discovered that approximately 5,000 Los Angeles residents moved to Las Vegas in August alone, signifying an ongoing trend of economic migrants seeking out a lower cost of living via taxes and housing.
These trends may contribute to a rise in the cost of living within Las Vegas, as another report found that local millennials are getting priced out of the housing market at a high rate.
Generation Xers ( 40-55 in age) are also coming to Nevada from Washington in high numbers. a noteworthy amount of these newcomers are remote workers.
Idaho ranked first in net migration per capita for new residents from out of state, followed by Vermont, Montana, South Carolina, and Maine.
Bottom Line is that there are plenty of would-be buyers migrating to Las Vegas and have money to spend on a home here. If you want to sell your home contact Robin at the Smith King Team- robin@smithteamlasvegas.com or 702-460-5080.
Keep in mind that whether you are interested in buying a home or selling a home, a Realtor should represent you– this person is working for your benefit and will help you navigate through the buying or selling process. We have celebrated selling both New and Resale Homes for over thirty years…..
We are here to answer any questions you might have – just email robin@smithteamlasvegas.com
ISellLasVegas!
Thanks and make it a terrific day…………The Smith King Team
