The share of homebuyers looking to relocate has hit an all-time high, and once again, Las Vegas makes the top five list of desirable and affordable locations.
According to Redfin, which operates a residential real estate brokerage in 95 markets in the United States and Canada, the share of relocating buyers, out of all buyers, is at its highest level since 2017.
“The overall slowdown and the popularity of relocating are both due to high home prices and mortgage rates that have doubled since last year, making relatively affordable areas even more attractive…and motivating homebuyers to leave expensive areas,” said Redfin Deputy Chief Economist Taylor Marr in A Record Share of Homebuyers Relocate, Driven by Moves Away from Expensive Coastal Areas.
For instance, the typical home in Las Vegas sold for $416,000 in August 2022, half of the $845,000 median in Los Angeles. In addition, the median age of a home in Las Vegas is 119.2 percent younger than the median age of a home in Los Angeles.
For years, Southern California has been the number one city of origin for people moving to Las Vegas. There’s even a term for it – California economic refugees. And housing prices aren’t the only reason to relocate to Las Vegas. Consider these pluses!
The cost of living in Las Vegas is only four percent higher than the national average, which is remarkable for a city of more than half million residents. Overall, Los Angeles is 58.7% more expensive than Las Vegas.
You can actually save money living in Las Vegas. Nevada has no state income tax. The minimum combined 2022 sales tax rate for Las Vegas, Nevada is 5.5 percent. This is the total of state, county and city sales tax rates.
An abundance of National Parks and Conservation Areas are within a short drive of Las Vegas, offering opportunities for hiking, mountain biking, rock climbing, boating and more. Plus, you’ll find world-class snow skiing on Mt. Charleston only 30 minutes from the Strip.
Cheering for the hometown teams is a must as home to the much loved NHL’s Vegas Golden Knights; NFL’s Las Vegas Raiders; the newly crowned WNBA champions, the Las Vegas Aces; and the city’s Triple-A baseball team, the Las Vegas Aviators.
For those who treasure an urban lifestyle, downtown Las Vegas is emerging as the place to live and play. The amenity-filled loft-style condominium community of Juhl on Bonneville Ave. is near both world-class and neighborhood-centric entertainment, restaurants, art galleries, nightlife and shopping. Plus, its central location allows for easy access to the city’s cultural attractions and Las Vegas’ professional sports venues. In addition, Juhl residents enjoy luxury amenities such as full-service concierge and on-site dry cleaning, a two-story fitness center with pool and Strip views, resort pool with cabanas, spa and firepit, 10th floor vino deck with Strip views, co-op working lounge, alfresco movie theater, private pet walk, summer kitchens and grilling stations, 24-hour security and electric car charging stations.
Major city airports are usually a pain. Not so in Las Vegas. Harry Reid International Airport (formerly McCarran Airport) is centrally located so it’s easy to get to and from the airport.
Las Vegas enjoys more than 300 days of sunshine every year and has an average annual temperature around 80 degrees and low humidity. Plus, Las Vegas is considered a natural disaster-free zone, so the likelihood of hurricanes, tornadoes or earthquakes is exceedingly low.