A recent report that detailed the cost of living in 25 of the nation’s most expensive cities named Los Angeles as their #2 pick. The report states that the high number of people moving to L.A. coupled with the lack of affordable housing has created a housing crisis that has caused an influx of people to consider other options. And where are a lot of these Angelenos flocking? According to Redfin, an online real estate brokerage, Las Vegas is seeing that influx.
According to the US Census Bureau, over 800,000 people moved out of California between 2021 and 2022 but after factoring in how many people moved in, California still lost almost 350,000 residents, with most people moving to Seattle and Las Vegas.
Redfin, which analyzes where people are looking for homes, crunched the numbers between August and October 2023, and found that Sacramento was the first most popular city to migrate to, followed by Las Vegas and Orlando, Florida in third place.
Daryl Fairweather, Redfin’s chief economist said that,
Although Las Vegas homebuyers also have to contend with high mortgage rates and home prices that continue to climb, Las Vegas looks affordable in comparison to places like Los Angeles, San Jose,or Seattle.”
In October 2022, Las Vegas added more than 7,000 residents, most from Los Angeles. What do you think? Does the news surprise you? And will we ever catch a break with these rising housing prices?