Las Vegas has always been a hot destination for tourists. But now it looks like it’s on even more people’s radar for a permanent stay. Refin.com recently released a study that showed Las Vegas was high on the most recent list of places people are considering relocating to. This has been happening for a while, but if the most recent findings are any indicator, it’s about to get worse.
The study showed that almost 25% of homebuyers in the United States are still looking to move to less expensive cities. This possible shift in geography comes after record high inflation. Not to mention a pandemic that made working from home the new normal. Giving people a lot more flexibility to work from anywhere.
At the beginning of 2022, the mortgage rates for new home buyers was off the charts, and home prices were at an all time high. The housing market has calmed significantly since then. But there are people still looking to buy. And Redfin‘s study shows they’re looking to buy in different cities. Specifically more affordable ones. This study was released just in October, so the influx into Vegas probably isn’t over yet.
According to Redfin, “of the people who are still buying homes, an unprecedented portion are relocating to new metros. Many are seeking relative affordability as near-7% mortgage rates and persistently high home prices make expensive parts of the country even more expensive.”
So where are these new metros? Certainly people aren’t still rushing to move to Las Vegas. A city that is already struggling with an unprecedented low water-to-citizen ratio. Right?
Las Vegas nearly topped the most-recent list of cities that people are looking to relocate to. Mostly because they can sell their house and buy one here for about half the cost. Not a bad situation if you’re lucky enough to pull that off. The cities with high numbers of people trying to get out of them include Los Angeles, San Francisco, New York, Boston and Washington D.C.
And here’s the list of top ten places that these people are still looking to move to. Check out where Vegas lands. Looks like traffic is about to get a lot worse.
–Wendy Rush, 96.3KKLZ Las Vegas