Las Vegas is Top Destination for Relocating Homeowners
Relocating homeowners are seeking lower overall cost of living and a better deal on a home.
Las Vegas is the most popular home destination for relocating homeowners, especially those from Los Angeles.
Affordability is the top reason for taking it to Sin City, according to a recent Redfin survey conducted by Qualtrics, that found 20% who moved for a lower overall cost of living, 15% wanted a better deal on a home, and 13% who couldn’t afford a home/the cost of living in their previous area.
The typical Las Vegas home costs less than half as much as one in Los Angeles, San Francisco, or Seattle, the most common origins for buyers moving in, Redfin said.
This is the first time Vegas topped this list. Its typical home sells for $412,000, more than 100% less than the price of a typical LA home.
A record one-quarter (25.5%) of homebuyers nationwide looked to move to a different metro area in the second quarter, up from 23% a year earlier and about 19% before the pandemic.
High interest rates are the reason there are fewer homeowners seeking relocation, according to this survey released July 27, which showed a 7.5% year-over-year decline. Rates recently for a 30-year fixed mortgage have been between 6.81% and 7%.
Five of the 10 most popular destinations are in Florida. All have warm climates, with many facing increasing risks of natural disasters like flooding and heat. Phoenix, for instance, was under an excessive heat warning for much of July, but the Qualtrics survey showed only about 4% of those relocating cited climate change as the primary reason.
Redfin recently reported that a housing affordability crisis pushed 446,000 more Americans into disaster-prone areas than those who left them.