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California Exodus Impacts Las Vegas Market

Northern California Neighborhood

California Exodus Big For Las Vegas

 

The California exodus is on, big time. What was once the American dream; golden sunsets, Hollywood stars, warm weather, and beautiful scenery, California has sadly become a state that’s less than favorable to live in. The glitz and glamour of the state is not worth the money and stress it takes to live there, rapidly causing a mass coastal exodus by the millions. Considering that USA Today says Los Angeles now has the worst traffic in the entire world or the fact that California once again ranked dead last in Chief Executive magazine’s annual Best and Worst States for Business (https://chiefexecutive.net/best-worst-states-business-2018/) , we can’t say we blame California residents for flooding Eastward.

On the other hand, Nevada has hit the “jackpot” when it comes to available jobs and affordable housing; two “big daddy” necessities when considering where to live. An influx of dissatisfied Californians will undoubtedly make their way to Las Vegas, following the silver and black footsteps of their former NFL team, the Raiders. The 65,000-seat capacity of the domed arena will not only bring in direct jobs for vendors, security, and arena maintenance; but also, jobs for construction workers to keep pace with the rise of homes and businesses that will need to be built due to the population increase. If that’s still not enough incentive to move to Las Vegas, according to Chief Executive Magazine, companies such as Amazon, a solar energy manufacturer Supreme, ERG Aerospace, and Xtreme Manufacturing hope to bring in over 1,500 jobs between them all. Along with that, beauty coinsurers of Las Vegas will be eager to have Sephora join Sin City when they build their 714, 000 square foot warehouse, opening positions to at least 400 new employees (https://www.stl.news/impressive-500000-yearly-california-exodus-prompted-recent-sky-rocketing-home-prices/125950/) . Nevada ranked 12th in Chief Executive’s list, partly due to the high variety of jobs and growth. Twelve outta fifty ain’t bad!

We’re all familiar with the idea of “million-dollar mansions”. We’ve all probably dreamed about living in one for as long as we can remember. But have you ever heard of paying 1.7 million for 1,700 square feet of property? I’m no expert but I don’t believe square footage qualifies as a mansion. These are the prices Californians are used to seeing, though. According to Zillow, the median of homes listed right now is a whopping $525,000 while Trulia says Las Vegas’ median is $266,500. The difference is staggering, especially considering the size of the homes and properties. Even rentals can end up costing you around $2,500 a month for 911 square feet with two bedrooms. Las Vegas will run you about half of that. And for the cherry on top, Nevada has no state tax whereas California has the highest tax rates in the country. According to my calculations, that’s Nevada–1,458 vs California–1 (for those ocean lovers out there).

These numbers are no secret … it’s exactly why us locals are seeing more and more CA plates on our freeways. We already know Las Vegas is a great place to live and Californians are following suit. Whether you’re a local or trekking your way here for a better life, right now is the time to buy. Las Vegas already had so much to offer and it’s not slowing down anytime soon. If you’d like to get your foot in the real estate door while the getting’ is good, contact one of our experienced relators at Platinum Real Estate to find you that perfectly priced house that Californians are salivating for!

Call 702.545.0020 or email info@homepros.vegas for more information.

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