MJP –
Arizona and Nevada, two states that could sway the election, have witnessed a surge in new inhabitants, with many hailing from California, as reported by Redfin.
Redfin Chief Economist Daryl Fairweather told FOX Business that people are relocating to Arizona and Nevada due to the abundance of job possibilities and reduced cost of living.
There has long been a migration pattern away from expensive coastal cities like San Francisco and New York and toward less expensive states. The pandemic, according to Elijah de la Campa, a senior economist at Redfin, accelerated this trend.
Buyers fleeing high-priced coastal cities like Boston, New York, Los Angeles, and Washington, D.C. were previously covered by Redfin in 2022. In October of that year, the percentage of buyers who were relocating compared to all buyers reached its highest point since migration data tracking by Redfin began in 2017.
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What motivates individuals to visit these states?
A senior economist at Realtor.com named Ralph McLaughlin said it’s not surprising that states like Arizona and Nevada “remain top destinations for Californian expats.”
First of all, the states are very close to one another, and second, movers typically opt for shorter trips rather than longer ones. In addition, their climates and scenery are very similar.
The housing prices, nevertheless, are “substantially lower than California, offering a similar type of lifestyle at a more affordable price point,” as McLaughlin put it.
“Offer some fiscal advantages to relocating beyond just having less expensive housing.” These states also have cheaper property taxes.
In instance, McLaughlin pointed out that Nevada’s job growth rate is 3.3% and Arizona’s growth rate is 2.3%, which is substantially higher. Contrast that with California’s meager 1.6%.
Real estate levies
Among the twelve states with the lowest property taxes, Nevada and Arizona were both included. The average yearly tax rate in Nevada is $1,369.60, as reported by Rocket Mortgage.
This amount is $2,519.82 in Arizona. The average yearly property tax rate in California, on the other hand, is around $5,347.48.
Property values
According to Redfin, the median price of a property in Arizona was $451,000 in June 2024, an increase of 1.9% from the previous year.
The median price in Nevada was $461,700 in June, a 5.8% increase from the same month a year ago.
Houses in California sold for an average of $856,700 in June, a 7.6 percent increase from the same month a year ago, as reported by Redfin.
