California residents move to Arizona, Nevada
- California residents are continuing to relocate to more affordable areas like Arizona and Nevada.
- Reports show a trend of homeowners from California moving to inland locations.
- The migration pattern highlights the search for cheaper housing options.
Recent data from Redfin indicates a significant influx of new residents to Arizona and Nevada, particularly from California, driven by the search for lower living costs and abundant job opportunities. Redfin Chief Economist Daryl Fairweather highlighted that this trend is part of a broader movement of individuals relocating from expensive coastal cities like New York and San Francisco to more affordable states. The migration pattern has been noted since at least 2022, with Arizona and Nevada emerging as prime destinations for those leaving California. Economists suggest that the appeal of Arizona and Nevada lies not only in their lower home prices but also in their comparable lifestyle offerings. Ralph McLaughlin, a senior economist at Realtor.com, emphasized that both states provide significantly lower property taxes, enhancing their attractiveness for relocating families. Arizona's average property tax rate stands at approximately $2,519.82, while California's is about $5,347.48, making the financial benefits clear for potential movers. Job growth in these states further supports the migration trend, with Arizona and Nevada experiencing growth rates of 2.3% and 3.3%, respectively. This economic expansion, coupled with the lower cost of living, positions Arizona and Nevada as favorable alternatives for those seeking better financial stability. As of June 2024, home prices in Arizona rose by 1.9% to a median of $451,000, while Nevada saw a 5.8% increase to $461,700. In contrast, California's home prices surged by 7.6%, reaching a median of $856,700, underscoring the financial pressures driving residents to seek more affordable housing options.