It’s indeed a trend on the rise: millennials, particularly those from California, are streaming into Nevada at an unprecedented rate, a new study reveals.
Ranked sixth in the US for net migration, since 2020, almost 158,000 individuals have relocated from California to Nevada, constituting 43% of all new residents in the Silver State over the past four years, as per data provided by the Nevada DMV.
The majority share of these new inhabitants? None other than Californian millennials. “They are finding in Nevada the comforts of home – but at a much more affordable price. The median house price is a staggering 42 percent lower,” the report shares.
Recent activity in Summerlin only underscores the growing appeal of Nevada, notably Las Vegas, for another demographic: tech tycoons. A Redfin report shared that about 5,000 Los Angeles residents relocated to Las Vegas in August alone. This trend showcases the increasing number of economic migrants looking for lower living costs in terms of both taxes & housing.
Such a massive influx is also driving up the living cost in cities like Las Vegas, pushing local millennials further away from the housing market.
California, Arizona, Colorado, & Utah are the key states contributing to these millennial migrants. “The number of people moving from state to state has been increasing dramatically. The years 2021 & 2022 saw record numbers of interstate movers, with 7.9 million & 8.2 million people respectively making the switch,” the StorageCafe report emphasized.
Not to be left behind, Generation Xers from Washington are also making Nevada their home, with a majority of these new arrivals falling into the 40-55 age group.
It’s worth noting, that nearly 16 percent of these new residents are remote workers, exchanging Washington’s lush greenery for Nevada’s native sagebrush.
5 Reasons Millennials Are Buying Homes
Over 72 million millennials reside in the United States. If you’re among this demographic & have contemplated purchasing a home, rest assured, you’re not alone. A staggering 98% of millennials, as per Zonda, aspire to own a home at some stage, if they haven’t already. But what motivates this desire?
Building equity – Homeownership is a long-term investment that allows you to build wealth, increase your net worth, & become more financially stable. Beyond that, the alternative to owning a home is typically renting. The way rents have risen over time, it may make sense to build your own equity instead of the equity of the person you’re renting from.
A change in life stage – As a millennial, you’re reaching your prime homebuying years. That means you may be at the point where you need more space or a different location.
Stability or settling down – This could mean establishing your career or just generally deciding more concretely what you want your life to look & feel like. As that idea becomes clearer, you may want to establish that lifestyle in a particular place & put down roots.
Rising home values – By purchasing a home, you own an asset that traditionally increases in value over time. That can mean your home will have a higher resale value if you decide to move again.
Wanting to make somewhere “mine” – Owning a home gives a sense of freedom because you can customize it however you want, make updates as you see fit, & be yourself in a place that’s your own.
