LAS VEGAS (KTNV) — A record number of Southern Californians are now calling Las Vegas home.
CONTINUING COVERAGE: Digging deeper: Impact of Las Vegas' sky-high home prices
The influx of movers are bringing their wallets with them. Steve Budin, local financial analyst, says the Southern Californians moving to Las Vegas have been helping the economy.
“An extremely large amount of data shows, the new California residents contribute economically to our state," said Budin. "The amount of businesses that have relocated here, and these businesses employ many Nevadans.”
And why not move to Las Vegas?
The beautiful mountains, luxury casinos, and entertainment attractions are a plus. On top of the housing market prices are extremely attractive according to many southern Californians.
The median price of a home in Los Angeles is $920,000, according to Redfin.
While Las Vegas Realtors Association report the median price is $440,000.
But on the other hand, Thomas Blanchard, incoming president of the Nevada Realtors Assoc., says this large wave of movers is causing the price of homes to rise in the valley.
“It's going to become more expensive to purchase here as we try to meet the demand," said Blanchard. "And are able to charge higher prices for things.”
Blanchard says he suggests first-time home buyers actively search for your forever home now despite the new competitors.
“You need to get on the home ownership train," said Blanchard. "To be able to enjoy the benefits of the price evaluations going up.”
