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MONEY MATTERS

Las Vegas Grows as California Faces Mass Exodus

But is Las Vegas the best alternative to live?

California’s home prices soar, a family earning $117,000 now qualifies as “low income” in the Bay area region. Las Vegas has long been California’s playground. Just an hour flight from San Fransisco, LA and San Diego.

It’s been a wild desert escape since gangster Bugsy Siegel and fellow mob boss Meyer Lansky, laundered money through Mormon-owned banks and built The Flamingo in 1946.

When earning over $100,000 annually qualifies your family as low income, West Coast home Buyers are in troubled times. For those lucky enough to already own property in California, a chance to cash in maybe the right move.

The Californian housing market is tough, even tougher if you’re under 40.

Many first time Buyers in California have put in 15 offers on homes without success. As all cash Buyers consume what little inventory is available. Even dilapidated homes on tiny lots in the right area are fetching a million dollars or more.

The dream of owning a home is slipping further away leaving most families to rent long term. Lease property is nearly as competitive with most renters forced to pay half a months salary in rent alone. Making it impossible to even save the down payment required for home purchase.

 

Californians fed up with housing costs and high taxes are fleeing to Las Vegas in large numbers.

Las Vegas offers something California’s want, the right to own a home. With the median home price in Las Vegas at $300,000 this is not only attainable to most Californians, it’s a bargin.

The opportunity to purchase a 3 bedroom 2 bath home at $300,000 means a first time home Buyer who qualifies for an FHA loan can purchase with as little as $10,500 down payment even with less than perfect credit.

There’s no corporate income tax, no personal income tax which lures Californians to Las Vegas, especially under the new Trump tax plan.

The savings is substantial and can increase the quality of life through vacations and investments that would otherwise go to the State.

Californians migrating to Nevada often double the size of their homes and can live comfortably on one income. This is a major factor for single moms and parents who want to be stay-at-home mom or dads.

Millennial’s in the tech industry are realizing their home ownership dreams by setting up a home office and taking on a roommate. They enjoy 24 hour nightlife in Downtown and the Strip.

All generations find travel easy. Just a two hour drive to the North is Zion National Park and a few hours South the Grand Canyon. McCarran International Airport offers easy check in and there’s great deals on flights in and out of the city. Many airlines offer roundtrip flights to California as low as $60 when booked ahead.

Las Vegas ranked as the most popular destination for people moving from California to metropolitan areas, according to a recent report from the real-estate website Trulia.

In total, more than 8% of people who moved out of California in the first quarter of 2018 chose Nevada’s most populous city as their new home.

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