Las Vegas appears to be attracting more than weekend escapes. According to new data out from Redfin, Sin City has become the top destination for those looking to relocate—a first for the Nevada city.
A record one-quarter of Redfin.com users nationwide looked to move to a different metro area in the second quarter, up from roughly 23 percent a year earlier. And while a record portion of homebuyers are relocating, there are fewer relocators than there were a year ago. The number of Redfin.com users moving to a different metro is down 7.5 percent annually, a record decline but much smaller than the 18 percent decline for those staying within their current metro area.
Redfin notes that Las Vegas has become the top choice for the first time, due in large part because money goes a long way there. The typical Vegas home sells for $412,000—less than half the price of a home in Los Angeles, the most common origin for buyers moving to Las Vegas.
After Las Vegas, Phoenix and Tampa are the most popular destinations for Redfin.com users moving to a different metro area. In fact, five of the 10 most popular destinations are in Florida.
A recent Redfin survey found that just 4 percent of U.S. residents who moved to a new metro in the last year did so because they were concerned about the impact of climate change on their previous area. That’s compared with 20 percent who moved for a lower overall cost of living, 15 percent who wanted a better deal on a home and 13 percent who couldn’t afford a home/the cost of living in their previous area.