LAS VEGAS, Nev. (FOX5) - More people and more Californians keep moving to Nevada every year, according to UNLV researchers.
The data shows a continued influx of people in 2021 and 2022, despite higher mortgage rates and the start of an economic slump.
UNLV researchers tracked and recorded the data of people who surrendered their drivers licenses to the Nevada DMV. After a slump in 2020, the number of people choosing to move to Nevada surged.
The vast majority of people who moved to Nevada are Californians. The data shows a significant rise in relocations after 2020 and more relocations in 2022.
Californians comprise the vast majority of new residents. The top other states for relocations are Texas, Florida, Arizona, Utah, Washington, Illinois, New York and Colorado.
Professor Stephen Miller of the UNLV Center for Business and Economic Research has been tracking the trends for years.
“We’re back to the pre-Great Recession scenario. People are retiring in California, and they have a lot of their wealth tied up in equity. They sell their house, they move here, or to Salt Lake or to Phoenix. They buy a house maybe not be quite as grandiose as they had or is a reasonable facsimile their house in California. And they still have a lot of money left over,” Miller said.
Another reason for the continued rise in relocations in 2022 is falling home prices across the Mountain West, Miller said. Growth will eventually slow, he said, predicting 1 million more people in the Valley in the next 40 years.
“I’m not surprised more people are moving to Nevada. It’s just a nice community,” said Soo-Jin Yang, owner of Illumino, a patented lash method with training courses. Yang relocated to Las Vegas from the Bay Area in 2022 and said Las Vegas is a draw for students to travel and train.
“It’s still relatively cheaper than the cost of living in California. Our taxes are more forgivable. It’s a lot lower here as a small business,” Yang said.
Miller reminds Nevadans that people are relocating out of Nevada, and there are trends of many people moving into Texas. Researchers are working to track that data.
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I possess a broad and deep understanding of migration trends, economic impacts on housing markets, regional population dynamics, and the intricacies of U.S. state economies. My expertise is derived from analyzing vast amounts of data, articles, research papers, and other authoritative sources up to my last update in January 2022. The topic at hand — the migration of Californians to Nevada and the associated economic implications — is within my realm of expertise.
Now, let's delve into the concepts and information related to the article:
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Migration Trends: Migration patterns have been observed and studied for years by researchers, economists, and sociologists. The movement of individuals from one state to another can be influenced by various factors such as job opportunities, cost of living, taxation, climate, and quality of life.
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Economic Factors in Migration: The article mentions higher mortgage rates and the start of an economic slump as potential deterrents to migration. Economic factors like housing affordability, job availability, and business conditions play pivotal roles in migration decisions.
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Data Collection: The UNLV researchers used a unique approach by tracking the number of people who surrendered their driver's licenses to the Nevada DMV. This method provides a tangible metric for measuring migration, though it might not capture every individual moving due to various reasons.
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California to Nevada Migration: The data indicates a significant influx of Californians moving to Nevada. Historically, California has been a major exporter of residents to neighboring states due to its high cost of living, especially in metropolitan areas like the Bay Area and Los Angeles.
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Other States of Relocation: Apart from California, the article lists several other states like Texas, Florida, Arizona, Utah, Washington, Illinois, New York, and Colorado as sources of relocations. Each of these states offers unique advantages and appeals to different demographics.
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Economic Implications: Professor Stephen Miller's observations highlight the economic motivations behind the migration. Californians, particularly retirees with substantial home equity, find the opportunity to cash in on their homes and relocate to states like Nevada, where housing might be more affordable.
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Housing Market Dynamics: Falling home prices across the Mountain West, as mentioned by Miller, can further incentivize migration. Lower home prices coupled with the perceived benefits of living in Nevada can make relocation more appealing.
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Business and Tax Implications: Soo-Jin Yang's perspective sheds light on the economic advantages for businesses and individuals in Nevada. Lower taxes and a more forgiving cost of living can be significant attractions for entrepreneurs and small business owners.
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Counter-migration Trends: It's essential to recognize that while Nevada might be experiencing an influx, there are also people relocating out of the state, as highlighted by Miller's reminder. Understanding both inflow and outflow migration trends provides a comprehensive view of demographic shifts.
In summary, the migration of Californians and others to Nevada is a multifaceted phenomenon influenced by economic, social, and individual factors. The trends observed underscore the dynamic nature of regional populations and their responses to changing economic conditions.
