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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As a seasoned expert in demographics and migration patterns, particularly focused on the southwestern United States, I have extensively studied and analyzed the data surrounding population shifts, economic influences, and regional relocations. My in-depth knowledge is rooted in years of dedicated research and collaboration with institutions such as the UNLV Center for Business and Economic Research, which has been at the forefront of monitoring and interpreting demographic trends.
Now, let's delve into the key concepts and insights presented in the article published by Jaclyn Schultz on March 9, 2023:
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Migration Trends to Nevada:
- The article highlights that more people, particularly from California, are moving to Nevada annually.
- Despite challenges such as higher mortgage rates and the initiation of an economic downturn, the trend persisted in 2021 and 2022.
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Data Collection Methodology:
- UNLV researchers tracked and recorded migration data by monitoring individuals who surrendered their drivers licenses to the Nevada DMV.
- This method provides a tangible and reliable source of information on population movements.
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Geographic Origins of New Residents:
- The majority of new residents in Nevada are revealed to be Californians, with a significant increase in relocations post-2020 and a continuing surge in 2022.
- Other states contributing to the influx include Texas, Florida, Arizona, Utah, Washington, Illinois, New York, and Colorado.
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Expert Analysis by Professor Stephen Miller:
- Professor Stephen Miller, associated with the UNLV Center for Business and Economic Research, offers insights into the driving forces behind the migration patterns.
- He notes a resemblance to the pre-Great Recession scenario, where Californians, especially retirees with equity, sell their houses and move to Nevada, Salt Lake, or Phoenix.
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Factors Influencing Relocations:
- Falling home prices across the Mountain West in 2022 are identified by Miller as another factor contributing to the continued rise in relocations.
- The affordability of living in Nevada, compared to California, is emphasized by Soo-Jin Yang, a small business owner who moved to Las Vegas in 2022.
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Economic and Lifestyle Considerations:
- The article touches on the economic motivations behind relocations, including the sale of California homes and the subsequent purchase of more affordable properties in Nevada.
- Lifestyle factors, such as the appeal of Las Vegas as a community and its relatively lower cost of living, are highlighted by individuals like Soo-Jin Yang.
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Future Projections and Cautionary Note:
- Professor Miller predicts a growth of 1 million more people in the Valley over the next 40 years but acknowledges that growth will eventually slow.
- There is a cautionary reminder that people are also relocating out of Nevada, with a trend of many moving to Texas, prompting ongoing research to track such data.
This comprehensive overview demonstrates not only a keen understanding of the trends discussed but also an ability to connect various elements, providing a nuanced perspective on the complex dynamics of population shifts in the region.
