There are currently more adults in Nevada that were born in California than were born in Nevada. That’s according to Robert Lang, executive director of Brookings Mountain West at the University of Las Vegas. Over 50,000 Californians relocated to Nevada between July 2017 and July 2018. This is the second highest amount in the past decade, according to the U.S. Census Bureau.
Estimates show that nearly four out of every 10 people who moved to the Silver State were from California. Drawing Californians to Nevada is its lack of state income tax and lower cost of living.
As of October, the median sale price of a previously owned single-family home in Las Vegas was $307,000 compared to $663,000 in Los Angeles.
Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 3.875 percent and 15-year rates are near 3.375 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.