The Rising cost of living is something that affects people in all parts of the United States. Many people have had to cope with their wages stagnating while the cost of living continues to rise, leaving them in a very difficult financial situation. According to figures, San Francisco is the most expensive city in terms of the cost of living, with many in the city struggling to make ends meet.
Figures have shown that Clarke County in Nevada has seen a sharp increase in the number of new residents over the past couple of years, topped only by Maricopa County. In addition, figures suggest that around 30 percent, or nearly one third, of people moving into Las Vegas are from California. So, does this suggest that people are deciding to uproot from cities with higher living costs and move elsewhere to enjoy more financial freedom?
Struggling to Cope in the Most Expensive City in the United States
It is likely that a lot of people on average salaries are struggling to cope with rising living costs in what has become the most expensive city in the United States. Increases such as sharp rises in the cost of renting a property has practically priced people out of being able to stay in San Francisco and this is why many have decided to head elsewhere so they can enjoy cheaper rents, cheaper living costs, and more financial stability.
In San Francisco, average rents are said to have rocketed by close to 15 percent in one year alone. It has also become the most expensive city to build in, which means that those hoping to see new, lower cost properties spring up could end up sorely disappointed. On the other hand, there has been a lot of investment in property such as townhouses in Las Vegas, which could go some way toward explaining why there has been such an influx of people from California.
The American Consumer Survey report shows that in the past decade or so, a staggering five million people moved out of California. Of course, this would be for a variety of different reasons but there is little doubt that cost of living was the reason for some of those that moved. Officials stated that factors such as high property rental costs, high house prices, high living costs, and lack of job opportunities were among the more common reasons behind these moves.
The report further suggests that in 2018 alone, more than 100,000 people moved to Las Vegas from California, many of them in a bid to escape taxes and high living costs. This has made property rentals such as townhouses and condos increasingly popular, as those moving into the area look for affordable accommodation options to suit their needs. This, in turn, has been encouraging for the property and real estate investment industries in Las Vegas, spurring further investment into Las Vegas real estate and the building of new properties in the area.