Home owners are still packing up for more affordable properties inland. A recent Redfin report underscored how people from California are still eyeing places like Arizona.
Election swing states, Arizona and Nevada, have seen an influx of new residents, particularly from California, according to Redfin. "People are moving to Arizona and Nevada primarily for the lower cost of living and plethora of job opportunities," Redfin Chief Economist Daryl Fairweather told FOX Business. The trend of people moving from more expensive coastal cities, such as New York or San Francisco, to more affordable states isn't new.
Both Arizona and Nevada were in the top 12 states with the lowest property taxes. According to Rocket Mortgage, the average annual tax rate in Nevada is $1,369.60. In Arizona, the rate is $2,519.82. In contrast, California's average annual property tax rate is about $5,347.48. Arizona home prices jumped 1.9% in June 2024 compared to a year ago and sold for a median price of $451,000, according to Redfin. In Nevada, prices were up 5.
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