Sliding Economy Continues to Push Long Islanders to Nevada, Elsewhere

July 16, 2008

(Long Island, N.Y.) Do the rising costs of living on Long Island have young people thinking about moving to another part of the country? You bet they do. The economy is showing 2008 to be one of the toughest years Long Island has seen in a very long time, local economists say, and the outlook is not getting any better for the year ahead.

According to an article in the New York Times, a Census Bureau population estimate conducted in July of 2004 showed that Las Vegas was the fastest-growing city in the country - and not far from the minds of Long Islanders looking to relocate.

“While it’s difficult to track the exact numbers of people leaving Long Island for Las Vegas, the Internal Revenue Service reported that the number of households filing federal tax returns whose addresses changed from one county to another has been increasing and Las Vegas is showing as a top destination.

In 2003, 201 former Suffolk County households filed tax returns from Clark County, Nevada., an 18.9 percent increase over the previous year. In Nassau County, the increase was about 2.2 percent that same year, to 140.”

Real Estate in and around the Las Vegas area continues to be far ahead of the national average as far as building permits applied for. The economy in Las Vegas, due in most part, to the world wide tourism, is in a constant growth pattern. For all who are involved in the real estate market, this is good news, if you are buying or selling. Individuals wanting to move to Las Vegas on a permanent basis are able to find and locate many different sources of assistance.

If an individual is interested in investment type real estate or simply a primary residence, the available options are plentiful. The unemployment market in Las Vegas is below the national average, and the school districts are rated some of the best in the state of Nevada. With the Las Vegas real estate market being affordable and plentiful for all types of homeowners, investors or even time share participants, now is a very good time to consider a permanent move to Las Vegas. With the price structure of new and existing homes in the $150,000 to $400,000 range from well established builders such as KB Homes, William Lyon Homes, D.R. Horton, and others, there will always be a market for individuals interested in relocating to Las Vegas. Due to the nature of the type of growth and tourism to Las Vegas, obtaining quality real estate in Las Vegas has now become something that Long Island’s young people can afford.

Natalie Gaebelein, 24, from Long Island, and her local friends have started a group called “Stay on Long Island” that is trying to ensure that young Long Islanders stay home, instead of taking their talents elsewhere. http://www.youtube.com/watch?v=MRiwF9xUhJU

Other areas that Long Islanders show a desirable interest in are mostly in the south and western states like North Carolina, South Carolina, Arizona, Florida, Virginia, and Georgia - all key areas of interest for those relocating from the Long Island area, according to Tony Sena of North American Realty of Nevada, a relocation specialist in Las Vegas.

Posted by News LI Editor · Edited by Brianna - Filed Under Money