More people are leaving LA than moving in, and one glitzy state neighbor is their top destination
New data from online real estate marketplace Zillow reveals that there are fewer renters looking to move to Los Angeles than Angelenos looking to move elsewhere — and one glitzy city is a top destination.Zillow looked at its rental page views across real estate markets around the United States.It determined where prospective renters searching in each city were coming from.Multiple cities had Los Angeles as the biggest source of out-of-town rental page views.According to the data, nearby Las Vegas was the most attractive out-of-state option for Los Angeles renters, who made up about 5.4% of rental page views there.Next up was Phoenix, with 2.3% of its viewers coming from Los Angeles.
Salt Lake City saw 2.1% of page views from the City of Angels.It’s not a surprise given Los Angeles’s notorious reputation for becoming increasingly unaffordable.According to a new report by Realtor.com, LA County rents hit a record four-year low this year, but the overall median asking rent was still a whopping $2,603.“You are going from an area where, on average, you’re severely rent-burdened, to an area where not only can you afford rent, but you’ve got considerable savings left over, and it’s still sunny and warm,” Zillow’s Chief Economist Mischa Fisher told the Los Angeles Times.“You don’t have the ocean, but it has other benefits.”Shane Phillips, with the UCLA’s Lewis Center for Regional Policy, told the Times that there has also been an exodus of Angelenos moving southern states such as Florida and Georgia.
The Midwest is also seeing an uptick in Angelenos.“Given that the Midwest is not a particularly strong market, not great job prospects for many people, I think it’s just notable that there’s outmigration to there,” Phillips said.The Zillow data shows that even if Los Angeles renters can’t afford to move out of state, they’re heavily looking at moving to cheaper places within California.Riverside, about 55 miles east of Los Angeles, saw...