Apartment developers and investors are constantly seeking reliable information before embarking on a new project. A recent study conducted by the Storage Cafe research team delved into the reasons behind Arizona’s growing popularity among Southern California residents.
With an average of 173 Californians moving to Arizona every day, it is quickly becoming one of the most sought-after relocation destinations in the West. In fact, over 630,000 Californians have made Arizona their new home in just a decade – equivalent to the population of Tucson.
Key Factors:
One major draw for these transplants is that home prices in Arizona average at $321,000 – almost half of California’s steep $659,000 price tag. This makes homeownership much more attainable for those looking to settle down in this state.
Renters also benefit from significantly lower costs as apartments in Arizona come at a fraction of what they would pay for rent back home in California – saving an average of 30%.
In addition to affordable housing options, newcomers can also enjoy significant financial relief with only a 2.5% income tax rate compared to California’s staggering rate of 13.3%.
Who Is Moving?
Leading this migration trend are millennials who make up about 26%of all newcomers with approximately17,500 individuals relocating annually.
Following closely behind are members from Gen Z making up around20%of migrants bringing roughly13 ,500new residents each year.
Baby boomers account for18 %of movers representing around12 ,000individuals who relocate annually often attracted by affordable retirement options availableinArizona .
