New people aren't coming to Las Vegas and thousands of people want to leave the popular gambling mecca, according to real estate experts and the 2010 census. The only thing keeping many residents here is the recession, low home values, underwater mortgages, and the lack of job opportunities elsewhere.
The growth of one of the fastest growing US cities in the 90's and most of the 2000's has come to a screeching halt, according to new census numbers. There's even a good possibility that Las Vegas's population will soon begin to decrease, especially as more and more people get out from under their mortgages.
According to UNLV's Robert Lang:
"The idea of a mass exodus is not true... People can't leave because they would have to bring a check to the closing, or declare bankruptcy."
Vegas has even recently made it into Bloomber's "10 Most Miserable Cities" list. Real unemployment is 15%+, more than 80% of Vegas properties are underwater, nearly 60% of current home sales are distressed properties, and in Clark county 15% of homes are sitting vacant.
Awesome!
About a third of Las Vegas residents would leave the city if they could, according to a recent poll from the Las Vegas Review-Journal. U-Hauls statistics show that a slow exodus may be going on in Sin City. Thousands of younger people want to leave, and will leave, as soon as they can.
The only bit of good news is that, as the world economy slowly improves, tourism and gambling -- Vegas's primary industries, by far -- are expected to grow. More and more Americans are expected to take care of the great cheap vacation deals currently being offered by Las Vegas casinos and hotels. And Vegas home prices are at the lowest levels in decades, meaning that LOTS of people from around the world should be looking to buy here.
We believe that Vegas, our home city, will be making yet another comeback within the next 2-3 years. Rumors of this city's death have come and gone several times over the past 70+ years. And the best part is that Vegas is CHEAP again and, in fact, offers some of the best travel values in the world.... and should continue to do so for quite awhile!
Learn some mo': People are leaving Las Vegas -- if they can
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