Currently, the Los Angeles wildfire has displaced thousands of people. Nicholas Irwin, an economist at the University of Nevada, Las Vegas (UNLV), suggests that many are likely to seek refuge in the Las Vegas Valley.
Nicholas said, "We may see some people temporarily move to the valley area and wait for post-disaster reconstruction."
Once it comes to post-disaster reconstruction, the housing market may face pressure. Nicholas pointed out that the lengthy rebuilding process could put some pressure on the rental market for large apartments or residences.
The economist stated that rebuilding all these homes will be a lengthy process, requiring waiting for insurance payouts and the availability of limited construction workers.
This could take several years, so we might see some people moving to Las Vegas to live during this period, enrolling their children in schools here, hence rental prices might face some upward pressure.
Meanwhile, the Las Vegas Valley is not at risk of wildfires, which might attract long-term movers.
Nicholas said, "If you are concerned about wildfire or flood risks, Las Vegas might be a safer place. Although there are concerns about floods, we have addressed these issues well. In fact, many people move from Southern California to Las Vegas every year, which might be an additional factor attracting people here."
Currently, the wildfire outbreak in Los Angeles County continues to rage, and it is expected to become one of the most devastating natural disasters in American history. Even far from California, you will still pay the price...
