The Beverly Hills of Arizona: Paradise Valley

A recent article from Business Insider came out explaining how wealthy California residents are ditching the state for the “Beverly Hills of Arizona”. Paradise Valley has become known as  the Beverly Hills of Arizona with the influx of wealthy California residents making it their new home. Paradise Valley is nestled into the desert hills between Phoenix and Scottsdale in Maricopa County. In 2022, The Wall Street Journal reported millionaires from around the country were quickly relocating to the affluent suburb.

The Paradise Valley Attraction

The neighborhood has long attracted celebrities, such as Stevie Nicks, as well as several billionaires, including Bennett Dorrance, the Campbell Soup heir worth an estimated $3.1 billion, and Bruce Halle, the founder of Discount Tire, who died in 2018. These wealthy celebrities are saying the quality of life is better for them and their families. Their kids can run around freely and take in the warm sunshine.

Other wealthy California counties, such as Los Angeles County and Orange County, are also losing people to Arizona. Los Angeles County, which has a population of over 9.7 million, lost 8,614 residents to Maricopa County on average each year from 2016 to 2020 — a 48% increase from 2011 to 2015.

Business Friendly Atmosphere

Arizona also has a growing tech scene, making it easier for people in that industry to make the move. The main appeal of Arizona is that the industry is booming while it is still in close relativity to California. Californians who decide to make the move are pleasantly welcomed by the favorable weather and booming business potential.

Making the Move to Paradise Valley?

At David Newman Partners, our team of luxury realtors are here to help you find your dream home in Paradise Valley. With over 100 years of combined experience, we have exclusive access to top listings in the area. Contact us today to learn more and get started on finding your dream home.