High-net-worth Californians are increasingly setting their sights on Las Vegas as they look to reduce their tax burden and protect their finances as a proposed wealth tax looms in the Golden State.
New data shows that by the end of 2025, more than 23% of Realtor.com listing views for Las Vegas homes came from Los Angeles, making it the leading source of out-of-market interest.
San Jose accounted for more than 8% of views, while Riverside, California, made up nearly 4%, according to Realtor.com.
“Migration from California to Las Vegas may reflect both tax considerations and the meaningful affordability gap between the two markets,” Realtor.com senior economic research analyst Hannah Jones told FOX Business in an email.
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That gap is substantial. Los Angeles’ typical home price topped $1 million in January, while San Jose’s median listing price was even higher at $1.1 million.
In contrast, Las Vegas’ median listing price stood at $465,000, according to Realtor.com.
Nevada’s lack of a state income tax also remains a major draw, Jones said.
“Taxes and overall cost of living are major drivers, and Nevada’s lack of state income tax continues to be one of the most frequently cited reasons for the move,” Jones said.
“For some clients, it’s purely financial. They can sell a $2 million to $3 million home in California and purchase a comparable or larger property in Las Vegas for less while reducing their ongoing tax burden.”
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The migration trend also comes as California considers a proposed wealth tax that would impose a one-time 5% tax on the net worth of residents with assets exceeding $1 billion.
The measure, backed by the Service Employees International Union–United Healthcare Workers West, would need roughly 875,000 signatures to qualify for the November ballot.
California Gov. Gavin Newsom has opposed the measure, warning it could push high earners to leave the state.
“While policy discussions like a potential wealth tax may influence timing for some high-income households, the ability to convert expensive coastal real estate into greater purchasing power in a lower-cost market is likely also a significant driver,” Jones told FOX Business.
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“Together, these financial incentives are helping sustain cross-state housing demand.”
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FOX Business’ Kristen Altus contributed to this report.
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