Wealthy Californians are increasingly setting their sights on Las Vegas as they look to downsize 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 Angelesmaking it the main source of off-market interest.
San Jose accounted for more than 8% of views, while Riverside, California, accounted for almost 4%, according to at Realtor.com.
“The migration from California to Las Vegas may reflect both tax considerations and the significant affordability gap between the two markets,” Hannah Jones, senior economic research analyst at Realtor.com, told FOX Business in an email.
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A view of the Los Angeles city skyline can be seen here. (Simonkr/Getty Images)
This gap is considerable. The typical price of a home in Los Angeles topped $1 million in January, while the median listing price in San Jose was even higher, at $1.1 million.
In contrast, the median listing price in Las Vegas was $465,000, according to Realtor.com.
Nevada’s lack of income tax also remains a major draw, Jones said.
“Taxes and overall cost of living are major factors, and Nevada’s lack of income tax continues to be one of the most commonly cited reasons for this decision,” Jones said.
“For some clients, it’s purely financial. They can sell a house for $2-3 million. 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 Bellagio water fountain show is seen from Caesars Palace Hotel & Casino on May 29, 2025, in Las Vegas, Nevada. (George Rose/Getty Images)
The migration trend also comes as California considers a wealth tax proposal it would impose a one-time 5% tax on the net worth of residents with assets exceeding $1 billion.
The measure, supported by the Service Employees International Union – United Healthcare Workers West, would need about 875,000 signatures to qualify for the November ballot.
California Governor Gavin Newsom opposed the measure, warning it could push high earners out of the state.
“While policy discussions such as a possible wealth tax may influence the timeline for some higher-income households, the ability to convert expensive coastal real estate into greater purchasing power in a lower-cost market is likely also an important factor,” Jones told FOX Business.
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California Governor Gavin Newsom speaks at a rally November 8, 2025 in Houston, Texas. (Brandon Bell/Getty Images)
“Together, these financial incentives help support housing demand across the states.”
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FOX Business’ Kristen Altus contributed to this report.
