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Excessive-net-worth Californians are more and more setting their sights on Las Vegas as they appear to scale back their tax burden and shield their funds as a proposed wealth tax looms within the Golden State.
New information reveals that by the tip of 2025, greater than 23% of Realtor.com itemizing views for Las Vegas houses got here from Los Angeles, making it the main supply of out-of-market curiosity.
San Jose accounted for greater than 8% of views, whereas Riverside, California, made up practically 4%, in accordance to Realtor.com.
“Migration from California to Las Vegas might mirror each tax issues and the significant affordability hole between the 2 markets,” Realtor.com senior financial analysis analyst Hannah Jones instructed FOX Enterprise in an e-mail.
MARK ZUCKERBERG BECOMES LATEST CALIFORNIA BILLIONAIRE TO RELOCATE TO FLORIDA AMID TAX CONCERNS
A view of the Los Angeles metropolis skyline is seen right here. (Simonkr / Getty Photos)
That hole is substantial. Los Angeles’ typical residence worth topped $1 million in January, whereas San Jose’s median itemizing worth was even greater at $1.1 million.
In distinction, Las Vegas’ median itemizing worth stood at $465,000, in line with Realtor.com.
Nevada’s lack of a state earnings tax additionally stays a significant draw, Jones stated.
“Taxes and general value of dwelling are main drivers, and Nevada’s lack of state earnings tax continues to be some of the often cited causes for the transfer,” Jones stated.
“For some purchasers, it’s purely monetary. They’ll promote a $2 million to $3 million residence in California and buy a comparable or bigger property in Las Vegas for much less whereas lowering their ongoing tax burden.”
HOMEBUYERS GAIN UPPER HAND IN 3 MAJOR CITIES AS INVENTORIES GROW
The Bellagio Water Fountain Present is considered from Caesars Palace Lodge & On line casino on Might 29, 2025, in Las Vegas, Nevada. (George Rose/Getty Photos)
The migration development additionally comes as California considers a proposed wealth tax that may impose a one-time 5% tax on the web value of residents with belongings exceeding $1 billion.
The measure, backed by the Service Staff Worldwide Union–United Healthcare Staff West, would wish roughly 875,000 signatures to qualify for the November poll.
California Gov. Gavin Newsom has opposed the measure, warning it may push excessive earners to go away the state.
“Whereas coverage discussions like a possible wealth tax might affect timing for some high-income households, the flexibility to transform costly coastal actual property into better buying energy in a lower-cost market is probably going additionally a big driver,” Jones instructed FOX Enterprise.
BILLIONAIRES FLEE CALIFORNIA ‘WITHIN SEVEN DAYS’ OVER PROPOSED WEALTH TAX: INSIDE THE MIAMI MIGRATION
California Gov. Gavin Newsom speaks throughout a rally on Nov. 8, 2025, in Houston, Texas. (Brandon Bell/Getty Photos)
“Collectively, these monetary incentives are serving to maintain cross-state housing demand.”
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Meta CEO Mark Zuckerberg and his spouse, Priscilla Chan, are shopping for a waterfront mansion in Miami’s unique “Billionaire Bunker,” changing into the newest high-profile California billionaire to determine roots in Florida amid tax considerations.
FOX Enterprise’ Kristen Altus contributed to this report.
