Wealthy Californians Flock to Las Vegas Housing Market

High-net-worth residents look to reduce tax burden as California considers wealth tax

Published on Feb. 13, 2026

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High-net-worth Californians are increasingly moving to Las Vegas as they look to reduce their tax burden and protect their finances amid a proposed wealth tax in the Golden State. New data shows that by the end of 2025, over 23% of Realtor.com listing views for Las Vegas homes came from Los Angeles, making it the leading source of out-of-market interest. The migration is driven by the significant affordability gap between the two markets and Nevada's lack of a state income tax.

Why it matters

The influx of wealthy Californians to the Las Vegas housing market highlights the growing tax concerns among high-earners in the state. As California considers a proposed wealth tax, some residents are looking to relocate to lower-tax states like Nevada to protect their finances. This trend could have broader implications for California's tax base and economy.

The details

According to Realtor.com data, by the end of 2025, more than 23% of listing views for Las Vegas homes came from Los Angeles, making it the leading source of out-of-market interest. San Jose accounted for over 8% of views, while Riverside, California, made up nearly 4%. The typical home price in Los Angeles 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, a significant affordability gap. Nevada's lack of a state income tax also remains a major draw for high-net-worth Californians looking to reduce their tax burden.

  • By the end of 2025, over 23% of Realtor.com listing views for Las Vegas homes came from Los Angeles.

The players

Realtor.com

A leading real estate listing website that provides data and analysis on housing market trends.

Gavin Newsom

The Governor of California, who has opposed the proposed wealth tax measure, warning it could push high earners to leave the state.

Mark Zuckerberg

The CEO of Meta (Facebook), who is buying a waterfront mansion in Miami's exclusive 'Billionaire Bunker', becoming the latest high-profile California billionaire to establish roots in Florida amid tax concerns.

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What they’re saying

“Migration from California to Las Vegas may reflect both tax considerations and the meaningful affordability gap between the two markets.”

— Hannah Jones, Senior Economic Research Analyst, Realtor.com

“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.”

— Hannah Jones, Senior Economic Research Analyst, Realtor.com

“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.”

— Hannah Jones, Senior Economic Research Analyst, Realtor.com

What’s next

The proposed wealth tax measure in California will need to gather roughly 875,000 signatures to qualify for the November ballot. If the measure passes, it could further accelerate the migration of high-net-worth Californians to low-tax states like Nevada.

The takeaway

The influx of wealthy Californians to the Las Vegas housing market highlights the growing tax concerns among high-earners in the state. As California considers a proposed wealth tax, some residents are looking to relocate to lower-tax states like Nevada to protect their finances, which could have broader implications for California's tax base and economy.