Wealthy Californians Flee to Las Vegas Amid Tax Hike Fears

Realtor.com data shows rising interest from high-net-worth Angelenos and San Joseans seeking homes in Nevada's largest city.

Published on Feb. 16, 2026

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Rich Californians are increasingly looking to buy properties in neighboring, cheaper Nevada, recent data shows. Over 23% of Realtor.com listing views in Las Vegas originated from Los Angeles by the end of last year, making the City of Angels the largest source of out-of-market demand in Sin City. San Jose and Riverside, California also ranked among the top sources of interest in Las Vegas real estate.

Why it matters

Housing costs have skyrocketed across California, one of the most expensive housing markets in the country. The state's high-net-worth residents are being attracted by lower tax environments in other states, with a proposed "wealth tax" targeting billionaires prompting many to consider relocating.

The details

Compared to many California markets, Las Vegas offers much more affordable homes. In January, the typical home in Los Angeles and San Jose cost over $1 million, nearly three times the national median, while the median listing price in Las Vegas was $465,000. Nevada's lack of a state income tax also allows wealthy Californians who move there to save a significant portion of their earnings.

  • By the end of 2022, over 23% of Realtor.com listing views in Las Vegas originated from Los Angeles.
  • In January 2023, the median listing price in Las Vegas was $465,000.

The players

Tania Jhayem

A real estate agent in the luxury division at Keller Williams the Marketplace in Las Vegas.

Hannah Jones

A senior economic research analyst at Realtor.com.

Gavin Newsom

The Democratic governor of California who has vowed to defeat the proposed "wealth tax" targeting billionaires.

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What they’re saying

“Buyers feel they can preserve wealth, enjoy newer housing inventory, and maintain proximity to the West Coast while benefiting from Nevada's tax structure and lower cost of ownership.”

— Tania Jhayem, real estate agent (Realtor.com)

“With no state income tax and far greater buying power, Vegas allows Californians to upgrade in home size, quality, or location in ways that are increasingly out of reach in coastal California markets.”

— Hannah Jones, senior economic research analyst (Realtor.com)

“This will be defeated—there's no question in my mind. I'll do what I have to do to protect the state.”

— Gavin Newsom (The New York Times)

What’s next

It remains to be seen whether the wealth tax proposal will make it onto the California ballot in November. Governor Newsom has vowed to defeat the measure, saying it will drive wealthy residents out of the state.

The takeaway

California's high housing costs and the prospect of a new "wealth tax" are prompting some of the state's richest residents to flee to neighboring Nevada, where they can find more affordable homes and avoid state income taxes.