Affluent Californians Flock to Las Vegas as Wealth Tax Looms

High net worth homebuyers from California are moving to Las Vegas in droves to preserve their wealth and stretch it further as the Golden State inches toward tax policies that target the rich.

Published on Feb. 10, 2026

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High net worth homebuyers from California are moving to Las Vegas and its suburbs in droves to preserve their wealth and stretch it further as the Golden State inches toward tax policies that target the rich. By the end of 2025, over 23% of Realtor.com® listing views in Las Vegas originated from Los Angeles, making it the largest source of out-of-market demand.

Why it matters

This trend highlights the growing appeal of Nevada's tax-friendly environment for affluent Californians, especially as the state considers a proposed wealth tax that could drive a mass exodus of high net worth individuals.

The details

Tania Jhayem, a real estate agent in Las Vegas, says she has seen a clear trend over the past year of Californians, particularly high earners, flocking to Sin City. Many of these clients are selling higher-priced homes in coastal markets and bringing significant equity with them, allowing them to purchase luxury properties in Las Vegas either with large down payments or all cash. The median listing price in Las Vegas last month was just $465,000, compared to $1,025,000 in Los Angeles and $1,119,000 in San Jose, meaning buyers can get significantly more house for their money in Nevada's largest metro.

  • By the end of 2025, over 23% of Realtor.com® listing views in Las Vegas originated from Los Angeles.
  • In January, the typical home in LA cost $1,025,000, while the median listing price in San Jose was $1,119,000.
  • The median listing price in Las Vegas last month was just $465,000.

The players

Tania Jhayem

A real estate agent at Keller Williams The Marketplace's luxury division in Las Vegas.

Gavin Newsom

The governor of California who has vowed to kill the proposed wealth tax measure.

Joe Lombardo

The Republican governor of Nevada.

Shelley Berkley

The Democratic mayor of Las Vegas.

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What they’re saying

“There has been a noticeable increase in affluent buyers relocating from California. Many of these clients are selling higher-priced homes in coastal markets and bringing significant equity with them, which allows them to purchase luxury properties here either with large down payments or all cash.”

— 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)

What’s next

The proposed wealth tax measure in California is expected to be on the ballot in November, and its outcome could have significant implications for the continued influx of high net worth Californians to Las Vegas.

The takeaway

This trend highlights the growing appeal of Nevada's tax-friendly environment for affluent Californians, as they seek to preserve their wealth and stretch their purchasing power in the face of rising costs and potential new taxes in their home state.