Rich Californians are increasingly looking at neighboring Nevada to escape an expected increase in taxes targeting the wealthy in the Golden State, with Realtor.com data showing a growing number of high-net-worth Angelenos and San Joseans seeking homes in Las Vegas and its suburbs.
By the end of last year, over 23 percent of Realtor.com listing views in Las Vegas originated from Los Angeles, according to the real estate brokerage.
That made the City of Angels the largest source of out-of-market demand in Sin City, followed by another California city, San Jose—which represented over 8 percent of listing views for homes in Las Vegas. Riverside, also in California, placed fourth with almost 4 percent.
Why It Matters
Housing costs have skyrocketed across the country since the pandemic, with home prices, mortgage rates, property taxes and homeowners insurance premiums shooting through the roof. In California, one of the most expensive housing markets in the country, the median sale price of a home—at $780,200—is now almost double the nationwide median of $423,261…