High-net-worth Californians are accelerating moves to Nevada, with new housing data showing growing interest in the Las Vegas market as policymakers debate a proposed wealth tax in the Golden State.

According to Realtor.com, more than 23% of listing views for Las Vegas properties by the end of 2025 came from Los Angeles, making it the top out-of-market source of interest. San Jose accounted for more than 8% of views, while Riverside represented nearly 4%.

Realtor.com senior economic research analyst Hannah Jones said the migration reflects both tax considerations and a widening affordability gap between California’s major metros and southern Nevada.

That gap is significant. Los Angeles home prices have topped $1 million, while San Jose’s median listing price stands around $1.1 million. By comparison, Las Vegas’ median listing price sits at approximately $465,000.

Nevada’s lack of a state income tax remains a major draw for higher-income households looking to reduce ongoing tax exposure. Jones noted that some sellers can unload a $2 million to $3 million California property and purchase a comparable or larger home in Las Vegas for less, while lowering their overall tax burden.

The housing shift comes as California considers a ballot measure that would impose a one-time 5% tax on the net worth of residents with assets exceeding $1 billion. The proposal, backed by the Service Employees International Union–United Healthcare Workers West, must gather roughly 875,000 signatures to qualify for the November ballot.

Gavin Newsom has voiced opposition to the plan, warning that such a policy could drive top earners out of the state.

The broader trend mirrors moves by prominent business leaders. Mark Zuckerberg and his wife, Priscilla Chan, are purchasing property in Miami’s exclusive “Billionaire Bunker,” joining other high-profile figures who have established residency in lower-tax states.

Analysts say the combination of high coastal home values, lower housing costs in neighboring states, and tax policy uncertainty is sustaining cross-state demand, particularly among affluent households seeking financial flexibility.