Exodus on Rodeo Drive

Bang For Your Buck

As we talked about in the previous section, in Nevada, per goods that are valued at $100 you get more value and increasing the value to $102.35. That might not seem like a great deal, but if that value was equated in yearly expenses when spending $100 a day between California and Nevada you could save $4,883 more in Nevada. Now think about what you could do with that extra cash, pretty substantial right? The cost of living in Los Angeles is 43% higher than Las Vegas and it was averaged that a salary of $104,000 in Las Vegas should be increased to $168,946 to translate to the cost of living in California. It was also averaged between the two cities that the overall index is 55.3% higher in Los Angeles (no taxes considered). With that being said, Las Vegas is the superior city and 55.3% less expensive to live in. Another contributor to the exodus, as mentioned in the previous section, is the amount of taxes paid to the state. Los Angeles state income taxes are 8% higher than Las Vegas which state income tax is at 0%. Also, it was reported in 2019 that Los Angeles overall taxes are 86.3% higher than Las Vegas. With all these factors being considered homeowners especially are weighing out their options for the less expensive cost of living locations.

Comparison Of Home Pricing

The median home cost for Las Vegas is $273,200 and for Los Angeles is $689,500. That being a sizable 152.4% difference. We are finding that home owners are opting out for the high cost of living expenses and taxes for more reasonable options and areas. Thus, showing the influx of California home buyers that are coming to Las Vegas for a similar less expensive lifestyle. For example, a person could sell their $700,000 home that they own free and clear, relocate to Las Vegas and buy a $300,000 home for the same value, and re-invest the left over $400,000; or even upgrade to a sizable alternative. A financial no brainer right?

Now Leaving California... Welcome To Fabulous Las Vegas!

Even massive celebs are catching on to the movement. Joe Rogan has been quoted many times in the last couple months that his move to Texas was for the aforementioned reasons. Also, Real estate mogul Graham Stephan has also recently stated that he made the move to Las Vegas due to traffic, housing prices, and taxes. If such influencers from both sides of the fame spectrum are making these decisions, especially with such prominence in the public eye, the rest will soon follow. Be on the lookout for more wealth to come to the Las Vegas valley, and the benefits it will bring to the local economy. With all things being considered you get more bang for you buck with similar lifestyle trends in the entertainment capital of the world.

If you or anyone you know is interested in buying or selling real estate in Las Vegas please contact me at [email protected] or visit my website StasiSellsVegas.foreverhomelv.com for more content like this.