The Rising Oasis for Millionaires Seeking Financial Freedom & Lifestyle. With No State Income Tax and Lower Priced Homes, Las Vegas Has Become An Escape For Millionaires

(PRUnderground) December 4th, 2024

Las Vegas has become a top destination for millionaires seeking financial advantages, offering no state income tax and lower property taxes compared to high-tax states like California. The Las Vegas real estate market is thriving, offering an array of luxury living options that cater to the affluent. The city’s median home price, at $475,531(LVR), remains significantly lower than Los Angeles ($975,000) and San Francisco ($1.4 million), allowing buyers to acquire more substantial properties at a fraction of the cost. Las Vegas is currently the most affordable for housing out of the top 10 metro cities in the USA.

Nevada welcomed approximately 158,000 new residents from California alone between 2020-2023 and 2024 is showing higher migration, accounting for 43% of all new arrivals to the state. For affluent Californians facing one of the highest state income tax rates in the country—up to 13.3%—Nevada’s absence of state income tax offers significant financial relief. The state also boasts relatively low property and sales taxes, making it a haven for those seeking to preserve and grow their wealth.

Exclusive communities like The Summit Club and Four Seasons Private Residences Las Vegas exemplify the city’s luxurious offerings. The Summit Club, located in the master-planned Summerlin community, features custom-built homes, a private golf course, and resort-style amenities. This exclusive enclave is home to notable figures like Mark Wahlberg, who recently sold his Beverly Hills mansion for $55 million and purchased a plot in The Summit Club for $15.6 million to build his new home.

The Four Seasons Private Residences Las Vegas, situated in Henderson, has already surpassed $500 million in sales. The project features 171 high-rise residences ranging from 2,279 to 8,349 square feet, complete with semi-private elevators, private garages, customizable terraces, and Wolfgang Puck’s exclusive dining experiences. Amenities include multi-level resort-style pools, a state-of-the-art wellness facility, and 24-hour concierge services.

Xander Shaw, Realtor with Simply Vegas, says the value for the lifestyle is driving luxury sales. The city’s proximity to natural attractions like Red Rock Canyon and Lake Mead offers outdoor enthusiasts ample recreational opportunities. Combined with world-class dining, entertainment, and cultural offerings, Las Vegas delivers a unique blend of excitement and relaxation.

Las Vegas’s appeal extends beyond its luxury housing. The city offers a business-friendly environment with no corporate income tax, simplified regulations, and an emerging tech and entrepreneurial ecosystem. Major companies such as Sony and Warner Brothers have shown interest in establishing projects in the area, further boosting its reputation as a hub for innovation and investment.

Las Vegas is redefining itself as more than just a tourist destination. Its growing allure for millionaires stems from the city’s ability to balance financial freedom, luxury living, and economic opportunity. With developments like The Summit Club and Four Seasons Private Residences leading the way, the city is poised to continue attracting high-net-worth individuals seeking an unparalleled lifestyle.

About LasVegasRealEstate.org

LasVegasRealEstate.org is a top rated source for Las Vegas real estate news and market updates to include all MLS homes for sale in Las Vegas, NV and surrounding cities and communities to include Henderson, NV & Summerlin. William Margita of Simply Vegas is has over 20 years experience as an agent, speaker, writer and real estate coach. He can be reached for questions, concerns or bookings at 702-882-8240 https://www.lasvegasrealestate.org/

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