March News Letter
Affluent California Homebuyers Are Pouring Into Las Vegas as Tax Looms
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, according to the latest cross-market data analysis.
Another California metro, San Jose, ranked second for listing views in Las Vegas at more than 8%, while Riverside, CA, placed fourth with nearly 4%.
*Who do you know who is thinking of selling?*
Luxury Buyers Are Falling Back in Love With Older Homes
Newer doesn't always mean better—and that's exactly why buyers in pricey coastal markets are being drawn to legacy properties that offer character and charm. Even if the homes are smaller.
There is a distinct divide in the luxury real estate market: listings in mature coastal metros typically skew older and smaller, while growing inland communities offer newer, larger homes at lower prices, according to the latest Realtor.com® Luxury Housing Market report.
Some of America’s most celebrated cities, including New York City, Philadelphia, and San Francisco, are synonymous with well-established luxury rooted in history.
*Master Negotiator *
Homebuyers Need to Earn $35,000 More Than Renters to Afford Monthly Payments. That’s the Smallest Gap in 3 Years.
- Homebuyers need to earn $111,000 annually to afford the median-priced home, compared with $76,000 for renters. The median household income is $86,000.
- While that’s a significant gap, the rent-versus-buy gap is the smallest it has been in 3 years. It’s narrowing as buying gets slightly more affordable and renting gets slightly more expensive.
- Zooming in, the rent-versus-buy gap is shrinking in every major metro except Detroit. It’s narrowing most in San Jose, Sacramento and Seattle.
Americans need to earn $111,252 per year to afford the typical U.S. home for sale. That’s 46.3% more than the $76,020 they need to afford the typical rental.
While that’s a significant gap, it’s the smallest it has been in three years. A year ago, a family would have needed $115,870 annually to afford the typical home listing, 55.6% more than the $74,464 required for the typical rental. The gap peaked at 66.2% ($120,609 needed to buy, versus $72,572 needed to rent) in late 2023.
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