Why Are Many California Business Owners Happy Moving To Nevada?
Many of my friends and neighbors talk about this all the time. Why are so many Californians moving to Nevada? In general, it’s because of the high personal tax rate in The Golden State. In fact, Nevada comes in second to Wyoming as the most tax-friendly state in the nation. That’s according to MoneyGeek.com. As a matter of fact, many California business owners are considering making Nevada their new home.
California Business Owners Looking To Move To Nevada
The mass exodus from The Golden State to The Silver State continues. As a matter of fact, about 5,000 folks moved from Los Angeles to Las Vegas in August 2023 alone. That’s according to an article by Patrick Blennerhassett, quoting Redfin.com on ReviewJournal.com. Not to mention all the people moving from northern California into the Reno area.
With that in mind, some of the Golden State’s tech millionaires and billionaires recently visited Summerlin. Apparently, they’re very interested in moving their businesses to Southern Nevada. Blennerhassett’s article points out that many have already made the move to the Silver State. In fact, those heavy hitters include Andrew Cherng of Panda Express, Teddy Liaw of NexRep, David Chao of the venture capital firm DCM, and Nan Wang of the Sleeper app and online site.
Making The Move To Las Vegas Is An Easy Sell
Besides our tax friendly status, many people report that they are leaving the Golden State due to the rampant homelessness in California’s major cities. Evidently, those high tax rates to pay for government programs to help the homeless have actually made the problem worse. Additionally, crime rates are on the rise in the Golden State, especially in the major cities.
Moreover, many ex-Californians blame the high cost of living, healthcare costs, and exorbitant housing prices. For example, the median price for a single family home in California is $794,300 according to Redfin. Here in Nevada, it’s $440,100. In fact, over 500,000 have left the Golden State since 2020. That’s according to an article by Itzel Luna on USAToday.com.
Time will tell us whether or not the influx of Californians in to Nevada will end up causing similar problems to what the Golden State is currently facing.