Why I Moved from Malibu to Las Vegas: A Financial Perspective

The Allure of California

I was born in Los Angeles and spent the first 10 years of my life there. After that, I lived in various places such as Texas, Florida, and Mexico. However, in 2000, I felt drawn back to California. Like many others, I was captivated by its natural beauty, the pleasant weather, and the stunning California coast. I initially settled in Hermosa Beach, but later moved to Malibu, which offered a more open and spacious environment. For 17 years, I enjoyed the allure of California.

The Increasing Challenges

Living in California came with its challenges, particularly in the last five years. The state's tax laws became more burdensome, real estate became volatile, and issues like crime and homelessness escalated. Moreover, the cost of living and the fees imposed on businesses made it increasingly expensive to reside and work in California. Each passing year seemed to bring new difficulties and financial obstacles. However, the primary reason for my decision, as well as that of many others I know, was simply the burden of high taxes. The majority of my friends who have left California have done so for financial reasons, relocating to places like Miami, Dallas, Houston, Idaho, or Wyoming.

Leaving California Behind

Eventually, I reached a point where I could no longer afford to be a resident of California. The high taxes left me unable to get ahead financially. It was clear to me that I needed to leave the state behind. I began exploring other options and considering places I had never imagined myself living in, such as Las Vegas.

Discovering Las Vegas

Initially, I only knew Las Vegas for its famous Strip. However, a couple of friends who had already made the move urged me to consider the city. Intrigued, I decided to explore the Summerlin community in September. To my surprise, I found a lush, green oasis with palm trees, mountains, and the breathtaking Red Rock Canyon. My backyard in Las Vegas is filled with mature palm trees and vibrant vegetation, giving it an Orange County-like feel. I purchased a beautiful home in a guard-gated community on a golf course. It offers a clean and safe environment, free from traffic and crime. The picturesque mountain backdrop and the inviting pool make it an ideal place to live.

The Financial Advantage

Had I known how appealing Summerlin would be, I would have made the move much earlier. In comparison to Malibu, where I previously resided in a small condo with an unobstructed ocean view, the affordability of Las Vegas is astounding. The house I bought in Las Vegas would easily cost around $8 million in Malibu's Pacific Palisades area. Even small homes in Malibu start at $3 million to $5 million. The difference in cost is staggering.

A Content Nevada Resident

Now, I proudly call myself a Nevada resident. I only return to Malibu for vacations during the scorching hot summers in Las Vegas. My wife and I are extremely happy with our decision to move. The financial benefits of no state income tax, no inheritance tax, no food tax at grocery stores, and one of the lowest property tax rates in the nation greatly outweigh any nostalgia we may feel for California.

Shifting Priorities and Perspectives

A friend recently asked me if I miss Malibu. Perhaps it's because I'm no longer young, but the truth is, I don't. Los Angeles is overcrowded, and finding parking is a constant struggle. Even in Malibu, the desire to go to the beach is often dampened by bumper-to-bumper traffic. When I first returned to California in my 30s, I had dreams of making it big in Hollywood. But as I entered my 50s, my priorities shifted. I yearned for an easier, more relaxed lifestyle.

Appreciating California's Beauty

Despite the challenges, I still hold a deep love for California. It's where I was born, and I appreciate its stunning topography and the beauty of the ocean. However, the difficulties and financial burdens have made it increasingly challenging to enjoy everything else the state has to offer. As a result, I made the difficult but necessary decision to leave California behind and embrace the more affordable and comfortable life that Las Vegas provides.

Source: Business Insider

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By: kvlamis@insider.com (Kelsey Vlamis)
Title: Why I Moved from Malibu to Las Vegas: A Financial Perspective
Sourced From: www.businessinsider.com/moved-from-malibu-to-las-vegas-california-taxes-too-expensive-2024-1
Published Date: Thu, 25 Jan 2024 03:06:18 +0000