California experienced a “net outward migration” of 61,100 people in the last twelve months, the biggest exodus since 2011.
The region’s soaring housing prices are a key factor driving dissatisfied residents toward the exit door. Several people who have departed, or soon will leave, say they potentially could have hundreds of thousands of dollars left over even after buying a house in their new locations.
“They’re taking advantage of the housing bubble right now,” McElfresh said. “The majority of the people we are seeing are moving to states that don’t have state income taxes.”