The Orange County Register reports that data from CoreLogic indicates a significant migration away from the state as residents flee to lower cost states nearby:
California’s warm weather, sunny beaches and world-class schools have lured people to the Golden State for decades, but rising home prices are turning that equation around.
Data analysis firm CoreLogic says that for every home buyer coming into California, another three are selling theirs homes, packing up and moving out, CNN Money reported recently.
The trend of out-migration was also noted in a separte trio of reports released earlier this year by Beacon Economics. Beacon noted that 625,000 more U.S. residents left California between 2007 and 2014 than moved into the state. The vast majority ended up in Texas, Oregon, Nevada, Arizona and Washington.
The search for more affordable housing is sending low and middle-income workers out of the state, while higher-wage workers continue to move in, which argues against the theory that high taxes are driving people away.