Cost of living: the defining issue
In the second quarter of 2019, the San Francisco Bay Area topped Los Angeles, Washington and Chicago when it came to people leaving major U.S. cities. It was second only to New York City. More than 28,190 people departed the Bay Area during those three months, close to double 2017’s rate, according to a regular migration report from
real estate brokerage Redfin.
In 2018, according to the U.S. Census, about 190,000 more people left the Golden State than moved there. It was the second year in a row of the negative trend. However, the population is still rising due to the birth rate. California added 141,300 residents between July 2018 and July 2019, bringing its population to an estimated 39.96 million people, according to the
California Department of Finance.
A recent Edelman Trust Barometer survey found 53% of residents and 63% of millennials were considering leaving the country’s most populated state because of its high cost of living.
The majority of people leaving reported an annual income of less than $100,000, while the state has seen an influx of those making $100,000 and more.