There are arguments over whether the “California exodus” as it’s been called are accurate. Some argue it’s been exaggerated, and that the number of people moving out only somewhat outpaces what we’ve seen in the past, and that the number of people moving in nearly makes up for it. Now, there are statistics to prove the severity of the movement, with data showing San Francisco and Los Angeles are the two California cities being abandoned at the fastest rates. [SPONSORED]
So what are the actual stats? A new report from the Federal Reserve Bank of Chicago found that between 2018 and 2019, California’s outbound moves clocked in at 56%. Between 2020 and 2021, it rose to 59.4%. Between April 2020 and January 2022, the California Department of Finance says the Golden State lost 352,000 people.
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That’s combined with about 8% fewer people moving into the state. As a result, researchers have found the rate at which California’s population has declined has doubled following the pandemic.
San Francisco has the highest rate of population decline in the country. That stayed true through the first and second quarters of 2022, with a greater rate of outbound moves than anywhere else, plus a lessening number of people interested in moving in.
Los Angeles has a comparable rate of population decline, falling just behind SF. In the second quarter of 2021, around 33,000 people left the city. In that same period in 2022, 41,000 people left. Many are moving to Arizona, Texas, Nevada, or elsewhere in California.
The pandemic hastened some people’s decisions to relocate. With a wider acceptance of remote work, people have found they can move to areas with lower costs of living and lower crime rates while still carrying out their same jobs. The housing market is another push – the median home price in California is nearly double the national median. Tracking data from United Van Lines, the Chicago Fed found six of the top seven moving patterns revolve around the Golden State.
The most notable exception to remote work pushing people out of expensive cities? New York. People seem to be staying in that city, despite the high rent and crime rates.
