According to a SmartAsset report, California lost a net of 9,181 wealthy millennial households between 2021 and 2022, driven by high living costs.
Jaclyn DeJohn emphasized that "economic incentives such as costs, taxes, and regulation will continue to drive shifts in demographics as long as there are disproportionate benefits between California and other states."
Wealthy millennials, defined as those with annual incomes of over $200,000, find housing in California unaffordable compared to states like Florida and Texas.
A recent report highlighted the necessity of an annual income of $222,800 to afford a median home in California, amid rising borrowing costs.
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