More and more Californians are considering fleeing the Golden State, and this is not the result of recent wildfires or earthquakes. In fact, high costs of living and housing prices seem to be catalysts driving Californians away, according to a recent survey conducted by Edelman Intelligence.
The online survey, conducted last month, found many Californians were contemplating leaving the nation’s most populous state, and millennials were among the most representative of this group.
The study found that 53% of those surveyed are considering fleeing the state, an increase over the 49% that the study found last year.
According to Edelman, 63% of millennials in the 2019 survey indicated they were considering moving from sunny California. The chief reason for dissatisfaction: housing.
More so, 60% of millennials surveyed cited housing cost and availability when asked in general what reasons would make them leave California. That was slightly higher than the general population (55%), although sentiment among renters topped the survey, with 65% citing housing factors as a reason to leave.
At the same time, Californians believe housing costs are four times more threatening to the state’s economy than high health costs.
The Edelman survey found 47% of Californians are considering moving out of the state in the next five years. Again, it found the rates among millennials were higher, with 55% of them contemplating the move. And 57% of Californians with kids under 18 also were considering packing up and leaving in the next five years.
Overall, the survey involved a total of 1,900 California residents.
Sponsored: Find a Qualified Financial Advisor
Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you’re ready to be matched with local advisors that can help you achieve your financial goals, get started now.