Speaking of the once-Golden State, a report by the University of California Consumer Credit Panel (UC-CCP)  finds that households migrating out of the state generally improve their longer-term economic prospects. According to the report:

The findings suggest that affordability plays a major role in Californians’ relocation decisions. Californians who leave move to much more affordable areas and see large increases in homeownership, on average. At the same time, the data show how more people continue to leave the state than choose to move here, a gap that is reshaping California’s population.”

The report, based on anonymized credit bureau data, indicates that movers relocate to neighborhoods where monthly housing costs are $672 less and that they are 48% more likely to be home owners after seven years.

UC-CCP concludes that “Affordability” is an important driver of outmigration from California:

“Housing costs for even the least costly communities in California exceed those of most other places in the United States. 1 Californians also face higher prices for essentials like groceries, gas, and utilities, which cost 11%, 40%, and 61% higher than the national average, respectively.”