The Golden State’s population declined by approximately 340,000 between 2021 and 2022 as Californians continue to exit the state, according to recently released US Census Bureau migration data.
Between 2021 and 2022, a nearly whopping 818,000 residents moved out of California.
During that period of time, only 475,800 people moved to California; a massive difference in number figures.
High housing costs and long commutes are cited as the primary reasons for the exodus.
“The ability to work remotely and not need to live near a big city also factored into the exodus,” says Cal Coastal News.
“Of the Californians who left the state from 2021 to 2022: 102,442 moved to Texas, 74,157 now reside in Arizona and 50,701 left for Florida.”
Texas has remained the most common destination during the California exodus.
Lower taxes and lower housing costs have attracted more than one hundred thousand Californians to the state.
“We are losing younger folks, and I think we will see people continuing to migrate where housing costs are lower.
There are good jobs in California, but housing is incredibly expensive. It hurts young families, and it hurts immigrant families, says Manuel Pastor, a professor at USC.
A recent poll showed four in ten Californians are considering moving out of state, with the majority saying it’s too expensive to live there.
“The state’s culture and diversity have proved to be a very powerful magnet to keep a lot of people here, even despite the affordability challenges.
But as the cost of living continues to be a greater challenge, it’s logical to assume that the allure of moving to a more affordable location is going to continue to grow”, says Dan Schnur, a communications professor at USC and the University of California, Berkeley.
Other Economy News Today
Unexpected Wells Fargo branches in California are now closing for 2024 according to fresh data from the Office of the Comptroller of the Currency (OCC).
“The current Office of the Comptroller of the Currency (OCC) bulletin has been published, and several national Wells Fargo Bank branches are included therein as permanently closing next year, including there major branches in the state of California,” reports Joel Eisenberg.
Bank branches in California, but especially Wells Fargo have been shuttering all year.
Below are 7 Wells Fargo branches that have permanently closed in California this year:
- 116 Sunset Dr, San Ramon
- 103 East Stetson Ave, Hemet
- 1565 East Highland, San Bernardino
- 118 E. Carillo St, Santa Barbara
- 1071 El Camino Real, Redwood City
- 303 N. El Dorado St, Stockton
- 42420 Washington Ave, Bermuda Dunes
The following 2 Wells Fargo branches are scheduled to close in November per the OCC:
- 8405 North Fresno St, Suite 300, Fresno;
- 10011 Washington Blvd, Culver City
As of the latest data, there are currently no Wells Fargo branches scheduled to shutter during the month of December.
Below are the Wells Fargo branches in California expected to close in 2024:
- 450 South Ventura Road, Oxnard
- 3360 San Pablo Dam Road, San Pablo
- 18010 Chatsworth Street, Granada Hills
According to BankBranchLocator, Wells Fargo Bank currently operates with 4,598 branches located in 37 states.
The bank has most branches in California, Texas, Florida, New Jersey and North Carolina.
The branch at 333 Market St. in San Francisco, which included a flashy digital display within the branch that could be seen by those passing by, has temporarily closed this year until 2024.
Market News Published Daily 📰
Don’t forget to opt-in for push notifications so you don’t miss a single article!
Also, thank you to all of our blog sponsors. This year we’ve been able to increase push notifications slots making it more convenient than ever for new readers to receive their daily market news and updates.
- Gain access to EXCLUSIVE FrankNez articles you won’t find here.
- Become part of a private and safe Discord community, just for retail investors.
- Get drawn at the end of the year for holiday giveaways.
Recommended For You ✨
- SNAP Benefits Will Now Increase For The Year 2024
- California Now Has Massive Departures As Hundreds of Thousands Leave
- The US Treasury Direct is Now Freezing Customer Accounts
- Wells Fargo is Now Freezing Bank Accounts in New Scandal
- Chase Customers Now Unable to Access Money Through ATMs
- A US Bank is Now Denying Customers Access to Money