Overview

• The West's share of the U.S. population is declining for the first time since World War II, with significant out-migration to the South and Southwest.
• High housing costs in cities like San Francisco and Los Angeles are a major factor driving this migration, as people seek more affordable living options.
• San Francisco and Los Angeles experienced the largest population losses, while cities like Austin and San Antonio saw significant increases.
• A notable trend is the migration of high-income, single-person households from the West to the South, suggesting a search for better cost of living.
• Bank of America predicts that this migration trend may lead to an adjustment in housing costs across regions, potentially making West Coast cities more affordable in the long run.