Bank of America data suggests Baby Boomers are relocating to Las Vegas and Tampa while Millennials prefer Austin. Both groups are leaving the larger cities of San Francisco and New York.
These are not new trends, and BoA contends that its data is tracked in "real-time" and is "superior to any reports that the US Census issues."
BoA's analysis is based on the group of Bank of America customers who had open consumer checking, savings, credit, and/or other investment accounts for every quarter between 4Q 2018 and 1Q 2023. The migration pattern is then extracted based on customer home addresses.
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