A recent analysis by Wealthfront has found that millennial investors are leaving California for friendlier tax climates, including Texas, Washington and Colorado, CNBC reported.

According to the Census' findings, 691,145 individuals left California for other states. Of that total, 86,000 left for Texas, as California tax rates have been difficult to keep up with. 

Texas has a number of benefits to offer to residents, including the fact that the state does not tax individual income; in California, the individual income tax rate was 13.3 percent, the highest in the nation. While Texas does not tax personal income, the state does levy property taxes, which are a bit higher than property taxes in California. 

California's property taxes were $1,559 per capita in 2016, whereas in Texas they totaled $1,763 per capita.

Texas has experienced the largest number of relocating individuals from California, according to the U.S. Census Bureau, with Washington and Colorado close behind.