A new analysis of U.S. Internal Revenue Service migration data shows Massachusetts losing residents at one of the fastest rates in the country, deepening concerns about the state’s high cost of living and its long-term economic direction.

The study comes from the National Taxpayers Union Foundation, which turned raw IRS data into a time-based measure that shows how often a taxpayer leaves or enters a state on net.

Massachusetts loses one resident every 11 minutes and 38 seconds, the report finds. That's more than 45,000 people per year.

Only three states lose people faster. Those states are California, New York, and Illinois.

California sees a taxpayer depart every 1 minute and 44 seconds, while New York loses one every 2 minutes and 23 seconds, and Illinois loses a resident every 6 minutes and 4 seconds.

“Taxpayers want to live in states that do not treat them as endless sources of funding for politicians’ pet projects," Andrew Wilford, Director of the Interstate Commerce Initiative of the National Taxpayers Foundation Union and author of the report, said in a press release. "While many politicians and pundits claim that tax-and-spend policies are what Americans want, the reality is that, year after year, there is steady movement from high-tax states to more fiscally responsible ones."

Conversely, right-leaning states are gaining people quickly. Florida adds a resident every 2 minutes and 9 seconds, the report says. Texas gains one every 2 minutes and 53 seconds, and North Carolina gains one every 6 minutes and 21 seconds. Sixteen states gain residents at least once an hour.

The foundation says these migration patterns reflect people’s willingness to seek better economic environments. States with lower taxes and fewer financial pressures tend to attract more residents. Meanwhile, high-tax states tend to lose them, the report says.

IRS migration data can be difficult to understand because the numbers are large and abstract, according to the report. However, the National Taxpayers Union Foundation thinks the time-based approach helps people better understand how quickly these population changes are happening. For example, the IRS data shows that California lost 302,543 residents on net between 2021 and 2022.

For Massachusetts, the numbers arrive during a time of increased concerns about how much it costs to live in the state.

Residents face some of the highest housing costs in the country and one of the heaviest overall tax burdens in the United States. Massachusetts has the second-highest housing costs in the country, according to World Population Review, and the 10th-highest tax burden, according to the Tax Foundation.

Additionally, the state voted 52 percent to 48 percent to approve a 4 percent surtax on income over $1 million in 2022. Supporters said it would bring in new revenue for public schools and public transportation. Opponents warned it would drive more residents out of the state and hinder economic development.

The report argues that interstate migration is “the ultimate expression of revealed preferences,” meaning residents show what policies they prefer by choosing where to live. It also says that Americans continue to move away from what it calls “tax-and-spend policies."