Could some of the most in-demand housing markets be cooling off?
Housing issues provide greatest motivator for relocation in U.S.
Recent analysis of census data by John Burns Real Estate Consulting reveals that the majority of Americans move for reasons directly related to housing, as opposed to jobs, family or any other factor, according to Inman News.
relocation, U.S., housing issues, destinations, survey, John Burns, census data
Recent analysis of census data by John Burns Real Estate Consulting reveals that the majority of Americans move for reasons directly related to housing, as opposed to jobs, family or any other factor, according to Inman News. A separate migration survey from United Van Lines showed the greatest number of people leaving the Northeast, while Washington, D.C. had the greatest inbound migration.
Chris Porter of John Burns Real Estate Consulting, who performed the census analysis, separated the reasons people move into four main categories: family-related, work-related, housing-related, and “other.” The “other” group includes factors ranging from finishing college to health reasons and natural disasters.
The analysis from John Burns Real Estate Consulting showed that the number of homeowners moving for housing-related reasons peaked in 2003, when it accounted for nearly 60 percent of all reasons listed. From there, the number steadily declined through 2010, reaching a low point just above 40 percent.
According to United Van Lines, states in the Northeast like New Jersey, New York, Rhode Island, New Hampshire, Connecticut and Maine have some of the highest outbound traffic. Illinois and Michigan are high on the list as well.
As for destinations, the nation’s capital was the most popular, as previously stated. Beyond that, several states in the South and West have seen a high influx of new residents, particularly Florida and Nevada. Those two were hit especially hard at the peak of the housing crisis; as a result, home prices are now so low that people are starting to come back.
A separate migration study by Penske Truck Rental formulated a list of the top 10 destination cities for relocation: Atlanta; Charlotte, N.C.; Chicago; Dallas/Fort Worth; Denver; Houston; Orlando, Fla.; Phoenix; Sarasota Sarasota, Fla., and Seattle.
To read the rest of the Inman News story, click here.