There are a number of reasons why a prospective homebuyer might move, but a recent report from the National Association of Realtors shows a good majority—30%—of buyers are relocating to be closer to friends and family. Additionally, 21% of buyers move to find more affordable homes. Other motivators include favorable taxes in certain regions, safety, and proximity to work.
Regionally, 46% of buyers moved to the South, followed by 25% to the West, 18% to the Midwest, and 11% to the Northeast. On the other hand, migration from these regions shows 33% left the South, 30% left the West, 22% left the Midwest, and 15% left the Northeast.
"It is no surprise that the Sun Belt states continue to attract movers within the U.S., but this report helps to highlight just how much the draw to be close to one's friends and family drives a relocation," said Jessica Lautz, NAR deputy chief economist and vice president of research. "Home buyers continue to seek areas where their support systems are around them." Read more
