Housing affordability has always been important, but as home prices reach new highs, the issue of affordability is taking on even greater importance. According to CNBC, a recent Zillow report shows that residents from major cities across the nation are increasingly moving to cities in the South and Midwest where the cost of housing is lower and the competition to get it is less intense.
The search for affordability has led a strong migration flow into states like Florida, North Carolina, South Carolina, Tennessee and Texas, said Jessica Lautz, deputy chief economist and vice president of research at the National Association of Realtors.
Cities in the Zillow analysis showing the most inbound moves include Charlotte, North Carolina; Providence, Rhode Island; Indianapolis, Indiana; Orlando, Florida; and Raleigh, North Carolina, according to the Zillow analysis.
Advertisement
Related Stories
New-Home Sales
Mortgage Rates Are Up but New-Home Sales Still Solid in March
Lack of existing home inventory drove a rise in new-home sales, despite higher interest rates in March
Labor + Trade Relations
Who's Earning What in Construction
Workers in construction management roles may earn a higher median wage, but on average, lower-paid occupations have experienced somewhat faster wage growth
Build to Rent
Build-to-Rent Is Booming, Particularly in These Metros
A recent report finds that the Phoenix metro leads with more than 4,000 build-to-rent units completed in 2023, and Texas is the leading state for build-to-rent development