The Top Destinations for Movers

August 21, 2019

On average, home buyers move only 15 miles from their current residence. But some metros offering affordability, strong employment, and large boomer populations may be enticing some Americans to move further away, a new study released Wednesday from realtor.com® shows.

Realtor.com® researchers ranked metros on which areas received the most out-of-state views on realtor.com® during the second quarter of 2019. Among the areas topping the list last quarter were several medium-sized markets, including Charleston, S.C., and Boise, Idaho.

"Home prices have risen for seven consecutive years, far outpacing salary growth,” says George Ratiu, realtor.com®’s senior economist. “Although interest rates are the lowest they have been in three years, cost has become a deal breaker for many buyers, especially in pricey West Coast metros. But instead of giving up on the American dream, many buyers have decided to look for a home in medium-sized metros outside their state that offer price relief and a similar lifestyle."

Seven of the top 10 moving destinations attracted non-local buyers who were eyeing homes with median prices 3% to 34% less expensive than their home markets. But their new destinations aren’t exactly known for affordability. Many are 16% more expensive than the national median of $315,000. However, they do tend to be cheaper than the person’s current metro area. For example, the median listing price in Boise is $372,500, which may be more enticing to those relocating from Los Angeles, where the median list price is $766,800.

Job relocations tend to drive a bulk of out-of-state moves. But retiring baby boomers heading to new cities are also propping up some of the markets on realtor.com®’s list. The average population share of those who are aged 65 or older was 19.5% among realtor.com®’s top 10 list. The top retiree markets making the list were Sarasota, Fla.; Fort Myers, Fla.; and Tucson, Ariz., which have populations in which more than 20% are 65 or older.

"The fact that the majority of the metros on the list are hot spots for retirees signals a shift in boomer preferences from the expensive cities where they built their careers to the more easy-going feel of vacation communities," Ratiu says. "Some of them may be initiating the purchase of their retirement home as a second home, while others may be purchasing it in their post-career stage of life."

Realtorcom moving chart. Visit source link at the end of this article for more information.

© realtor.com

Source: 
2019 Cross Market Demand Report,” realtor.com® (Aug. 21, 2019)