A migration study by LendingTree shows that 12.1 percent of American homebuyers who move to a different state choose one in the South.
Most Americans who relocate to a different state choose one that borders the state where they previously lived, the study shows, but those who move farther are likely to head for a southern state.
Florida is the most popular destination among homebuyers who relocated from 15 of the 50 states.
LendingTree drew the data for its migration study from two million requests for purchase money mortgage loans that applicants filed on its website this year.
Homebuyers in Texas were most likely to relocate within their state, according to LendingTree, which found that 93.4 percent of purchase mortgage requests by Texans were for properties within the Lone Star State.
Alaskan homebuyers were least likely relocate within the state. Only 75.2 percent of purchase mortgage requests in Alaska came from homebuyers who wanted to move to a new address within the state, LendingTree reported.
In a separate migration study, Redfin found that more homebuyers are moving from coastal areas to inland areas with more affordable housing as mortgage interest rates rise.
“With rates no longer near historic lows, buyers are increasingly cost-conscious, seeking more affordable homes in low-tax states in the South and the middle of the country,” Redfin’s chief economist Daryl Fairweather said. [HousingWire.com] – Mike Seemuth