SANTA CLARA, Calif.,
Aug. 21, 2019 /PRNewswire/
-- The typical home buyer only moves 15 miles from their
current residence, but realtor.com®'s Top Moving
Destinations analysis shows that metros that offer relative
affordability, strong employment, and large boomer populations can
entice people to pull the trigger on an out-of-state home purchase.
Released today, the list is made up of mostly medium-sized markets,
including: Charleston, S.C.;
Boise, Idaho; Honolulu; Columbia,
S.C.; Fort Myers, Fla.;
Portland, Maine; Sarasota, Fla.; Greenville, S.C.; Tucson, Ariz.; and Las Vegas.
Metros were ranked based on which area received the most
out-of-state views on realtor.com® in the second quarter
of 2019.
Buyers Seek Bargains Without Going Too Far
"Home prices have risen for seven consecutive years, far outpacing
salary growth. 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," said
realtor.com® Senior Economist, George Ratiu. "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 looking at homes with median prices 3 percent to 34 percent
less expensive than their home markets, in Q2 2019. However, these
destinations are not necessarily cheap; in fact, they are 16
percent higher than the national median of $315,000. But when compared to home prices in
their current metro areas, they feel like a steal. For instance,
Boise's median listing price of
$372,500 looks more attractive
compared to Los Angeles's
$766,800 and Salt Lake City's $434,900.
Movers are also looking to stay relatively close to home by
seeking out markets that are just a quick plane ride away.
Charleston, the No. 1 moving
destination in America, is sought out by buyers in neighboring
markets of Charlotte, N.C.;
Atlanta; and New York. Boise, No. 2 on the list, is especially
attractive to those in Los
Angeles, Salt Lake City,
and Sacramento, Calif.
Booming Jobs and Low Taxes Drive Up Demand
The promise of high paying jobs has always been a catalyst for
buyer demand, but it's especially true for those considering
relocation to a new state. According to realtor.com®'s
analysis, the top 10 destinations have an average unemployment rate
of 3.3 percent, which is 30 basis points lower than the national
average, and 38 basis points below what out-of-state buyers
encounter in their home metros.
Sweetening the financial deal for out-of-state buyers are the
tax incentives in these destinations. Eight of the top 10 are
located in states that have lower overall tax burdens compared to
the national average of 8.6, including Cape Coral-Fort
Myers and North
Port-Sarasota, Fla. with a
6.6 percent overall burden; Boise
at 7.8 percent; and the three South
Carolina metros- Charleston, Greenville and Columbia at 7.6 percent, according to
WalletHub.
Hot Spots Retirees and Vacationers
The majority of the metros on the list are sunny locales that are
popular with vacationers and retirees alike, as well as snowbirds
escaping the Northern winters. In fact, the average population
share of those aged 65-years and older was 19.5 percent among the
top 10, compared to 16.2 nationally. The top retiree markets on
this list were Sarasota, Fla.;
Fort Myers, Fla.; and Tucson, Ariz. whose populations aged 65 years
and older accounted for 32.3 percent, 28.7 percent, and 20.0
percent of the population, respectively.
"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," added Ratiu. "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."
Additionally, 7.9 percent of homes sold in these markets are
secondary homes, compared to the national average of just 2.7
percent. Fort Myers, Fla.;
North Port, Fla.; and Tucson, Ariz. had the highest share of
secondary home sales among the top 10 with 17.6 percent, 16.4
percent, and 9.2 percent, respectively.
Rank
|
Metro
|
Share of
Views from
Out of State
|
Median
Listing
Price vs. U.S.
|
Unemployment
Rate
|
Total State
Tax Burdens
|
Second Home
Share of
Purchases
|
1
|
Charleston,
S.C.
|
59.8%
|
+36%
|
2.9%
|
7.6%
|
4.7%
|
2
|
Boise City,
Idaho
|
59.6%
|
+18%
|
2.7%
|
7.8%
|
7.1%
|
3
|
Urban Honolulu,
Hawaii
|
56.0%
|
+120%
|
2.7%
|
11.7%
|
3.3%
|
4
|
Columbia,
S.C.
|
52.8%
|
-25%
|
3.3%
|
7.6%
|
2.3%
|
5
|
Cape Coral- Fort
Myers, Fla.
|
52.1%
|
-5%
|
3.3%
|
6.6%
|
17.6%
|
6
|
Portland,
Maine
|
51.9%
|
+20%
|
2.7%
|
10.8%
|
8.6%
|
7
|
North Port- Sarasota,
Fla.
|
49.5%
|
+15%
|
3.3%
|
6.6%
|
16.4%
|
8
|
Greenville,,
S.C.
|
48.7%
|
-16%
|
3.2%
|
7.6%
|
2.4%
|
9
|
Tucson,
Ariz
|
48.0%
|
-6%
|
4.6%
|
8.3%
|
9.2%
|
10
|
Las Vegas,
Nev.
|
48.0%
|
+2%
|
4.2%
|
8.3%
|
7.3%
|
For more information, please visit:
https://www.realtor.com/research/q2-2019-cross-market-demand-report/
About realtor.com®
Realtor.com®, The Home of Home Search℠, offers the most
MLS-listed for-sale listings among national real estate portals,
and access to information, tools and professional expertise that
help people move confidently through every step of their home
journey. Through its Opcity platform, realtor.com® uses
data science and machine learning to connect consumers with a real
estate professional based on their specific buying and selling
needs. Realtor.com® pioneered the world of digital real
estate 20 years ago, and today is a trusted resource for home
buyers, sellers and dreamers by making all things home simple,
efficient and enjoyable. Realtor.com® is operated by
News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move,
Inc. under a perpetual license from the National Association of
REALTORS®. For more information, visit
realtor.com®.
CONTACT: Cody Horvat, cody.horvat@move.com
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SOURCE realtor.com