According to LendingTree’s latest Moving Popularity Score Index, people are moving to the south for two reasons…warmer weather and less expensive housing.
Florida, always a hot destination for retirees and others on the hunt for a good climate, is the most popular state among those relocating. 12.4% of the some 2-million mortgage applications made this year through mid-November came from out-of-state people looking to relocate to Florida. Additionally, Florida has the extra bonus of no income tax…one of six states that does NOT institute an income tax on its residents.
After Florida, the top destination states for relocating people are Texas, California, Washington and a three-way tie for Arizona, Massachusetts and North Carolina. Texas and Washington also have the no income tax policy going for them. (The other three states that do not impose income taxes on its residents are Nevada, Alaska and South Dakota.)
In terms of the ratio between population and mortgage application requests, South Carolina actually topped Florida. South Carolina had a score of 152 while Florida had a score of 144. Delaware and Georgia tied with a score of 138 and North Carolina came in fifth with a score of 137.
The least desirable states among people relocating through November 2018 have been South Dakota, Hawaii, Minnesota, and New York. In terms of numbers, Alaska has more people leaving the state than any other…only 75.2% of its residents are looking to stay put in the Land of the Midnight Sun. The nearly 25% of Alaskans leaving the state are looking to go to Washington.
Texas tops the five states in which people want to relocate within their own state boundaries. More would-be buyers in Texas who completed purchase money mortgage applications (93.4%) wanted to relocate and buy in Texas. Would-be buyers in Michigan 91.3%) also wanted to relocate and buy in Michigan. Floridians, Ohioans and Oklahomans followed respectively with 91%, 90.9% and 90.8%
Even people wanting to re-locate out-of-state don’t want to go too far from their home states. More than 50% want to move to a state bordering their current state residence. Of those willing to move farther, Florida still comes out on top.
