Every year, United Van Lines tracks the state-to-state migration patterns of its customers. According to University of California at Berkeley professor and economist Michael Stoll, the United Van Lines data “…aligns with longer-term patterns to southern and western states, trends driven by job growth, lower costs of living, state budgetary challenges and more temperate climates.”
It turns out that 66.8% of New Jersey United Van Lines customers relocated to an entirely different part of the country.
Vermont had the largest percentage, 72.6%, of inbound state migration. Oregon followed Vermont with 63.8% of United Van Lines customers inbounding within the state.
States in the Mountain and Pacific West regions of the country that showed upticks in inbound moves in 2018 include:
- Oregon and Idaho – 62.4%
- Nevada – 61.8%
- Arizona – 60.2%
- Washington – 58.8%
- South Dakota – 57%
Economist Stoll said, “Unlike a few decades ago, retirees are leaving California, instead choosing other states in the Pacific and Mountain West. We’re also seeing young professionals migrating to vibrant, metropolitan economies, like Washington DC and Seattle.”
South Carolina and North Carolina also had upticks with inbound movers, 59.9% and 57% respectively. These inbound movers were driven primarily by jog changes.
ˆLending Tree’s December 2018 moving data underlined the surge in Southern migration patterns. In its mortgage lending data, Florida was the number one destination by both outbound and inbound movers. 9.1% of all home purchase mortgage applications were made in Florida. 12.4% of out-of-state home purchase mortgage applications requested Florida as well.
When Lending Tree did its analysis by population size, South Carolina came out on top. Here, mortgage loan requests were 52% greater than suggested based upon its percentage of the national population.
According to Redfin Chief Economist Daryl Fairweather, “Rising mortgage rates are exacerbating affordability issues that have been driving people out of expensive coastal metros for the past few years. With rates no longer near historic lows, buyers are increasingly cost-conscious and seeking more affordable homes in low-tax states in the South and middle region of the country.”