Of the homebuyers across the country who change states, most plan to head to the Sun Belt. According to the State Migration Study from LendingTree, most of the 12.1 percent of homebuyers who move from one state to another—will head south.
More than two million new purchase mortgage loan requests for primary residences in all 50 states through mid-November 2018 to find the percentage of requests from residents who were looking to move across state lines.
The results reveal the most popular new locations for homeowners in each state, along with the states with the highest percentage of requests to move to other parts of the country.
The most popular states are as follows:
Florida is the No. 1 destination. Florida was the top new destination for 15 of the 50 states. Of all purchase mortgage requests during the study’s period, it received 9.1 percent. For out-of-state movers, 12.4 percent of requests were for Florida. The Sunshine State has a long history of bringing in visitors and new residents, particularly retirees.
Texas residents love the Lone Star State. Texas had the highest percentage of residents looking to move within state lines — 93.4 percent of purchase mortgage requests from individuals in Texas were for properties in the same state. Michigan was the state with the second highest percentage of residents looking to move within its borders, at 91.3 percent.
Alaska has the most residents looking to move away. By contrast, Alaska had the lowest percentage, 75.2 percent, of residents looking to stay in state. The top destination was Washington state.
Most people looking to move out of state don’t want to go far. More than half of the most popular new destination states border the current state. But if they are looking to move cross-country, chances are it’s to Florida. Of the 20 states where the residents’ most popular new location doesn’t border their current state, 13 chose Florida.
A Moving Popularity Score Index analyzes destination states adjusted by population. South Carolina scored highest, 152, or 52% greater than suggested by its population. It was followed by Florida, 144; Delaware, 138; Georgia, 138; and North Carolina, 137. At the other end of the spectrum, homebuyers are least attracted to South Dakota, 64; Hawaii, 67; Minnesota, 71; California, 72; and New York, 74.
