Migration Hot Spots
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The out-migration from California must be slowing – because I doubt the in-migration has been increasing! It’s almost back to pre-covid levels, which means we can say it’s normalizing?
My guess at the reason? When Californians try to make sense of moving out of state, they find that home prices elsewhere have risen so much that it doesn’t make as much sense as it used to. (Unless your house burnt down.)
This month, the U.S. Census Bureau published their net domestic migration figures for 2024. Keep in mind that this metric (net domestic migration) is NOT total population change. It doesn’t include births/deaths nor international migration.
Instead, net domestic migration is calculated as the difference between the number of Americans moving into a given state (in-migration) and the number of people leaving that state (out-migration) over a specific period.
These 5 states saw the biggest net domestic migration INCREASE between July 2023 and July 2024:
- Texas —> +85,267
- North Carolina —> +82,288
- South Carolina —> +68,043
- Florida —> +64,017
- Tennessee —> +48,476
These 5 states saw the biggest net domestic migration DECREASE between July 2023 and July 2024:
- California —> -239,575
- New York —> -120,917
- Illinois —> -56,235
- New Jersey —> -35,554
- Massachusetts —> -27,480
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Migration Hot Spots
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A pandemic migration has been underway, at least for young adults.
That’s according to a Bankrate.com survey that found 31% of people in that age cohort relocated either permanently or for an extended period of time during the Covid pandemic. That’s compared with 16% of adults overall.
Main reason Gen Z is relocating
The main reason people relocated was to be closer to friends and family, which was cited by 31% of respondents. That was followed by more affordable living, with 27%, or relocating for a job, 21%.
Others were motivated by opportunities for more space, 18%; different climates, 17%; or the ability to work from anywhere, 17%.
Boston Real Estate and the Bottom Line
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