Some of the hottest states are struggling to retain residents. High home prices in markets like New York and California are making it hard for people to afford living expenses. Buyers are instead choosing states with exceptional job markets and low cost of living.
- Idaho, Washington, and Nevada are the top three states people are moving to most
- Idaho has a low unemployment rate of 2.9% - compared to 4.1% nationally
- All three states saw over 10% annual price gains
The housing market is highly competitive, and markets like Manhattan are boasting median home sale prices greater than $1 million. Despite remarkably unaffordable prices in many markets across the United States, home sales ended last year on a strong note.
Many lesser-known markets rose to the top of the charts, boasting impressive ratios of moves in and out of the state over the past year. Idaho topped the charts; about 65% of moves were those relocating to the state, rather than leaving the state. Idaho also posted an affordable median home price of $185,000 and an unemployment rate of 2.9% – well below national average.
“People are really attracted by the job opportunities,” says CoreLogic chief economist Frank Nothaft. “It’s a more affordable alternative to Seattle or Washington state.”
Here are the top 10 states people are moving to the most:
- North Carolina
- Rhode Island
Housing prices in all ten states are rising considerably faster than the national average. According to the latest CoreLogic home price index, the top three states all had more than 10% year-over-year price growth in November.
Idaho home prices were up 10.4% annually in November; Washington state prices had the largest annual prices gains of 12.2%, and Nevada prices rose 10.8%.
In these hot markets, “it comes down to economy and jobs” says Jeff Schimmel at Atlas Van Lines. “As the economy gets better, companies relocate more employees and they hire more.”
2017 Migration Patterns from Atlas Van Lines