Monday, January 6, 2020

The State That Americans Are Fleeing in Droves—and Where They’re Winding Up

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Just about everyone’s fantasized about leaving their day-to-day lives behind and moving to a more glamorous, warmer, cheaper [insert your own adjective here] part of the country. And it turns out one state is attracting relocaters in droves—while there’s practically an exodus out of another state on the opposite side of the country.

For the second year in a row, folks can’t get out of New Jersey fast enough, it seems, according to a recent report from moving company United Van Lines. Four of the top five states residents were leaving were in very expensive, high-tax, cold-weather states.

United analyzed its nearly 100,000 moves in 2019 to come up with its 43rd annual study. Only states with at least 250 moves in the continental U.S. and Washington, DC, were included.

“It’s a lot of baby boomer retirement traffic,” says United spokeswoman Eily Cummings. Boomers are heading south, where they can pay less in taxes and just about everything else while they leave all that snow shoveling behind. “Retirees are looking for a lower cost of living and a better climate.”

The states people are fleeing

Living on a fixed income, retirees are looking for ways to make their budgets stretch—and New Jersey’s high home prices and property taxes don’t make it an attractive place to stay.

The Garden State’s median home list price of $389,050 in November was about 21% more than the national list price of $309,000. It’s also a lot more than Arizona’s median price of $350,050 and Florida’s median price of $335,050.

But the high cost of living isn’t dissuading millennials from moving in. The state offers plenty of high-paying jobs, as well as many towns within commuting distance to New York City that are attractive to those just starting out and establishing their careers. There were still more folks aged 34 and under moving into New Jersey than out of the state, according to United.

Top states folks are fleeing

  1. New Jersey
  2. Illinois
  3. New York
  4. Connecticut
  5. Kansas
  6. Ohio
  7. California
  8. Michigan
  9. North Dakota
  10. Iowa

The states people are moving to

Idaho topped the list of states seeing the most inbound moves. After all, the state has a thriving economy, with a burgeoning tech industry gaining ground in its capital of Boise. That’s attracting younger workers and those with families to support.

Plus, it’s become a more affordable, slower-paced alternative to California—which is particularly appealing to retirees from Western states who don’t want to move too far from their family and friends.

The median home list price in Idaho is $359,950—more than a third less than California’s median price of $575,050. So retirees can sell their Golden State homes for a bundle, buy an Idaho home for a fraction of that price, and use the leftover money to beef up their nest eggs. The moving company also saw a lot of folks from Colorado, where the median home price was $475,000, head to Idaho.

“We’re seeing baby boomers moving south, and millennials are moving to the south and the Mountain West, specifically Washington and Oregon,” says Cummings. “People are moving to states with a lower cost of living, a temperate climate, and jobs.”

Top destinations

  1. Idaho
  2. Oregon
  3. Arizona
  4. South Carolina
  5. Washington
  6. Washington, DC
  7. Florida
  8. South Dakota
  9. North Carolina
  10. New Mexico

The post The State That Americans Are Fleeing in Droves—and Where They’re Winding Up appeared first on Real Estate News & Insights | realtor.com®.



via The State That Americans Are Fleeing in Droves—and Where They’re Winding Up

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