American homebuyers are flocking toward warmer climates. According to a new study, U.S. residents are increasingly leaving colder states, opting instead, for buying homes in places like Florida, Texas and California.Verify your new rate (Aug 15th, 2020)
Top out-of-state spots
The recent State Migration Study from LendingTree shows that most homebuyers looking to move out of state are heading south. A whopping 12.4 percent of all people seeking out-of-state mortgage loans this year were for Florida.
Florida was the most popular out-of-state destination from homebuyers in Michigan, Wisconsin, Illinois, Indiana, Ohio, Kentucky, Tennessee, Alabama, Georgia, New York, New Jersey, Connecticut, Vermont and Maine.
“Most people looking to move out of state don’t want to go far,” said Tendayi Kapfidze, chief economist for LendingTree. “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.”
Close behind was Texas. The Lone Star State was the No. 1. choice for out-of-state buyers in California, Arizona, Colorado, Oklahoma, Arkansas and Louisiana.
California, Washington, Arizona, Massachusetts and North Carolina rounded out the top five (AZ, MA and NC tied at No. 5). In total, 12.1 percent of homebuyers were looking to move out of state this year.
Not all homebuyers are looking to pack up and move out, though. According to the study, Texans are largely staying within the state. More than 93 percent of mortgage requests from Texans this year were for purchases within the Lone Star State.
Michiganders are in the same frame of mind, with 91 percent looking to buy within state lines.
Alaska, however, sits on the opposite side of the spectrum. The state claims the most residents looking to move away. Just 75 percent of homebuyers were purchasing in state lines this year.Verify your new rate (Aug 15th, 2020)
Get today’s mortgage rates
Are you looking to buy a home out of state? Then shop around and see what mortgage rates you qualify for today.Verify your new rate (Aug 15th, 2020)