{"id":174834,"date":"2024-07-01T07:45:55","date_gmt":"2024-07-01T13:45:55","guid":{"rendered":"https:\/\/www.biggerpockets.com\/blog\/?p=174834"},"modified":"2024-07-12T09:51:05","modified_gmt":"2024-07-12T15:51:05","slug":"migration-report-q2-2024","status":"publish","type":"post","link":"https:\/\/www.biggerpockets.com\/blog\/migration-report-q2-2024","title":{"rendered":"The Migration Boom is Ending, But Here&#8217;s Where Movers Are Still Moving"},"content":{"rendered":"\n\n      <iframe loading=\"lazy\" frameborder=\"0\" height=\"200\" scrolling=\"no\" src=\"https:\/\/playlist.megaphone.fm\/?e=BIGPOC4637147360\" width=\"100%\"><\/iframe>\r\n  \n\n\n\n\n<p><span data-preserver-spaces=\"true\">With mortgage rates and home prices high, more homeowners are staying put, <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.redfin.com\/news\/housing-migration-trends-november-2023\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">according to a report by Redfin<\/span><\/a><span data-preserver-spaces=\"true\">.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">The number of homeowners looking to move to a different metro area started to decline in the fall of 2023, dropping to 23.9% in November 2023. That marked the lowest share in a year and a half and below the 26% seen last summer.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">While some of it also has to do with <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/the-real-world-impacts-on-remote-work-and-what-it-did-for-investors\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">remote work<\/span><\/a><span data-preserver-spaces=\"true\"> becoming less popular with employers, <\/span><span data-preserver-spaces=\"true\">the rate of mobility among homeowners has steadily been decreasing<\/span><span data-preserver-spaces=\"true\"> since the 1980s as older Americans have decided to age in their current homes.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Still, Redfin says migration rates of homeowners considering moving are above pre-pandemic levels, with Americans hunting for bargains.&nbsp;&nbsp;&nbsp;<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Where Homebuyers Are Moving&nbsp;<\/span><\/h2>\n\n\n\n<p><span data-preserver-spaces=\"true\">According to Redfin, the most popular migration destinations have lower price points than where most buyers are moving. Redfin measures <\/span><span data-preserver-spaces=\"true\">popularity by net inflow, or how many more Redfin.com users looked to move into an area than leave it.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Spokane, Washington, made the list for the first time, likely due to its cheaper pricing and proximity to Seattle. Other areas that were also on the list are known for being relatively affordable and attractive to homebuyers moving from expensive metros.&nbsp;<\/span><\/p>\n\n\n\n<figure class=\"wp-block-table is-style-regular\"><table><thead><tr><th>Rank<\/th><th>Metro<\/th><th>Net Inflow, Nov. 2023<\/th><th>Net Inflow, Nov. 2022<\/th><th>Top Origin<\/th><th>Top Out-of-State Origin<\/th><\/tr><\/thead><tbody><tr><td>1<\/td><td>Sacramento, CA<\/td><td>5,100<\/td><td>7,000<\/td><td>San Francisco, CA<\/td><td>New York, NY<\/td><\/tr><tr><td>2<\/td><td>Las Vegas, NV<\/td><td>3,800<\/td><td>6,400<\/td><td>Los Angeles, CA<\/td><td>Los Angeles, CA<\/td><\/tr><tr><td>3<\/td><td>North Port-Sarasota, FL<\/td><td>3,700<\/td><td>3,700<\/td><td>New York, NY<\/td><td>New York, NY<\/td><\/tr><tr><td>4<\/td><td>Cape Coral, FL<\/td><td>3,700<\/td><td>4,000<\/td><td>Miami, FL<\/td><td>Chicago, IL<\/td><\/tr><tr><td>5<\/td><td>Salisbury, MD<\/td><td>3,600<\/td><td>2,000<\/td><td>Washington, D.C.<\/td><td>Washington, D.C.<\/td><\/tr><tr><td>6<\/td><td>Myrtle Beach, SC<\/td><td>3,600<\/td><td>2,800<\/td><td>Washington, D.C.<\/td><td>Washington, D.C.<\/td><\/tr><tr><td>7<\/td><td>Orlando, FL<\/td><td>3,500<\/td><td>3,300<\/td><td>New York, NY<\/td><td>New York, NY<\/td><\/tr><tr><td>8<\/td><td>Portland, ME<\/td><td>3,400<\/td><td>2,800<\/td><td>Boston, MA<\/td><td>Boston, MA<\/td><\/tr><tr><td>9<\/td><td>Nashville, TN<\/td><td>3,000<\/td><td>2,800<\/td><td>Los Angeles, CA<\/td><td>Los Angeles, CA<\/td><\/tr><tr><td>10<\/td><td>Spokane, WA<\/td><td>2,500<\/td><td>2,300<\/td><td>Seattle, WA<\/td><td>Los Angeles, CA<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Where Homebuyers Are Leaving<\/span><\/h2>\n\n\n\n<p><span data-preserver-spaces=\"true\">More homebuyers are leaving Los Angeles than any other metro area, Redfin found, beating out the Bay Area, which lost its No. 1 spot for the first time in two years. The Bay Area was second, with New York coming in third.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Coastal areas and big cities tend to top the list of homebuyers leaving because they are too expensive, Redfin found.&nbsp;<\/span><\/p>\n\n\n\n<figure class=\"wp-block-table is-style-regular\"><table><thead><tr><th>Rank<\/th><th>Metro<\/th><th>Net Outflow, Nov. 2023<\/th><th>Net Outflow, Nov. 2022<\/th><th>Top Destination<\/th><th>Top Out-of-State Destination<\/th><\/tr><\/thead><tbody><tr><td>1<\/td><td>Los Angeles, CA<\/td><td>26,100<\/td><td>30,300<\/td><td>Las Vegas, NV<\/td><td>Las Vegas, NV<\/td><\/tr><tr><td>2<\/td><td>San Francisco, CA<\/td><td>25,400<\/td><td>32,000<\/td><td>Sacramento, CA<\/td><td>Seattle, WA<\/td><\/tr><tr><td>3<\/td><td>New York, NY<\/td><td>24,900<\/td><td>20,700<\/td><td>Miami, FL<\/td><td>Miami, FL<\/td><\/tr><tr><td>4<\/td><td>Washington, D.C.<\/td><td>13,300<\/td><td>16,100<\/td><td>Salisbury, MD<\/td><td>Salisbury, MD<\/td><\/tr><tr><td>5<\/td><td>Seattle, WA<\/td><td>11,900<\/td><td>1,300<\/td><td>Spokane, WA<\/td><td>Phoenix, AZ<\/td><\/tr><tr><td>6<\/td><td>Chicago, IL<\/td><td>7,600<\/td><td>7,100<\/td><td>Cape Coral, FL<\/td><td>Cape Coral, FL<\/td><\/tr><tr><td>7<\/td><td>Boston, MA<\/td><td>5,000<\/td><td>6,100<\/td><td>Portland, ME<\/td><td>Portland, ME<\/td><\/tr><tr><td>8<\/td><td>Philadelphia, PA<\/td><td>3,000<\/td><td>1,300<\/td><td>Salisbury, MD<\/td><td>Salisbury, MD<\/td><\/tr><tr><td>9<\/td><td>Detroit, MI<\/td><td>2,100<\/td><td>3,400<\/td><td>Washington, D.C.<\/td><td>Washington, D.C.<\/td><\/tr><tr><td>10<\/td><td>Denver, CO<\/td><td>2,000<\/td><td>3,200<\/td><td>Chicago, IL<\/td><td>Chicago, IL<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Why Homeowners Aren\u2019t <\/span><span data-preserver-spaces=\"true\">Really<\/span><span data-preserver-spaces=\"true\"> Moving&nbsp;<\/span><\/h2>\n\n\n\n<p><span data-preserver-spaces=\"true\">There are several reasons why, overall<\/span><span data-preserver-spaces=\"true\">, homeowners are no longer looking to move. One reason is that <\/span><span data-preserver-spaces=\"true\">there is <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.newsweek.com\/remote-jobs-disappearing-2024-work-home-1870014\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">less flexibility around remote working<\/span><\/a><span data-preserver-spaces=\"true\">, as more employers want workers back in the office.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Another reason <\/span><span data-preserver-spaces=\"true\">may <\/span><span data-preserver-spaces=\"true\">have to do with<\/span><span data-preserver-spaces=\"true\"> the general <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/homes-sales-bottom-out-may-2024\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">decline in house sales<\/span><\/a><span data-preserver-spaces=\"true\">, as record mortgage rates and prices have kept many would-be homebuyers on the sidelines.<\/span> <span data-preserver-spaces=\"true\">Many homeowners who would have sold have decided to stay in their current homes because their mortgage rates are <\/span><span data-preserver-spaces=\"true\">simply<\/span><span data-preserver-spaces=\"true\"> too <\/span><span data-preserver-spaces=\"true\">good<\/span><span data-preserver-spaces=\"true\"> to give up.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">This<\/span><span data-preserver-spaces=\"true\"> lock-in effect led to a 57% reduction in home sales in the fourth quarter of 2023 and prevented 1.33 million homes from being sold between the second quarter of 2022 and the end of 2023<\/span><span data-preserver-spaces=\"true\">, according to a <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.fhfa.gov\/research\/papers\/wp2403\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">report<\/span><\/a><span data-preserver-spaces=\"true\"> from the Federal Housing Finance Agency<\/span><span data-preserver-spaces=\"true\">.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Economists Jack Liebersohn and Jesse Rothstein <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/jesse-rothstein.com\/wp-content\/uploads\/2023\/09\/Mortgage_Lock_20240328.pdf\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">found<\/span><\/a><span data-preserver-spaces=\"true\"> that mobility rates fell for those with a mortgage in 2022 and 2023, while there were no declines in mobility for homeowners who didn\u2019t have a mortgage or for renters. In other words, those with a mortgage are more likely to stay put.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">While <\/span><span data-preserver-spaces=\"true\">there was an increase in the past few years in<\/span><span data-preserver-spaces=\"true\"> the number of people looking to move thanks to pandemic-driven remote work, overall mobility over the last few decades seems to be down. According to <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.sciencedirect.com\/science\/article\/abs\/pii\/S0304407621000415\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">one economist<\/span><\/a><span data-preserver-spaces=\"true\">, <\/span><span data-preserver-spaces=\"true\">the<\/span><span data-preserver-spaces=\"true\"> moving rates have been declining steadily and were below 10% in 2018 compared to 20% in the mid-1980s.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Meanwhile, a <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/libertystreeteconomics.newyorkfed.org\/2024\/05\/mortgage-rate-lock-in-and-homeowners-moving-plans\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">survey<\/span><\/a><span data-preserver-spaces=\"true\"> from the New York Federal Reserve found that few U.S. homeowners <\/span><span data-preserver-spaces=\"true\">are planning<\/span><span data-preserver-spaces=\"true\"> to move in the next three years, with around half of respondents saying the probability that they will move is less than 10%.&nbsp;<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">What This All Means for Real Estate Investors&nbsp;<\/span><\/h2>\n\n\n\n<p><span data-preserver-spaces=\"true\">Homeowners are staying put for longer than <\/span><span data-preserver-spaces=\"true\">they were<\/span><span data-preserver-spaces=\"true\"> before, <\/span><span data-preserver-spaces=\"true\">staying<\/span><span data-preserver-spaces=\"true\"> for an average of 11.9 years compared to 6.5 years in the early 2000s, <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.redfin.com\/news\/homeowner-tenure-2023\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">according to Redfin<\/span><\/a><span data-preserver-spaces=\"true\">. With fewer people moving, some towns and states <\/span><span data-preserver-spaces=\"true\">are even <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/edition.cnn.com\/travel\/us-cities-relocation-packages\/index.html\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">paying<\/span><span data-preserver-spaces=\"true\"> people to move there<\/span><\/a><span data-preserver-spaces=\"true\">.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">All this is likely contributing to the housing shortage<\/span><span data-preserver-spaces=\"true\">. There is a housing deficit of<\/span><span data-preserver-spaces=\"true\"> at least <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.realtor.com\/research\/us-housing-supply-gap-feb-2024\/?utm_source=Realtor.com+Economic+Research+Mailing+List&amp;utm_campaign=677df60051-EMAIL_CAMPAIGN_2020_04_26_01_53_COPY_01&amp;utm_medium=email&amp;utm_term=0_5fdb87a164-677df60051-468514505\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">3.8 million units<\/span><\/a><span data-preserver-spaces=\"true\">, and it\u2019s<\/span> <a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/the-housing-shortage-will-get-worse-in-2024\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">likely to get worse<\/span><\/a><span data-preserver-spaces=\"true\">.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">However, this slump in migration may not be forever. With mortgage rates likely to go down at some point when the Federal Reserve decreases rates, homeowners may be enticed to put their homes on the market. This could spur an increase in relocations if the supply can keep up with demand. But if the housing supply crunch continues, it could still be a while before house prices drop and homebuyers feel it\u2019s worth their while to move\u2014creating opportunities for real estate investors.<\/span><\/p>\n\n\n\n<p><em>To learn more about Redfin&#8217;s methodology, <a href=\"https:\/\/www.redfin.com\/news\/housing-migration-trends-november-2023\/\" target=\"_blank\" rel=\"noreferrer noopener\">click here<\/a>.<\/em><\/p>\n\n\n\n    \n  <div id=\"visibility-group-block_78471d414bdfe2f59669f068f96e1f11\" class=\"visibility-group alignwide  hidden\">\n        \n\n<div id=\"hero-block_9d21ed4948e853ba9c781a1deddd7db8\" class=\"first:mt-0 hero-block py-4  alignwide   has-background has-slate-200-background-color has-text-color has-theme-gold-color\">\n    <div\n        class=\"gap-10 lg:gap-20 flex flex-wrap lg:flex-nowrap max-w-screen-xl mx-auto px-4 relative lg:items-center \">\n\n        <div class=\"relative z-30 lg:w-1\/2 \">\n            <main class=\"py-4\">\n                \n\n<p class=\"has-slate-800-color has-text-color has-large-font-size\" style=\"font-style:normal;font-weight:800\">Find the Right Agent, Close the Best Deal<\/p>\n\n\n\n<p class=\"my-3 md:my-5 lg:my-8 has-slate-900-color has-text-color\" style=\"font-size:18px\">Step #1: Use Agent Finder to match with top <em><strong>investor-friendly<\/strong><\/em> real estate agents to help you find, analyze, and close your next deal.<\/p>\n\n\n\n<div id=button-custom-event-block_0b2c334b7684a10e2840102127df80a7 class='button-custom-event'>\n      <a href=\"https:\/\/www.biggerpockets.com\/agent\/match\" x-on:click=\"window.analytics.track(&#039;Blog Block | B2C Marketplace Agent Finder&#039;, {\n      referrer: &#039;https:\/\/www.biggerpockets.com\/blog\/migration-report-q2-2024&#039;,\n    });\" class=\" btn-shape inline-block no-underline has-background has-theme-blue-background-color has-text-color has-white-color\" target=\"_blank\">Find an Agent<\/a>\n  <\/div>\n\n            <\/main>\n        <\/div>\n\n                <div class=\"lg:w-1\/2 first:mt-0 relative h-full lg:flex lg:items-center\">\n            <img decoding=\"async\" class=\"object-cover w-full relative z-20 my-0  rounded-md hidden lg:block\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2021\/08\/Marketplace-Blog-Blocks-Agent-v3.png\" alt=\"investor friendly real estate agent\" title=\"\">\n        <\/div>\n            <\/div>\n<\/div>\n\n  <\/div>\n  \n\n\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n    \n  <div id=\"visibility-group-block_64dd31c79f00f\" class=\"visibility-group  \">\n        \n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div id=\"hero-block_64dd2875dba9d\" class=\"first:mt-0 hero-block py-4    has-background has-slate-100-background-color has-text-color has-theme-slate-color\">\n    <div\n        class=\" flex flex-wrap lg:flex-nowrap max-w-screen-xl mx-auto px-4 relative lg:items-center \">\n\n        <div class=\"relative z-30 w-full \">\n            <main class=\"py-4\">\n                \n\n<h3 class=\"wp-block-heading my-0 tracking-tight font-extrabold has-theme-slate-dark-color has-text-color has-large-font-size\">Join the community<\/h3>\n\n\n\n<p class=\"my-3 md:my-5 lg:my-8 has-theme-slate-color has-text-color\" style=\"font-size:16px;font-style:normal;font-weight:400\">Ready to succeed in real estate investing? Create a free BiggerPockets account to learn about investment strategies; ask questions and get answers from our community of +2 million members; connect with investor-friendly agents; and so much more. <\/p>\n\n\n\n<div id=button-custom-event-block_64dd2888dba9e class='button-custom-event'>\n      <a href=\"https:\/\/www.biggerpockets.com\/signup\" x-on:click=\"window.analytics.track(&#039;Blog Block | Acquisition | Free Membership Signup&#039;, {\n      referrer: &#039;https:\/\/www.biggerpockets.com\/blog\/migration-report-q2-2024&#039;,\n    });\" class=\" btn-shape inline-block no-underline has-background has-theme-blue-background-color has-text-color has-white-color\" target=\"_blank\">Sign Up<\/a>\n  <\/div>\n\n            <\/main>\n        <\/div>\n\n            <\/div>\n<\/div>\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n  <\/div>\n  <\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The pandemic-induced migration boom is coming to an end, but the holdouts are still on the go.<\/p>\n","protected":false},"author":613681,"featured_media":174838,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[8,7119],"tags":[],"class_list":["post-174834","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate-trends","category-biggerpockets-daily"],"acf":[],"comment_count":0,"_links":{"self":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/174834","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/users\/613681"}],"replies":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/comments?post=174834"}],"version-history":[{"count":0,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/174834\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media\/174838"}],"wp:attachment":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media?parent=174834"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/categories?post=174834"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/tags?post=174834"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}