Whether because of a pandemic, for more space, or to save money, many Americans have moved in recent years, but which cities have the most mobile inhabitants?
LendingTree researchers analyzed data from the U.S. Census to understand the share of homeowners in the nation’s 50 largest metropolitan areas who moved in 2017 or later. Additionally, they examined the relationship between homeowners’ length of time in their homes and local home price growth.
In addition to the following results, be aware that another recent study showed that most movers are move inside their own state. In this study, the Knock researchers concluded that “we’ll see people move more often, especially as technology helps simplify the process of buying and selling homes.”
The LendingTree research team found that the bulk of migrant homeowners settled in Las Vegas, Phoenix, and Jacksonville, Florida. In these three metropolitan areas, an average of 22.5% of homeowners moved in 2017 or later, almost 6 percentage points higher than the national average of movers of 16.6%.
On the flip side, homeowners in Los Angeles, San Jose, California, and Pittsburgh tended to stay longer than others, with an average of just 11.2% having moved since 2017.
Over the past four years or so, residential property prices have tended to appreciate more quickly in cities where homeowners live longer in their homes, LendingTree has shown.
âThere is a relatively strong positive correlation between the share of homeowners who moved in 2017 or later and three-year home price growth in the nation’s largest metropolises,â writes Lending Tree’s senior analyst. Jacob Canal, who summarized the study. âFor example, the median home value in the top three metropolises in LendingTree’s study increased an average of 26.5% from 2016 to 2019. In the three lowest-ranked metros, the median home value only increased on average by 16.5% over the same period. “
There are many exceptions, he pointed out. For example, people tend to stay in the same house longer in Pittsburgh and Buffalo, New York, and both are relatively inexpensive subways.
âHousing markets in most major metros have exploded over the past year, suggesting that not only do people want to continue living in big cities, but they are also willing to pay a heavy price. to do it, “Channel wrote. âAs a result, as a result of the pandemic, an even greater proportion of homeowners will likely have lived in their current homes for less than two years. “
Analysts have concluded that those who intend to move in the foreseeable future will face high house prices. âOn the positive side, it could also make the construction home equity easier, âthey add.