Dallas, Texas – In a significant change, the reasons behind people moving between American states have seen a major shift. This change has moved away from mainly job-related reasons to a focus on finding more affordable housing, as experts in the industry have pointed out.
Americans are leaving expensive technology hubs for more affordable areas
Since 2021, many people have been leaving expensive technology hubs on the West Coast, like the Bay Area and Seattle, in favor of more affordable places like the mountain states and Texas.
Within Texas, Fort Worth has seen a notable increase in population, taking in the largest number of newcomers in the year ending July 2022.
A detailed look at the numbers reveals some interesting trends. In the Dallas-Fort Worth area, 75% of Zillow page views in the first quarter of 2022 were by locals, according to data provided to Axios. There’s a similar interest from Houston and Los Angeles residents in the Dallas-Fort Worth region, with the most out-of-state inquiries coming from Los Angeles, followed by New York and Chicago.
While the interest for moving in Dallas and Fort Worth remains high in out-of-state Americans, a recent report clearly shows that the City of Dallas is in need of 34,000 affordable housing units.
High housing costs still prevent many Americans to make a final decision
However high housing costs seem to be dissuading some people from considering a move. National data shows an 18% decrease in the number of Redfin users looking for homes in their local areas, according to a report from June. At the same time, interest in exploring listings in new areas has dropped by 7%.
Comparing this to the previous year, there’s been a decrease in the percentage of Zillow inquiries for Dallas-Fort Worth coming from other cities. For example, Los Angeles accounted for about 2% of all searches during the first quarter of 2022, but this number has dropped to 1.6% this year.
People thinking of moving are primarily motivated by the search for more affordable housing
The underlying message here is clear that people thinking of moving are primarily motivated by the search for more affordable housing.
Looking ahead, Redfin’s deputy chief economist, Taylor Marr, predicts an interesting change in migration patterns. While affordable housing will likely continue to be the main reason people move, concerns over environmental sustainability will start to become more important.
This combination of factors could have a significant impact on the movement of people across the U.S. in the future, reflecting a mix of economic, social, and environmental considerations.