Did you know on average home buyers only moves 15 miles away from their current home? A new study released Wednesday from realtor.com shows that Americans are being enticed to move further away because metros are offering affordability and strong employment. However, job relocation tends to drive movers out-of-state.
“Home prices have risen for seven consecutive years, far outpacing salary growth,” says George Ratiu, realtor.com®’s senior economist. “Although interest rates are the lowest they have been in three years, cost has become a deal breaker for many buyers, especially in pricey West Coast metros. But instead of giving up on the American dream, many buyers have decided to look for a home in medium-sized metros outside their state that offer price relief and a similar lifestyle.” (realtormagazine.com)
Non-local buyers were attracted to seven of the 10 moving destinations because median prices 3% to 34% less expensive than their home markets. Most of the destination are 16% more expensive than the national median of $315,000, making them not known for affordability. “However, they do tend to be cheaper than the person’s current metro area. For example, the median listing price in Boise is $372,500, which may be more enticing to those relocating from Los Angeles, where the median list price is $766,800.” (realtormagazine.com)