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t didn’t start with the pandemic. It certainly won’t stop after the pandemic! The great south migration can only be stopped by one thing- affordability! Homebuyers looking to reenter the housing market is today looking to buy in the areas that are located outside the densely populated areas. Illinois, New York and New Jersey are some of the states that have so far recorded the most outbound moves while moving to the west, California is losing its population at a rapid rate. Here’s what we know so far; • • • 10
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People now prefer living in Texas and Idaho than in California. The most significant outbound move has been recorded in the states of Illinois, New York and New Jersey. In 2020, the states of Idaho, Arizona, Tennessee,
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South Carolina and North Carolina recorded the most inbound moves with Tennessee taking the lead. More people are flooding the states of Florida, Texas and Colorado which are now in the top eight states for inbound migration. The pandemic never stopped people from moving. On the contrary, in some instances, people moved at rates higher than they did in 2019. On average, inbound moves were recorded at comparable rates to 2019.
WHY ARE PEOPLE MOVING? Real estate is becoming a hot topic mostly in areas recording high outbound moves. Take California for example, once hailed as the golden land for golden opportunities, which has now become a nightmare for most low-to-middle income earners. The median price for a house in California now stands at $813,930 according to a recent report by the California Association of Realtors. This is almost triple the national average. And that is not all, California has four of the country’s five most expensive residential markets that is, the Silicon Valley, San Francisco, Orange County, and San Diego. In addition, the THE POWER IS NOW MAGAZINE | AUGUST 2021
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THE GREAT SOUTH MIGRATION: AN ERA-SHAPING EXODUS FOR THE NORTHERNERS REAL ESTATE MARKETS
