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Real estate outlook: Buying a home in 2024
Is 2024 a good time to buy a house? New York City real estate expert and agent Frances Katz explains.
Vermont became the most sought-after state for movers in 2023.
According to United Van Lines' annual National Movers Study, which tracks the company's data for migration patterns, more people moved into the Green Mountain State than any other state in the country for the third year in a row with 65% of inbound movers.
The majority of those people, nearly 30%, were driven to do so because they wanted to be closer to family. However, another 20% simply sought out a lifestyle change, according to the data.
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FILE: Elevated view of picture perfect Stowe Vermont in Autumn Color. (Photo by: Visions of America/Joseph Sohm/Universal Images Group via Getty Images)
Washington, D.C., came next. The data showed that 63% of moves in the nation's capital were inbound. Another 63% of moves in South Carolina were also inbound.
The data suggests that states such as South Carolina, North Carolina and Alabama continue to increase in popularity.
The data underscores the pattern that people are primarily seeking out less expensive metro areas that are likely to see less competition in the housing market.
It is a trend that has gained traction in recent years as housing affordability has declined, according to a Zillow report. For instance, Zillow reported that the share of median household income needed to cover rent costs increased from 26.7% in November 2019 to 29.9% in November 2023.
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To cover the monthly mortgage costs for a typical home, the share of income needed also rose from 22.7% to 38.6% during the same period.
A United Van Lines truck is seen in the Saddle Rock Ridge North neighborhood in Colorado. (Steve Nehf/The Denver Post / Getty Images)
According to the report, the trend of people moving out of the Midwest and West regions continued in 2023.
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Illinois, Michigan and California were among the top states with a high percentage of outbound moves in 2023. Additionally, North Dakota and Kansas saw an influx of people move out of state.
For the sixth consecutive year, New Jersey had the most residents leave than any other state.
The top 10 states (and Washington, D.C.) with the most inbound moves in 2023:
- Vermont
- Washington, D.C.
- South Carolina
- Arkansas
- Rhode Island
- North Carolina
- South Dakota
- Alabama
- New Mexico
- West Virginia.
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