American Pandemic Real Estate Migration Patterns Highlight Florida Markets

A recent study done by online lending marketplace, Lending Tree, provides a thorough analysis of the moving patterns undertaken by Americans in response to the pandemic. We have all seen the tremendous impact that the coronavirus pandemic has had on real estate markets around the country. People are moving in larger numbers than ever. Some are looking for larger homes with more outdoor space because they are spending more time at home. Some are looking to relocate to an area more conducive to their lifestyles. Whatever the reason, Americans have been on the move, and the new report shows where they have been going.

According to the study, compiled using mortgage loan applications from March 1, 2020 through September 21, 2021, most Americans moved within their home states. More than 85% of mortgage loan applicants were moving within the state in which they already lived. The state with the largest percentage of applicants looking to leave their home state was New York, with nearly 27% of New Yorkers leaving the state. Interestingly, the majority of those New Yorkers fleeing the state moved to nearby New Jersey. This trend was mimicked throughout the country. In 27 states, the majority of out of state movers relocated to a state that bordered their home states.

Which states were the most popular? Texas and Florida were the most popular states highlighted in the study. Texas was the clear winner of loyal residents. Over 93% of Texas residents moved within their own state, meaning that only 7% left. The winner for the number one destination for movers was, you guessed it, Florida! Florida was the top pick for applicants moving out of their home states in 18 of 50 states. Florida also had the third highest retention rate of residents, with less than 9% moving out of the state.

The Florida Keys real estate market has been thriving amid the current national market trends. Homes for sale in the Fl Keys have been flying off the shelves with buyers from both in and out of state who are coming to recognize the beauty of living in the Keys!