In 2020, homeowners across the nation found a collective shift in lifestyle needs that led to a new homebuyer migration trend CoreLogic experts think is here to stay: Major metros are out, and affordable ones are in.
According to the CoreLogic 2020’s Hottest Cities for Homebuyers Report, homebuyers left states with high taxes and expensive housing, particularly coastal locations such as New York and California, and relocated to metro areas in Texas, Florida, North and South Carolina, Georgia and Tennessee.
“The pandemic created a perfect recipe for consistently employed Americans,” said Archana Pradhan, CoreLogic’s principal economist. “If it had been any other mix of events, for example, if low housing inventory was coupled with job inflexibility, we wouldn’t have had such a large group of homebuying consumers feeling empowered to make bold moves in their living situations.”
Download this report to learn about:
- Which metro areas made the top 15 list for inbound and outbound migration trends
Top metros offer more affordability due to lower costs-per-square-foot, lower property taxes, and no state income taxes. Sunny climates with plentiful outdoor lifestyle amenities were also common in the top 15 metros for in-migration.
- How confident homebuyers are in buying homes
Ninety percent of U.S. homeowners and renters surveyed said they were somewhat or extremely likely to qualify for a mortgage. A majority of those surveyed said they’d use savings instead of bank loans to purchase a home and were able to increase their savings during 2020.
- How technology played a leading role in the homebuying process
“We’ve seen a steady increase in adoption of digital tools over the years, but 2020 really poured fuel on the fire. If you aren’t marketing listings using the latest technology, there’s no way you can compete.” – Deneka Waddell, REALTOR®, Holmes Realty Group.
©2021 CoreLogic , Inc. , All rights reserved.