Real Estate News

Jobs, housing and migration impact possible housing market future

Published: 27 Apr 2017

New home buyers usually can't settle into their houses if they don't have the means to support themselves. As such, there seems to be a possible link between where jobs open up and where housing might be available, though this obviously can vary a lot. The Redfin Migration Report looked at some of the ways that new trends speak to changes as residents chose new places to live, sometimes several states away from their original homes.

Drawing from data across the country, the report specifically spelled out the attitudes among inhabitants in major U.S. cities. According to these findings, 92.5 percent of Chicago residents were planning on staying in the same city, giving it the highest percentage of residents out of all of those listed. For comparison, 7.5 percent of Chicago residents were looking to move to other places, with the most popular destination being Phoenix.

Going by percentage points alone, Dayton, Ohio actually accounted for the largest amount of people migrating, since nearly 52 percent of locals were looking for a new home. In general, the source found movement from expensive cities, and a preference for southern or southwestern houses.

Redfin Chief Economist Nela Richardson described this phenomenon as a reflection of different standards of living in a related press statement.

"Fast-growing coastal cities may be generating the high-paying jobs, but they haven't created enough budget-friendly housing to keep pace," he said. "The price of real estate and desire for homeownership is compelling many to uproot and seek housing in more affordable communities."

This trend may not be entirely new. Sources reported on people moving away from California last year, and the 2016 United Van Lines study found that Oregon, Idaho and Washington were among the most popular states to move to in 2016.