Blog

Mar
09
Florida Ranks #1 for Out of State Homebuyers

LendingTree, an online loan marketplace, released the findings of its study on where residents in each state want to move. In the latest study, LendingTree says it discovered a southern tilt in preferences for those people looking outside their own state.

Florida was the No. 1 new destination for 18 of the 50 states. Of all purchase mortgage requests during the study's time period, 9.14% were for consumers looking to move to Florida. The Sunshine State has a history of bringing in visitors and new residents, particularly retirees.
The results reveal the most popular new destination for each state along with the percentage of out-of-state requests for that location.

TOP US Destinations for New Residents

States that love Florida % looking out-of-state % of those looking at Florida
Vermont24.0714.01
New York20.821.5
Connecticut19.0922.5
Maryland18.9413.0
New Jersey18.0821.09
Illinois14.6614.07
Pennsylvania13.4717.14
Maine12.9922.11
Iowa11.8910.38
Wisconsin11.4514.1
Kentucky11.1115.81
Tennessee11.0716.19
Alabama10.322.09
Indiana10.1318.24
Georgia9.6826.32
Ohio9.6619.83
Michigan9.1821.52
Texas7.4610.49

Texas had the highest percentage of residents looking to move within the state versus outside of the state. 92.54% of purchase mortgage requests from individuals in Texas were for properties within the state. The second location with the highest percentage of residents looking to move within the state was Michigan.

In contrast to Texas, Vermont had the lowest percentage of residents looking to stay in state. 75.93% of requests in Vermont were for properties within the state.
If individuals are looking to move outside of state, most don't want to go far.More than half of the most popular new destination states border the current state. Of the states that the residents' most popular new location does not border their current state, 16 were Florida.
However, in a related but separate Moving Popularity Score Index, South Carolina edged out Florida, even if more people actually seem to be looking at the Sunshine State. In South Carolina, mortgage loan requests from out-of-state movers were 56 percent greater than suggested by its share of the national population.

Moving popularity score: Top 10

State Score State Score
1. South Carolina1566. Nevada125
2. Florida1437. New Hampshire123
3. Delaware1398. Tennessee119
4. North Carolina1359. West Virginia118
5. Georgia13410. Mississippi112

Moving popularity score: Bottom 10

State Score State Score
1. South Dakota716. New York79
2. California727. Illinois79
3. Minnesota768. Wisconsin82
4. North dakota779. Arkansas83
5. Hawaii7710. Massachusetts83

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