Home >> Daily Dose >> American Homeowners, on the Move
Print This Post Print This Post

American Homeowners, on the Move

StorageCafe reported that the mobility rate in the U.S. is at its lowest point since it began being tracked in 1947 and it dropped under 10% for the first time in history. Still, 31 million Americans moved last year—4.6 million moved interstate. 

The likelihood of Americans changing their address within five years stands at 45.9% and Americans are five times more likely to move within a five-year period than residents of Spain and India. 

Interstate moves cost between $2,400 and $4,500. Moving from California to Texas is the most common migration, with more than 86,000 make the move last year, coming with a price tag between $3,700 and $4,100. 

Californians are the most mobile Americans as more than 690,000 moved to a new state im 2018. Arizona, Washington, Nevada, and Oregon are also popular destinations for people looking to leave California. 

Housing and living costs are speculated as to why Californians are looking to leave the state. 

HSH reported in November that while the average home price rose during Q3 2019 to $280,200, but California was home to four of the five most expensive markets: San Jose, San Francisco, Los Angeles, and San Diego. Of those markets, Los Angeles was the only one to report an increase in home prices at 14.57% to $649,600.

San Jose’s median home price was $1.24 million, which is a 6.7% decline for the prior quarter. San Francisco saw prices fall 8% to $964,000 while San Diego has the smallest decline of 1.53% to $645,000.

San Jose had the highest-average mortgage payment of $5,343 and the highest salary needed to buy a home—$228,998.

Redfin found last month that California was home to four of the top-five markets where bidding was most common: San Francisco (34.8%); San Jose (20.5%); San Diego (15.6%); and Los Angeles (13.7%). Philadelphia, Pennsylvania, concluded the top-five at 13.8%. 

While San Francisco and San Jose reached new peaks in 2019 during October, the competition had cooled since 2018, when the bidding-war rate was 58.1% and 64.9%, respectively.

About Author: Mike Albanese

A graduate of the University of Alabama, Mike Albanese has worked for news publications since 2011 in Texas and Colorado. He has built a portfolio of more than 1,000 articles, covering city government, police and crime, business, sports, and is experienced in crafting engaging features and enterprise pieces. He spent time as the sports editor for the "Pilot Point Post-Signal," and has covered the DFW Metroplex for several years. He has also assisted with sports coverage and editing duties with the "Dallas Morning News" and "Denton Record-Chronicle" over the past several years.

Check Also

Survey: Homeownership Remains Elusive for Baby Boomer Renters

A recent look into housing affordability by NeighborWorks America has found that three in five long-term baby boomer renters feel homeownership remains unattainable.