Are Americans on the Move? Migration Projection 2017.
The Phoenix Valley is projected by Realtor.com to be the top real estate market in the country for 2017. According to the Phoenix Business Journal census data “… Arizona, Maricopa County and metro Phoenix were all top 10 in growth.” But the Phoenix area has always enjoyed fairly rapid population growth.
The things we believe are contributing factors in the positive outlook on Phoenix area Real Estate market for 2017 are:
- Low Unemployment and Employment Expansion: Already a tech and electronics hub, the Phoenix / Mesa / Chandler / Scottsdale area has recently attracted several new industry giants. In addition, according to several local builders, there is an abundance of job opportunities in residential construction.
- Large Millennial and Active Adult Populations: Millennials and Baby Boomers are projected by Realtor.com to be the prevailing groups of home buyers nationwide in 2017
- Relatively Affordable Home Prices: Monthly rental costs are not as equitable as they used to be. Home prices are climbing at a steady but reasonable rate. And though inventory is lower than average it hasn’t hit a critical point. All this bodes well for a stable and reassuring Real Estate market.
Americans Migrated Less in 2016
By Suzanne De Vita and Zoe Eisenberg
Despite a strengthening housing market and an improving overall economy, a new study shows Americans are deciding not to move as much. Moves across the country have declined to an all-time low this year, with the percentage of Americans migrating within the country falling to 11.2 percent.
The most moves, according to the U.S. Census Bureau’s “Geographic Mobility: 2015 to 2016,” came from minority demographics. The African-American population made up 13.8 percent of those relocating, and the Asian population brought in another 13.4 percent. The Hispanic/Latino population comprised 12.6 percent of all moves; the white population comprised only 10.3 percent of those packing their boxes. The non-Hispanic white population brought up the rear with 9.8 percent.
“People in the United States are still moving, just not to the same extent as they did in the past,” says David Ihrke, a survey statistician in the Census Bureau’s Journey-to-Work and Migration Statistics Branch. “The decision to move can be personal and contextual. What causes one person to move might not be enough to convince another.”
Why Are(n’t) We Moving?
The majority of those who moved (42.2 percent) did so for a “housing-related reason,” such as the desire to snag a “better” spot. As employment strengthens, more people are able to sock away a little savings or afford higher monthly mortgage.
The report noted that approximately 27 percent of movers migrated for a “family-related reason.” A chunky 20.2 percent moved for an “employment-related reason.”
The South is a happening place. While the most outbound moves (901,000) occurred in the South, those residents were replaced with even higher inbound moves (940,000), according to the report.
Moves between Florida and New York and California and Texas occurred at a marked rate: New York had 69,289 residents migrate to Florida, and California had 65,546 residents migrate to Texas.
The most significant migration at the county level took place from Los Angeles County to Orange County and San Bernardino County, Calif., with 39,865 moves as residents of La La Land hightail it out of the city.
Source: U.S. Census Bureau
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Bill Salvatore / Arizona Elite Properties
Residential Sales, Marketing, and Property Management
Suzanne De Vita is RISMedia’s online news editor. Email her your story ideas at sdevita@rismedia.com. Zoe Eisenberg is RISMedia’s senior content editor. Email her your story ideas at zoe@rismedia.com. This was originally published on RISMedia’s blog, Housecall. Visit the blog daily for housing and real estate tips and trends. Reprinted with permission from RISMedia. ©2016. All rights reserved.
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