"Moving across state lines comes with a plethora of challenges and changes-so much so that the costly process of laying down permanent roots in a new locale often takes a back seat to the many other hurdles involved in making such a big transition. Many transplants choose to ease themselves into their new neighborhood by renting and thereby giving themselves a chance to postpone the inevitable costs involved in investing in a new home."
"Nationally, less than 28% of interstate movers close on a home in their first year after relocation, meaning that nearly three-quarters of recent arrivals opt to rent, according to new research from the National Association of Realtors®. International movers are even more reluctant to put down roots in a new place right away, unlike people who move within the same county, who are often the most eager to settle in a home of their own."
"The share of interstate movers purchasing homes within the first year peaked at 33% at the height of the pandemic, when borrowing costs dropped to record lows and the rise of remote work allowed many Americans to relocate. By 2024, however, the percentage of homebuyers among recent interstate transplants fell back down to 27.5%—same as in 2019—because of climbing mortgage rates and intensifying affordability headwinds."
Less than 28% of interstate movers nationally purchase a home within their first year after relocating, so nearly three-quarters opt to rent. International movers are even less likely to buy immediately, while those who move within the same county are most likely to become homeowners quickly. Homebuying among interstate movers peaked at 33% during the pandemic when borrowing costs fell and remote work rose, then declined to 27.5% by 2024 due to rising mortgage rates and affordability pressures. Five metros—Daphne, AL; Naples, FL; Ocala, FL; Hickory, NC; Rockford, IL—show elevated homeownership among out-of-state newcomers.
Read at New York Post
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