Is an Interstate House Hunt for You?
The U.S. is renowned for having a for having a nation of citizens that rarely venture out of the US. But, in recent times U.S. citizens have been less likely to move interstate too. Until now. There has been a trend in the U.S. in which people have stayed within their own states. This is a relatively new trend as interstate moving was once considered the norm back in the 1970s. Social mobility is imperative to ensuring that people get greater employment and educational opportunities.
From the mid-2000s to about 2015, U.S. citizens were less likely to move interstate. However, recent developments in the last couple of years have seen more people moving acrossborders than ever before! What are the reasons for this trend?
Housing price differences
House prices are known to fluctuate geographically across the U.S. Living in Detroit, for example, is incredibly cheap in comparison to New York. Property in Detroit can be sought for little over $40,000. But, in the U.S., house prices are now at an all-time high. A simple one bedroom apartment can set consumers back nearly $1m! As such, interstate moving is important for first-time buyers who want to get their foot on the property ladder. This is due to cheaper and more affordable housing in the ‘less fashionable’ states. With housing prices wildly varying across the United States, it makes good financial sense for many to move more freely and live within their means.
The allure of the country and the suburbs
Another notable reason for more people moving across the U.S. is because that city living is said to hold less of an appeal than it used to. Now, more people than ever are keen to set up their homes in the suburbs and even a little farther out into the country. Thankfully, the U.S. is one of the most varied lands on Earth, so there’s more than enough choice here. There’s plenty of suburban and highlands real estate! Due to the high price of city living and high crime rates in the U.S. within inner city areas, these have become attractive options. The low level of crime and affordable housing are cited as the main reasons why American citizens are keen to set up a new home and life in within a different state.
The waning of the recession
The global recession hit many homeowners across the world. But, the impact was felt more deeply in the US. The recession impacted on many people within the US and as such, people suddenly could not afford to move on from their home states. Now, with growth steadily rising in the US and the recession being deemed as coming to an end, it is now financially viable for people to move again. In short, Americans are moving because they have more cash to do so. From around 2010 to 2015, when the effects of the recession were being felt more profoundly, only 5% of Americans chose to migrate within their borders. But the last couple of years have been promising. The ill-effects of the recession are no longer being felt by most families.