LendingTree 's latest State Migration Study found that 12.1% of homebuyers across the country plan to move states and most plan to head south - and the largest number prefer Florida. It is the top destination for residents of 15 of the 50 US states, most of which are located on the east coast.
To do the study, LendingTree analyzed more than 2 million purchase mortgage loan applications for first homes in all 50 states in 2018 through mid-November to find out what percentage of all applications were from residents looking to move out of their current state and what their destination would be. The results detail the most popular new locations for homeowners in each state, along with the states with the highest percentage of requests to move to other parts of the country.
Of all purchase mortgage applications during the study period, 9.1% went to Florida, reports LendingTree. For out-of-state migrants, 12.4% of applications went to Florida. The state of Florida has a long history of bringing in visitors and new residents, particularly retirees.
Texas residents love the Lone Star State. Texas had the lowest percentage of residents who wanted to leave the state - just 6.6% - but Florida was also the top destination for the few who considered a move away. Texas was also the best state to move to according to residents of six other states.
However, Florida also had fewer residents looking to move away. After Texas, only 8.6% of Michigan residents are considering such a move - but again, their top choice is Florida.
For the 8.9% of Florida residents considering a move out of state, it won't be a long journey: 13.8% listed their top favorite state as Georgia [the neighboring state].
Alaska has the most residents looking to move away - 24.8%. The main destination outside Alaska is Washington state.
Most people looking to move out of state don't want to go very far - more than half of them have chosen a state next door. But if they are looking to move across the country, it's likely to be to Florida. Of the 20 states where residents' most popular new location doesn't border their current state, 13 were Florida.
Below is a list of the states that have chosen Florida as their main destination:
- New York: 21.3% want to move; 21.5% prefer Florida
- New Jersey: 17.5% want to move; 21.8% prefer Florida
- Connecticut: 17.3% want to move; 23.9% prefer Florida
- Vermont: 17.2% want to move; 19.6% prefer Florida
- Illinois: 14.2% want to move; 14.2% prefer Florida
- Maine: 11.3% want to move; 21.0% prefer Florida
- Wisconsin: 10.6% want to move; 15.6% prefer Florida
- Kentucky: 10.5% want to move; 15.4% prefer Florida
- Tennessee: 10.5% want to move; 15.8% prefer Florida
- Indiana: 10.0% want to move; 15.8% prefer Florida
- Alabama: 9.3% want to move; 22.4% prefer Florida
- Georgia: 9.2% want to move; 26.5% prefer Florida
- Ohio: 9.1% want to move; 20.7% prefer Florida
- Michigan: 8.6% want to move; 22.0% prefer Florida
- Texas: 6.6% want to move; 10.1% prefer Florida
Source: FloridaRealtors.org