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In a new analysis of national trends, CoreLogic reports that homebuyers are moving to more affordable and warmer states. The report notes that while homeowners tend to live in their homes longer than they have in the past, those that move are largely driven by economic opportunities, affordability, and weather.
The report focuses on the number of loan applications in states with the most in- and out-migration. The analysis draws on these trends to suggest that baby boomers are migrating to states with warmer weather, lower taxes, lower cost of living, and affordable homes, while millennials are moving to states with greater job opportunities, lower cost of living, open spaces, and affordable homes.
The study demonstrates a distinction between the priorities of baby boomers and millennials. While both groups are looking for affordability, millennials tended to remain in neighboring states with lower costs of living, whereas baby boomers are more willing to move further away to warmer weather.
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