Housing News

Family, Friends, and Affordability: Why More Homebuyers are Heading South

The top destination for homebuyers who are relocating across the country is the South as they chase affordability and seek to be closer to family and friends.

Nearly half of Realtors, 46%, had clients recently move to the South, according to the 2024 Migration Trends report from the National Association of Realtors (NAR). In fact, the most popular state for movers was Florida.

A quarter of Realtors, 25%, reported buyers moved to the West, 18% had clients move to the Midwest, and 11% worked with clients moving to the Northeast.

(The report was based on a survey conducted in August of 1,061 Realtors who had clients purchase a primary home in 2024.)

The top reasons to relocate were to be closer to friends and family, 30%, to get more home for their housing dollars, 21%, and for lower or more favorable taxes, 16%. Buyers also wanted to find safer communities and to be closer to their jobs.

“It is no surprise that the Sun Belt states continue to attract movers within the U.S., but this report helps to highlight just how much the draw to be close to one’s friends and family drives a relocation,” said NAR Deputy Chief Economist Jessica Lautz in a statement. “Homebuyers continue to seek areas where their support systems are around them.”

Only about 36% of Realtors worked with buyers moving out of state. About 21% had buyers move to a different home in the same city, another 21% had buyers move to a new city in the same area, and 21% had clients move to another part of the state.

Typically, those relocating to the South and West came from other states. Folks moving to the Midwest were more likely to have moved from other parts of the same state.

Those heading to the South were motivated by more favorable tax rates, while those heading West wanted more home for their money. In the Northeast, those moving often wanted to be closer to their places of employment.

Work locations were an important consideration for just over a third, 37%, of movers. However, only about 2% of those surveyed worked with buyers who relocated because of return-to-office mandates.

Which states attracted the most new residents?

Nearly all of the states with the most new residents were in the South.

Florida had the highest net migration in 2023, according to NAR’s analysis of U.S. Census Bureau data. The Sunshine State was followed by Texas; North Carolina; South Carolina; and Georgia.

Rounding out the top 10 were Tennessee; Arizona; Alabama; Oklahoma; and Ohio.

“Homebuyers are placing a priority on getting more bang for their buck, looking to areas with not only more space within their home but also favorable taxes,” said Lautz. “This migration flow will likely continue as retirees and remote workers relocate.”