“Change is the law of life. And those who look only to the past or present are certain to miss the future.”
-John F. Kennedy
Where people are moving is always a big question and one that is often asked. It’s no stretch to say that migratory trends are not only studied by Real Estate Investors but by nearly every Fortune 1000 company.
Last week’s letter posed the question about how working from home might affect real estate trends in the future. This week let’s take a look at some of the data from 2020 and see where people are moving to and from.
Key Takeaways from the 2020 Migration Report
Southern states like Texas, Florida, and Tennessee don’t have any state income tax. Arizona and the Carolinas have a state income tax, but rates are relatively low, not surpassing seven percent.
States in the South have experienced job growth due to companies relocating to or opening branches in the area. Combine this with a significant percentage of baby boomers retiring to warmer weather, the bottom line is this;
The Sunbelt is clearly where people are heading.
Now, if you’ve never been, or are unfamiliar to the Sunbelt, you must realize there are two popularized versions of States like South Carolina, Louisiana, Texas, Florida etc…
And Version 2
As per usual, the truth is probably somewhere in the middle. And while we can only speculate what might be in store for 2021 suffice it to say that the trend south doesn’t seem to be slowing down anytime soon.
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Until next time…