Locals are being priced out of Texas and Florida. Here’s where they’re looking for affordable homes instead.
As people across the US relocate to Florida and Texas, locals are feeling squeezed — and searching elsewhere for affordable homes.
The typical cost of a home in Texas has spiked 30% since 2019, according to Realtor.com, and 42% in Florida during the same time period.
These residents are increasingly searching on Realtor.com for homes outside of their state, suggesting they’re willing to chase affordability across the country.
For Texans, “the Midwest has emerged as popular recently because it is just by and large the most affordable region,” Hannah Jones, Realtor.com’s economic research analyst, told Insider. “We’re seeing this trend of buyers looking for affordability really explode.”
Texas has long been the go-to migration spot for Americans seeking reasonably priced housing and a low cost of living. But as 884,000 people moved to the state between April 2020 and July 2022, according to Census data, the cost of housing soared.
Many of these newcomers were out-of-staters who could afford to pay more for houses, pushing up prices for everyone, the Wall Street Journal reported.
Using the number of listings viewed within-state versus in other states, Realtor.com found that Texans are looking at properties for sale within their own state less than this time last year.
Wisconsin and Minnesota experienced the largest uptick in search volume from Texas year-over-year last quarter, Realtor.com data shows. Tennessee, Colorado, and Missouri followed.