Michigan is Losing Residents, and They’re Moving to This State
I personally think Michigan is a great state. I’ve lived here almost my entire life, and other than the snow and ice in the winter, I can’t find anything wrong with the Great Lakes State.
However, one Michigan city has made the list of the “Top 10 Metros Homebuyers Are Leaving” from Redfin.com. In the report, they state, “The share of Redfin.com users looking to move to a different metro area is near its record high as high rates and prices up the appeal of affordable places. Coastal Florida is especially popular, even after getting pummeled by Hurricane Ian.” They add, “Nearly one-quarter (24.1%) of U.S. homebuyers looked to move to a different metro area in the three months ending in October, on par with the record high of 24.2% set in the third quarter. That’s up from roughly 18% in 2019, before the pandemic ushered in the remote-work era that gave many Americans more flexibility to relocate.”
What’s extra important if you’re looking to buy a house is that the U.S. housing market has cooled a lot during the second half of 2022 due to high mortgage rates, inflation and other factors. The people who are still buying homes are relocating to new metros, according to the report. “Many are seeking relative affordability as near-7% mortgage rates and persistently high home prices make expensive parts of the country even more expensive,” they state.
So, what’s the deal with Michigan? Detroit is the No. 7 ranked metro that people are moving out of. And where are people moving to from Detroit? Cleveland, Ohio. The net outflow is 4,200, and the portion of local users searching elsewhere is 32%. I think Detroit is a fantastic city with so much to offer, so I don’t really get it, but those are the hard facts. Still, don’t count Detroit out. Read the full study here.