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FLORIDA - Florida was the top destination for out-of-state homebuyers in 2024, driven by tax advantages, affordable housing, and lifestyle appeal.
According to a LendingTree study, 13.7% of all mortgage purchase requests nationwide came from individuals seeking homes in different states.
Florida topped the list, attracting the most out-of-state interest from nine states, followed by Texas and Washington.
Experts point to factors such as the absence of state income taxes, lower housing costs, and a mix of urban and rural lifestyles as key drivers behind these trends.
While Florida drew the largest volume of interest, South Carolina had the highest relative inflow.
For every 100 South Carolinians planning to leave, 255 out-of-staters were looking to move in.
Maine and Delaware followed closely with similar ratios.
In contrast, states with high living costs like California, New York, and Massachusetts saw minimal inbound interest.
California, for example, had just 30 incoming home searches for every 100 residents looking to move away.
The state's average monthly mortgage payment is $3,399—over $1,000 above the national average—and consumes nearly 34% of household income.
The study also showed baby boomers were most likely to explore out-of-state options, followed by Gen X, while younger generations showed less mobility.
Most buyers intended to live in the homes, while a smaller percentage were interested in vacation or investment properties.
Analysts warn that increased out-of-state demand can raise home prices and make it harder for local buyers to enter the market.