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Out-of-state moves rise for the first time in decades

The number of U.S. residents moving out of state has declined since the mid-80s. But according to new data, that trend might finally be ending thanks, in large part, to Millennials and Baby Boomers. Verify your new rate (Mar 29th, 2018) Millennials, Boomers break the mold in moving According to data from Harvard University’s Joint Center for Housing Studies, the number of residents 25 to 34 and 55 to 64 are increasingly moving out of state. Younger movers are trending toward places like Colorado, Washington, Georgia and Texas. Colorado and Washington gained nearly 70,000 new residents aged 26 to 34 in 2016, as well as nearly 50,000 25- to 44-year-olds. “The increases are due in large measure to the growing number of Millennials and Baby Boomers who are moving from places like California and New York to places like Colorado, Washington, and Florida. “In contrast, Utah was the only state that went from losing residents in 2012 to gaining them in 2016.” Texas, Arizona top list for most popular migration spots According to the JCHS, there’s no telling where the out-of-state migration trend will continue. “Looking forward, the question is whether the rise in interstate migration is a short-term change or a long-term fundamental shift that marks the end of the decades-long trend of declining mobility,” Frost reported. “If it is the latter, the changes could have important implications, from increased labor mobility to changes in housing demand, for the states that are gaining – or losing – residents overall.” Get today’s mortgage rates Consider moving out of state to somewhere warmer or more affordable? Show Me Today's Rates (Mar 29th, 2018) The information contained on The Mortgage Reports website is for informational purposes only and is not an advertisement for products offered by Full Beaker.