With many economic headwinds shaking up many people’s financial and housing situations, there are many in the housing market who feel a pressure to move from their state to find a better situation. Which states exactly are people feeling the most pressure to leave, and the least?
LendingTree’s latest report looked at data from the U.S. Census Bureau Household Pulse Survey, which surveyed adults 18 and older who indicated whether they felt (or didn’t feel) pressured to move in the previous six months to answer our question.
The states with the largest share of people feeling pressured to move:
1. California
- Share of population that feels pressured to move: 28.75%
- Share of population that moved as a result: 20.37%
2. Georgia
- Share of population that feels pressured to move: 27.78%
- Share of population that moved as a result: 28.51%
3. Florida
- Share of population that feels pressured to move: 25.98%
- Share of population that moved as a result: 24.17%
And the states with the smallest share:
1. Maine
- Share of population that feels pressured to move: 10.4%
- Share of population that moved as a result: 21.16%
2. West Virginia
- Share of population that feels pressured to move: 12.68%
- Share of population that moved as a result: 24.14%
3. Vermont
- Share of population that feels pressured to move: 15.16%
- Share of population that moved as a result: 26.51%
Major takeaway:
The report found that many factors can contribute to why people feel pressured to move. Nationwide, 39.79% of the respondents included in our study say a rent increase was why they felt pressured to move. Other common sources of pressure include landlords not making repairs (22.98%) and living in unsafe neighborhoods (18.10%).
“While a significant share of U.S. adults report feeling pressured to move, the majority of renters or owners don’t appear to be at serious risk of losing their current residences,” said Jacob Channel, LendingTree’s senior economist and author of the report.
“On the contrary, even in the face of persistent inflation and high housing prices, active foreclosures and foreclosure starts, as well as mortgage delinquencies, remain lower than before the COVID-19 pandemic. In that same vein, even though evictions occur and many people report being behind on their rent, a large majority of adults living in renter-occupied households are caught up on their rent payments,” Channel continued. “In other words, data indicates renters and homeowners are generally equipped to handle payments in the current environment. In addition to the legal and logistical challenges that can arise when a landlord or lender tries to force someone from their home, this helps explain why so few people lose their houses, even though some might still feel pressured to move.”
Channel concluded, “Of course, this isn’t to say that paying for housing is a walk in the park—that isn’t always the case. Nonetheless, the data indicates most people aren’t teetering on the edge of eviction or foreclosure, even with today’s economic headwinds.”
For the full report, click here.
