Smaller cities for homeowners selling in a hot market to move to include Sioux Falls, Honolulu, Miami, Orlando and Baltimore.
Homeowners who sell in an overheated real estate market face a conundrum. Even though they often sell their homes for more than they ever imagined, they then struggle to find an affordable place to move.
But those questions have created a boom for small cities. Mortgage originations, or measure of completed mortgage loans, in smaller metros saw a jump in the first quarter, according to data from ATTOM Data Solutions, as homeowners cash in their houses and trade for more space and better remote working conditions.
The five cities that saw the largest number of mortgages originated for purchase included Sioux Falls, South Dakota, Honolulu and three locations in the Southeast.
“Rents are back up in many of these metropolitan areas,” said Todd Teta, chief product officer at ATTOM Data Solutions.
Cities with populations larger than 1 million that saw the biggest increase in first-quarter mortgage lending were nearly all Sun Belt locations: Orlando and Miami, Florida, Tucson, Arizona, and Nashville, Tennessee, along with Baltimore. Overall, ATTOM data found a first-quarter jump in mortgage originations in 85 of 211 metro areas.
With the new census, both California and New York lost seats in the House of Representatives. The Brookings Institution said the decennial census data revealed a continuation of the southward migration that has been underway for the past half-century.
In 1970, the Sun Belt states comprised just under half the country’s population. Today, that has risen to 62 percent, a 14 percentage point increase. This increase was roughly split between the South and the Western regions, while the share of population in the Midwest and the Northeast fell.
Experts say it’s no coincidence that the labor market is also gyrating through an abnormal level of volatility.
Related Links
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