Lower home prices stand out as one benefit many Americans thought about when they chose to move to another state in 2023. On average, they could save $7,432 by relocating, according to a new analysis by Zillow of United Van Lines data.
That calculation is based on data showing the average home price in a metro of origin was $374,613, while the average price at their destination was $367,181.
"Although housing affordability has always played a key role in explaining migration patterns, the increase in house prices during the pandemic and the subsequent jump in mortgage rates appears to have intensified the search for more tolerable monthly payments," Zillow commented. "Housing costs hit record highs last year, and made both buying and selling difficult, even for homeowners sitting on massive equity."
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