New report: Florida’s a hot spot for out-of-state buyers

by Rincey Abraham

According to a new survey, homebuyers who are looking to move out of their current state are increasingly interested in the South — and a lot of them are heading to Florida.

LendingTree reviewed purchase mortgage loan requests for states’ primary residents from October 2016 to October 2017 and measured the percentage of requests from buyers looking to move out of their current state. The website then used that information to create a Moving Popularity Score. The popularity score for each state was created by dividing the percentage of all out-of-state purchase mortgage requests for the state by the percentage total population each state represents. A score of 100 means a state receives loan requests proportional to its population.

The Sunshine State received a score of 143, which is the second-highest ranking, following South Carolina with a score of 156. The other states in the top 5 are Delaware (139), North Carolina (135) and Georgia (134).

Even though Florida is No. 2 on the overall rankings, it is the No. 1 destination for buyers who currently reside in 18 states. LendingTree found that 91.4 percent of all purchase mortgage requests were for consumers looking to move to Florida.

Florida residents also are loyal, as only 9.51 percent are looking out of state, the third-lowest in the country. Of those who are looking to leave, 12.04 percent are heading next door to Georgia.

Vermont had the highest percentage of residents looking to move out of state at 24 percent. Additionally, the states with the lowest Moving Popularity Score were South Dakota, California, Minnesota, North Dakota and Hawaii.

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