Increasing Home Prices in Texas and Florida Lead Residents to Search for Affordability Elsewhere

Home prices in Texas and Florida have seen significant increases, with a rise of 30% and 42% respectively since 2019, according to Realtor.com. As a result, residents of these states are feeling the squeeze and actively searching for more affordable housing options in other areas.

Texans, in particular, are increasingly turning to the Midwest for greater affordability. Hannah Jones, Realtor.com’s economic research analyst, highlighted that the Midwest has become more popular due to its affordability, which has attracted many buyers seeking reasonably priced housing. The demand for more affordable homes has surged significantly.

1. 12378 Wisconsin experienced the largest uptick in search volume from Texas year-over-year, followed by Minnesota, Tennessee, Colorado, and Missouri, according to Realtor.com data.

Floridians are also experiencing similar challenges with rising housing costs. Realtor.com found that searches for properties within Florida have decreased, while searches from Florida for properties in North Carolina, Tennessee, Georgia, South Carolina, and Alabama have increased. Many middle-class, native Floridians have had to sell their homes to newcomers who can afford to pay more, forcing them to seek more affordable options elsewhere.

The increased interest in affordable housing has led people to relocate to areas where they can find lower cost of living, avoiding long waitlists for daycare and prioritizing affordability over the southern lifestyle. It seems that for residents of Texas and Florida, chasing affordability across the country has become a necessity in the face of skyrocketing home prices in their own states.

Source: Locals are being priced out of Texas and Florida. Here’s where they’re looking for affordable homes instead.