Uprooting your life to move to another state is a huge undertaking, but in 2024, five states saw an influx of residents doing just that.
The states with the most outbound moves this year were Louisiana, California, Illinois, South Dakota and New York, according to Atlas Van Lines.
Why the mass exodus?
In Louisiana, No. The No. 1 reason residents left was a lack of jobs and job opportunities, according to the Shreveport Times.
In November, Louisiana’s unemployment rate stood at 4.3%, up 0.3 percentage points from the same time last year. This was slightly above the national rate of 4.2%.
Additionally, a study conducted by the Life Extension Foundation ranked Louisiana as the fourth worst state in the US for life expectancy – which may be another reason people left the state.
The high cost of living makes people move
Cost of living is another major factor driving relocations, particularly from California and New York.
The Golden State ranked second-highest for the cost of living in the U.S., while the Empire State ranked fifth, according to a recent study.
The high cost of housing in Los Angeles is out of reach for many, according to Jameson Tyler Drew, president of Anubis Properties.
Property taxes can reach five figures for new home buyers there, he says.
“Compared to other metro areas, LA is one of the most expensive places to live and raise a family,” he adds.
“Full-time day care can cost as much as a child’s mortgage payment in the city of LA, so many families are looking elsewhere for their future.â€
Taxes drive displacement
Taxes were another driving factor in moving people overseas. High taxes are constantly no. 1 reason people are considering leaving Illinois, according to Illinois Policy.
The state also ranks as the least tax-friendly in the country, with state and local taxes representing about 13% of the average household’s income, according to a study by MoneyGeek.
“Illinois is a mess” the problem is overspending that puts the state in such a hole that taxes are the only way out. This has put it in a trap of losing residents – says Jeff Lichtenstein, CEO of Echo Fine Properties, who moved to Florida from his hometown of Chicago.
Extreme weather drives residents away
Weather is another major factor affecting displacement. For example, South Dakota’s harsh winters were ranked as the fourth harshest in the United States, and it is also one of the windiest states in the country.
The top five countries from which people have moved
On a positive note, states with the highest rates of outbound movement offer more housing options for homebuyers.
- Largest Metro: New Orleans-Metairie
- Median listing price: $325,000
- Monthly house payment: $1,714
- Recommended household income: $68,564
- Largest Metro: Los Angeles-Long Beach-Anaheim
- Median listing price: $1,094,000
- Monthly house payment: $5,770
- Recommended household income: $230,797
- Largest metro: Chicago-Naperville-Elgin
- Median listing price: $347,450
- Monthly house payment: $1,833
- Recommended household income: $73,300
- Largest Metro: Sioux Falls
- Median listing price: $369,975
- Monthly house payment: $1,951
- Recommended household income: $78,052
- The largest metro: New York-Newark, NJ
- Median listing price: $749,000
- Monthly house payment: $3,950
- Recommended household income: $158,014
#top #states #Americans #leaving #droves #theyre #leaving
Image Source : nypost.com