Where are They Going?

It’s 2018 and there’s an ever so interesting pattern of Americans relocating across the nation.  The ideals of living close to aging relatives and keeping the same job for 20+ years has vanished, making room for modernized moving habits. Who is moving exactly? Where are they moving to and why? The top states will be further evaluated in the context – the reasons may surprise you.

With a strengthening economy, the housing crisis of 2007 years in the past, millennials making a breakthrough in the job market, a new wave in geographic mobility takes over the more confident market. Statistics show, that now more than ever people are moving. Whether it be to explore life away from home an attend an out-of-state university, relocation for a job, entering into a completely different job market, differences in local economies, or just plane old preference and quality of life. Believe it or not, Americans are likely to move more than 11 times in their lifetime [1]. To focus more demographically, in recent years 17.3% of those that are moving to another state are under the age of 18. For those 65 years and older can account for 6.7% of out of state moves…helloooo Florida! The median age of movers from different states you ask? Around 28 years old [2]. To put this into perspective, in the state of California, in the year 2012 alone, approximately 493,641 people moved from other states to California. While that number may be alarming for a single state, the total moving out of California in 2012 was about 748,252 people. While those numbers solely reflect one state’s newcomers and leavers, data sources reveal that nearly 7.1 million Americans relocated to a different state within the U.S. during that year. So where are they going?

It’s obvious that different people have different reasons for moving. More often than not, the cost of living has a huge impact on these decisions. Texas, despite it being our second largest state in the U.S. (you forgot about Alaska, didn’t you) has a relatively lower cost of living from, let’s say Illinois. Data reveals that it is 21.51% cheaper to live in Houston, Texas than it is in the suburbs of Illinois [3]. In 2015, Texas experienced a 7.8% bump in population [4]. With this in mind, prices have begun to rise incrementally in various cities to make way for economic adjustment. Similarly, Jacksonville, Florida has experienced a 5% increase in migration, primarily from those in more expensive states just north of the Floridian paradise – New York and New Jersey.  More recent findings, from 2016, uncover the top states subject to domestic migration. The fastest growing states are as follows (listed in ascending order to highest population growth): Arizona (1.66%^), Colorado (1.68%^), Oregon (1.71%^), Washington (1.78%^),  Florida (1.82%^), Idaho (1.83%^), Nevada (1.95%^), Utah (2.03%^) [5]. Why these locations in particular? Beautiful views, nice weather, low taxation (if any), job growth, and housing opportunities.

On the contrary, these eight states are seeing a loss in population, despite some of them being prime tourist destinations: New York (-.01%), Mississippi (-.02%), Pennsylvania (-.06%),  Wyoming (-.18%), Connecticut (-.23%), Vermont (-.24%), Illinois (-.29%), and finally, West Virginia (-.54%) – that’s 10,000 people!

While natural growth, such as birth rate, accounts for nearly 55% of the national population increase, for the eight states detailed above, domestic migration was the largest contributing factor to population growth.  In sum, migration is responsible for 76% of all new state residents among the eight fastest-growing.

Let’s break things down a bit from a comparison standpoint. What is it that West Virginia (experiencing negative growth) lacks that states like Utah (the state with the most positive growth in population) possesses.

West Virginia:

  • 1 year population growth rate: -.54%
  • Has a relatively high death rate due to an older population
  • One of the lowest birth rates in the country
  • Unemployment rate is one of the highest at 5.4%
  • 17.9% of the state lives in poverty

Utah:

  • 1 year population growth: 2.03%^
  • Has the largest average family size
  • Has the lowest death rate in the country due to a younger overall population
  • 3.1% unemployment rate
  • Beautiful scenery  and relatively low cost of living

Where are you headed? Should you be interested in moving within California, our residential experts are here to help. Moving out of the Golden State elsewhere? No problem, our relocation connections and nation-wide network are just a phone call away. Contact your preferred agent today!

 

 

Sources:

[1] https://fivethirtyeight.com/features/how-many-times-the-average-person-moves/

[2] http://www.governing.com/gov-data/residents-moving-to-new-state-demographics-population-statistics.html

[3] https://www.bankrate.com/calculators/savings/moving-cost-of-living-calculator.aspx

[4] https://www.forbes.com/sites/karstenstrauss/2017/06/21/10-cities-americans-are-moving-to-and-where-they-are-moving-from/#4aac738a41b8

[5] https://www.usatoday.com/story/money/economy/2018/01/15/fastest-growing-and-shrinking-states-closer-look/1019429001/

 

15 Years of Success

This year marks CSR‘s 15th birthday! That’s right, we’ve been around for, perhaps, longer than you’d think. While this year we celebrate success as a growing, healthy company in the heart of Silicon Valley, we couldn’t have made it this far without the progressive thinking, motivation, and family-like-culture that our Leadership Team, Staff, and Agents posses. So why is this such a big deal? Well, research supports the fact that nearly 50% of businesses fail within the first year of life, 73% within the first five years, and an astounding 96% within 10 years time. This alone makes us pretty proud to still be standing strong after year 15. 

In 2003, Bonafede brothers, Steve and Brian, decided to continue their real estate business with their own Silicon Valley flavor, along with close friend, Dave Wendt.  From the start,  it was all about family and building relationships.  The business consisted of the two brothers, their sister, Laura, and Brian’s wife, Dina Bonafede. From there, close friends joined in and provided lending services to start the company’s initial growth. Just a few short years later, in 2007, CSR grew to 50 agents and staff, despite the economic downturn. Through it’s many ups and downs, business stayed above water and the Bonafede brothers stepped up to the plate. They continued to educate veteran and new agents on how to best maneuver through the ever-changing market. Simultaneously, CSR’s Commercial Division was formed by close business partner, Tony Odom. Both businesses fought for success together and grinded it out through seemingly impossible times. While it seemed nobody could buy a house and businesses were closing left and right, somehow, CSR made it through to the light at the end of the tunnel.

2012 rolled around and the company was in need for a few adjustments in order to maintain growth among Silicon Valley’s vast technology boom. That year, Terry Meyer, VP of Operations & Broker Associate, joined the CSR family. With heavy knowledge and experience within the real estate arena, Terry was able to collaborate with the Bonafede brothers and act as the glue that held the expanding company together through recruiting, branding, and promoting a company culture of inclusiveness and education. The following year, in 2013, Duane Hood joined forces with the Commercial division, thus forming CSR Commercial Capital, which provides comprehensive financing solutions.

The next year, in 2014 CSR Cares was born. One of the guiding principles at CSR is that we support and ignite positive change in the community where we work and live. The foundation is a non-profit organization focused on supporting and benefiting children within our community. To this day, CSR Cares has raised over $1,000,000 in an effort to support the well-being of children and the community. 2016 came around and our agent pool grew to 70 agents and staff, and exceeded 100 agents the following year.

2017 was a big year for CSR. Not only did we expand to Roseville, CA, we also can check a successful business merge off the bucket list. In September 2017, Silicon Valley Associates (SVA) joined forces with CSR and appointed Don Jessup as Vice President. In the latest news, both CSR Residential and CSR Commercial divisions have been recognized by Silicon Valley Business Journal and named in the Top 10 Real Estate Firms in Silicon Valley. Here’s to 15 years of success and many, many more.