Here’s why homebuyers in the Northeast and across the country moved this year, according to Realtors
The National Association of Realtors released a report looking into why their members' clients moved in 2024. Movers to the Northeast were more driven than others by their commutes.
Homebuyers who moved to the Northeastern United States this year were more motivated by their job locations and commutes than movers to any other region, according to a report the National Association of Realtors released Monday.
The group surveyed members about the reasons why their clients moved this year and found that just over half of movers to the Northeast said they worked at least partially in the office and that the location of their job played a role in their move and home purchase decision.
Pennsylvania and New Jersey both had more people moving in than moving out in 2023, reversing losses in 2022.
Throughout the country and among clients who moved to the Northeast, homebuyers were most likely to say their primary reason for moving to a certain area was to be closer to family and friends. The next most popular reason nationwide was to get more home for their money. Moving to be closer to work came in third as the primary reason clients moved.
Northeast moves
When choosing a specific home, movers to the Northeast cited the need for more square footage as another primary reason they moved. They were also driven by a desire for outdoor space.
They also moved to be in a quieter area and for more neighborhood amenities.
Movers to the Northeast were most likely moving within the same state, while movers to the South and West were most likely moving to a different state.
About one in five recent clients moved back to an area where they had once lived. This was most common in the Midwest and least common in the Northeast.
Pennsylvania as a destination
Affordability works in the Keystone State’s favor.
“Pennsylvania offers significantly more affordable housing than neighboring states like New York, New Jersey and Maryland, making it particularly appealing to families, retirees and first-time homebuyers,” Nadia Evangelou, senior economist and director of real estate research at the National Association of Realtors, said in a statement.
People also are attracted to Pennsylvania because of its overall lower cost of living and its location between major job markets in the cities of New York, Washington, and Baltimore, she said.
Pennsylvania’s tax environment is another draw. Property and income taxes are often lower than in surrounding states, and Pennsylvania’s lack of taxes on retirement income makes the state among the top destinations for retirees, Evangelou said.