We were recently intrigued to read some very informative statistics concerning home moving trends, both inbound and outbound, for our beautiful state.
This year marks the 40th anniversary of the United Van Lines National Movers' Study, which tracks migration patterns annually on a state-by-state basis. The recently published 2016 study is compiled from household moves that United handled last year within the 48 contiguous states.
In the case of New Mexico, there were some very interesting stats to consider.
The first thing we noted was that NM has a perfectly balanced 50/50 move in/move out ratio.
The key reasons for moving in were jobs (39.53%), retirement (27.13%), family reasons (19.38%), lifestyle changes (16.28%) and health at a much lower 7.75%.
Perhaps unsurprisingly, we see a quite similar pattern for moving out where jobs were again the main catalyst last year (53.33%), followed by retirement (18.33%), family reasons (16.67%), lifestyle changes (10.83%) and health at just 3.33%.
Looking at demographics, the highest percentage of inbound movers (34.17%) was in the 55 to 64 age range (doubtless correlating with the high intake of retirees), while there was an equal highest departure rate of 25% each in the 55 to 64 and 65 or older groups.
In terms of income, there was an equal high inbound percentage of 25.56% for the $75K-$100K and $100-$150K ranges, whereas the largest number of outbound wage earners was in the $150K category, probably reflecting the tendency of high earners to move frequently due to job promotion.
So what can we take away from this interesting report?
From a home seller's perspective, it's clear that the most important set of stats here are the inbound figures, which show what we've been saying more generally that New Mexico is a popular place for retirees and job seekers. Indeed, in the case of employment, we must consider that these figures are statewide and it would probably be reasonable to expect higher percentages of new employees arriving more locally around Albuquerque, especially due to the tech industry boom we've been enjoying in recent times.
All that being said, let's not forget that this report is merely a reflection of one, albeit major, moving company's inbound and outbound trends. However, it is still reasonable to expect that they quite accurately reflect overall trends across the board.
We hope that the results of the report, which you can read more about by clicking here, are useful in terms of describing the types of movers into the state. As ever, don't hesitate to contact us today for a further discussion on this subject or any other aspect of real estate.