- Americans forced out of expensive cities are moving to more affordable spots nearby, a study found.
- People in Austin are heading to Killeen, an hour away, said John Burns, a real estate consultant.
- John Burns said Orlando residents are leaving their camps in Lakeland, Fla., in exchange for nightlife.
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In recent years, two cities have stood out as hotspots for moving companies in the United States.
Orlando was 2.7%. rapid population growth Census data shows the city added nearly 8,000 new residents between 2020 and 2022.austin metropolitan area Similarly increased by 2.7% According to the City of Austin, the number of new residents will increase by 63,000 in 2021 and 2022.
However, as the number of new residents increased, housing prices soared.
Median sales price in Austin That’s up from $400,000 in January 2020 to nearly $524,000 today, according to data from real estate site Redfin. Meanwhile, Orlando jumped from $250,000 to $400,000 in the same period. redfin found.
Recent information suggests that some residents of Austin and Orlando are finding themselves having to leave their homes to find housing they can afford. Analysis of address change data From John Barnes Research and Consulting.
people are leaving orlando Lakeland, Florida is a city about a third the size and just over an hour away, or Austin for the countryside. Killeen, Texas. In an analysis released March 5, John Burns said 1,607 households moved from Orlando to Lakeland in 2021, and 250 households moved from Austin to Killeen.
Austin real estate agent Lisa Copeland told Business Insider that the main reason is affordability. Buyers exhausted by the pandemic-induced price hikes are now looking for quieter cities where their money can move more without experiencing the same price hikes.
“We haven’t seen similar price increases on the outskirts of the city,” Copeland said. “They are far enough apart that they fall into the affordable range.”
Orlando residents trade nightlife for quiet and space
Lakeland, a city of just over 115,000 people, may not have as many bars and restaurants as Orlando, which has a population of 300,000, but it boasts important Central Florida amenities, said local real estate agent Jordan.・Mr. Place said.
“Disney is still 25 minutes away,” Place told Business Insider.
But he added that the main reason Lakeland attracts movers from Orlando is its relative affordability.of Median home sales price in Orlando The price is $400,000, but Lakeland’s According to Redfin, the price is close to $295,000.
“It’s purely price,” Praise said.
For some buyers, it’s also a transition away from Orlando’s vibrant theme parks and toward a quieter lifestyle. nightlife scene. Many movers may be starting a family, Place said. Lakeland, home to the Florida Children’s Museum and kid-friendly hikes and nature walks, has a different pace than Orlando, he added.
“It’s not the best place for a 24-year-old looking to challenge himself at night,” he explained. “But when you’re 34 and thinking about raising a family, it’s a little bit of a better place to be.”
Austinites are also looking for cheap places nearby.
Austinites are similarly trading in the bustling amenities of downtown for a slower-paced scene.
Killeen, Texas has a population of about 100,000 people, one-tenth the size of Austin, but is less than an hour’s drive away for those who need to commute downtown.
of Median home sales price in Austin Approximately $525,000, but Killeen’s The price was nearly half that, at $250,000, according to Redfin data.
Copeland said Killeen has not experienced the same “COVID-19 housing price spike” as Austin and other parts of Texas, and remains an oasis of affordability.
“Killeen is a great landing spot,” Copeland told Business Insider. “We are located right on Interstate 35 and have great access to Austin.”
Army Garrison Fort Cavazos, formerly home to Fort Hood; Killeen is also known for Its diverse population and family-friendly appeal are cited by quality-of-life ranking site Niche.com.
Copeland said many health care workers forced out of Austin due to rising prices moved to Killeen.
“This has become a place for people who really, really want homeownership,” she said.