1、December,2023East Coast MigrationHubsWe dove into 4 states attracting domestic relocators on theEast Coast and looked at emerging hubs in each area tounderstand the factors driving migration to the region.1Table of ContentsOverview3Maine4Portland,Maine:Something for Everyone6South Carolina7Myrtle Be

2、ach:Younger Crowds Moving In9North Carolina10Raleigh-Cary,NC:An Aspirational Destination?11Raleigh Makes the Grade12Florida13North Port-Sarasota-Bradenton:A Fast-Growing Midsize Hub13A Local Phenomenon15The Growing Attraction of East Coast Gems16Key Takeaways16 2023 Placer Labs,Inc.|More insights at

3、 placer.ai|2OverviewMuch has been written about the recent population outflows from New York,Massachusetts,and other northeastern states.But many states on the East Coast including Maine,Vermont,Rhode Island,Delaware,North and South Carolina,andFlorida are actually seeing influxes of newcomers.Each

4、of these states and each of the metropolitan areas attracting relocators withinthem offers its own set of benefits.But those willing to make the move often fit asimilar profile younger individuals or families looking for a more favorable housingmarket,better schools,or more job opportunities.This wh

5、ite paper looks at several states and metro areas on the East Coast to explorethe factors driving migration to these emerging hubs.Using location data tounderstand who is moving,and harnessing Niches Neighborhood Grades dataset toidentify differences between origin and destination areas,the report s

6、eeks to shedlight on recent domestic migration trends in the Eastern United States.Whatcharacterizes inbound migration to different metro areas in the Carolinas?Whichstates with older populations are seeing an influx of newcomers from younger areas?Where are people flocking in search of a lower cost

7、 of living,and where are theybucking the trend and moving from lower-income areas to more affluent ones?Keepreading to find out.2023 Placer Labs,Inc.|More insights at placer.ai|3MaineWith famously low crime rates and a robust job market,Maine has emerged in recentyears as a top destination for domes

8、tic relocators seeking greener pastures.Thestates postcard-worthy forests and rugged coastal scenery also make it a particularlyattractive place for nature lovers to make their homes.Between August 2019 and August 2023,Maine experienced positive domestic netmigration,meaning that more Americans relo

9、cated to the state than moved awayfrom it.The net influx of population during that period(i.e.the total number of people 2023 Placer Labs,Inc.|More insights at placer.ai|4that moved to Maine from elsewhere in the U.S.,minus those that left)constituted2.7%of the states August 2023 population.Maine,lo

10、ng an attractive destination for retirees,has one of the highest median agesin the country.And domestic migrants to the Pine Tree State tend to come from areasthat also trend older.Between August 2019 and August 2023,the weighted medianage of the areas of origin that fed migration to Maine stood at

11、40.1 higher than thenationwide median of 38.4.(Weighted in this context means that each CBSA of originwas weighted according to its share of the total number of newcomers to Maine).Butsome Maine locales are also drawing younger crowds.Relocators to thePortland-South Portland metro area,for example,h

12、ailed from much younger areasover the past four years.2023 Placer Labs,Inc.|More insights at placer.ai|5Portland,Maine:Something for EveryonePortland,Maines most populous city with a bustling port,a vibrant marine industry,and a flourishing culinary scene has plenty to offer newcomers from youngerco

13、mmunities.Though housing prices in Portland tend to be on the high side,the citysthriving job market and celebrated quality of life make it an attractive destination forsingles and families looking for a place to settle down.And looking at Portlandsscores on the key livability metrics assessed by Ni

14、ches Neighborhood Grades,showswhy it clearly makes the grade.Examining livability metrics for the city of Portland the economic capital of the PineTree State shows that the zip codes in the city and its neighboring suburbs get an“A”grade overall for their“Fit for Young Professionals.”Meanwhile,Portl

15、ands areas oforigin zip codes in other cities that feed migration to Portland collectively scoreonly a“B+”grade on that metric.The city also scores significantly higher than itsfeeder areas on factors like walkability,access to restaurants,commuting conditionsand health&fitness(including such things

16、 as access to doctors and health facilities).2023 Placer Labs,Inc.|More insights at placer.ai|6It seems,then,that Maine has what to offer both younger and older newcomers sothe state is likely to continue drawing residents from neighboring New England statesand beyond.South CarolinaSouth Carolina is

17、 another East Coast state that has gained traction as a majorpost-pandemic domestic migration hub.Since 2019,the Palmetto State so-namedfor the ubiquitous trees that dot its landscape has seen a major influx of newresidents from across the country,with net positive migration equal to 4.3%of itsAugus

18、t 2023 population.Several major South Carolina population centers,from Charleston to Greenville,havebenefited from the states remarkable inflow.But one metro area in particular Myrtle Beach-Conway stands out as a particularly popular destination.Over the pastfour years,new residents flocking to Myrt

19、le Beach-Conway dramatically increased the 2023 Placer Labs,Inc.|More insights at placer.ai|7CBSAs population,with new inbound domestic migrants accounting for a whopping10.6%of the metro areas August 2023 inhabitants.Myrtle Beach-Conway:The Affordability DrawWith a stunning coastline,mild climate,a

20、nd myriad of entertainment and recreationalopportunities,the Myrtle Beach-Conway CBSA is undeniably a fun place to live.But abig part of the Myrtle Beach draw may also be its relative affordability.As of October2023,Zillows ZHVI Home Value Index put the typical home value in the Myrtle Beachmetro ar

21、ea at$335.7K about 3.2%below the nationwide average.(In the city ofMyrtle Beach itself,typical home values came in at an even lower$299.3K).And withmortgage rates still the highest theyve been in decades,Myrtle Beachs relativelyinexpensive housing market makes it the perfect place for first-time hom

22、ebuyers toput down roots.The supposition that domestic migration to Myrtle Beach is driven at least in part by people seeking a lower cost of living is supported by the fact that many newcomersto the CBSA hail from wealthier places.Indeed,like many other relocation hotspotsthroughout the U.S.,the in

23、flux to Myrtle Beach has come largely from areas withhigher median household incomes(HHIs)than that of the popular South Carolinadestination.Over the past four years,the weighted median HHI of the CBSAs feedingdomestic migration to Myrtle Beachs was$62.6K almost 10%higher than themedian HHI in the M

24、yrtle Beach CBSA.2023 Placer Labs,Inc.|More insights at placer.ai|8Myrtle Beach:Younger Crowds Moving InConcerted efforts by the Myrtle Beach Area Chamber of Commerce to attract ayounger demographic also appear to be bearing fruit.Like some of the other CBSAsdiscussed in this white paper,Myrtle Beac

25、h-Conway trends older,with a median ageof 49.4.But the top five origin CBSAs feeding migration to Myrtle Beach all haveyounger median ages and at least some of these younger people are likely movinginto Myrtle Beach.2023 Placer Labs,Inc.|More insights at placer.ai|9With everything that Myrtle Beach

26、has to offer,the area appears poised to continue tothrive in the years to come.North CarolinaNorth Carolina,with its pleasant climate,plentiful job opportunities and affordablecost of living,has become another popular destination for relocators.The stateslargest city,Charlotte,welcomed over 100 new

27、residents a day between mid-2021 andmid-2022,and location data indicates that the trend has continued into 2023.AndRaleigh,North Carolinas capital recently named a top city for first-time homebuyers seems particularly attractive to millennial movers looking to settle down.NearbyCary,North Carolina(p

28、art of the Raleigh-Cary CBSA)also ranks high among millennialnewcomers.Between August 2019 and August 2023,most of the domestic newcomers to NorthCarolina came from Florida,followed by neighboring South Carolina and Virginia.2023 Placer Labs,Inc.|More insights at placer.ai|10Georgia and New York wer

29、e also major feeders of domestic migration to the Tar HeelState.Raleigh-Cary,NC:An Aspirational Destination?As in Myrtle Beach-Conway,SC,much domestic relocation in recent years has beenfueled by people leaving higher-cost cities and states in favor of more affordableones.This pattern is often refle

30、cted in differences between the median householdincome(HHI)in the origin and destination,with popular relocation destinationsusually having a lower median HHI than their feeder areas.In the case of NorthCarolina,the search for more affordable pastures could explain some of themigration from Florida,

31、Virginia,Georgia,and New York.But zooming into domestic migration to Raleigh-Cary,NC,reveals a reversal of thetrend in this locale.The CBSA saw positive net migration with a net migration rate of1.8%between August 2019 and August 2023 but the median HHI in the areas oforigin tended to be significant

32、ly lower than the median HHI in Raleigh-Cary.So whatsdriving the move to Raleigh?2023 Placer Labs,Inc.|More insights at placer.ai|11Raleigh Makes the GradeAccording to Niche,the Raleigh-Cary CBSA is a particularly good fit for young families,with favorable housing prospects,a thriving job market,and

33、 good public schools.Overall,the CBSA received an“A-”grade for its“Fit for Families,”compared to the“B-”score on that metric for the areas of migration origins.Newcomers can also enjoyRaleigh-Cary CBSAs relatively high diversity.2023 Placer Labs,Inc.|More insights at placer.ai|12These advantages may

34、 attract relocators from less affluent areas willing to trade intheir current lower-cost area in favor of a better quality of life in Raleigh-Cary.FloridaFlorida is another East Coast state that has long been on the radar as a domesticmigration hotspot.With its warm climate and beautiful beaches,Flo

35、rida has a lot tooffer people seeking a lifestyle upgrade.And between August 2019 and August 2023,domestic migration boosted the Sunshine States population by 2.6%of its August2023 headcount.North Port-Sarasota-Bradenton:A Fast-Growing Midsize HubWhile much attention has been paid to major Florida h

36、ubs like Tampa,Jacksonville,and Orlando,other metropolitan areas in the Sunshine State are also thriving.TheNorth Port-Sarasota-Bradenton CBSA,for example,spanning Manatee and Sarasota 2023 Placer Labs,Inc.|More insights at placer.ai|13Counties,is quietly emerging as one of the fastest-growing midsi

37、ze metropolitanareas in the nation.Between August 2019 and August 2023,the CBSA experiencedpositive net domestic migration equal to 6.5%of its August 2023 population.And the metro area which has been ranked a top place to live for youngprofessionals seems to be drawing a large share of relocators fr

38、om youngercommunities.With a median age of 53.1,North Port-Sarasota-Bradenton stands outas an older community,even by Florida standards.(Floridas median age of 42.3makes it the fifth-oldest state in the U.S.)But the CBSAs that are feeding inbounddomestic migration to the metro area,weighted to refle

39、ct the share of newcomersfrom each CBSA moving to the region,have a median age of just 38.2 slightly belowthe nationwide average.2023 Placer Labs,Inc.|More insights at placer.ai|14A Local PhenomenonBut where exactly are all the people moving to North Port-Sarasota-Bradentoncoming from?Drilling down

40、into the data for the top 10 metro areas feeding domestic migration tothe CBSA shows that 19.3%of new residents from these CBSAs or about one in five hail from other cities in the Sunshine State.The top origin CBSA by far for relocatorsto the area is Tampa-St.Petersburg-Clearwater,which contributed

41、a whopping 7.6%of new area residents between August 2019 and August 2023.But much like Tampa,the North Port-Sarasota-Bradenton CBSA is also drawing a large share of its freshlocals from New York.Some of these relocators may be remote-capable employeeswho sought out less-expensive and warmer environs

42、 in the wake of COVID.Young people are likely flocking to North Port-Sarasota-Bradenton to enjoy the areasbooming job market,relatively low cost of living,and dynamic cultural scene.And 2023 Placer Labs,Inc.|More insights at placer.ai|15given these trends,it should come as no surprise that the CBSA

43、has been deemed thenumber one housing market to watch nationwide.The Growing Attraction of East Coast GemsShifting work patterns and pandemic-era relocation trends have fueled growth inmany areas of the country from Austin,TX in the South to Boise City,ID in theNorthwest.But several East Coast metro

44、politan areas including Portland-SouthPortland,ME,Myrtle Beach-Conway,SC,Raleigh-Cary,NC,and NorthPort-Sarasota-Bradenton,FL have also emerged as relocation hotspots in recentyears.And while solid job markets,natural beauty,and local amenities are alwaysimportant,each city tells a somewhat different

45、 story about the factors drivingdomestic migration patterns.Key Takeaways1.Older communities can draw younger crowds.With one of the highestmedian ages in the nation,Maine has long been a prime destination forretirees.But despite trending older,the Portland-South Portland CBSA hasemerged as a magnet

46、 for domestic relocators from younger locales.MyrtleBeach-Conway,SC,with a median age of 49.4,has also succeeded inpositioning itself as a sought-after hub for younger movers.2.Affordability remains key.The perennial quest for a lower cost of living is amajor driver of domestic migration to some of

47、the fastest-growing areas of thecountry.In places like Myrtle Beach-Conway,SC,people are flocking to lessaffluent metro areas in hopes of improving their standard of living whilecutting costs.3.Relocation patterns are fueled by a variety of factors.Despite theimportance of affordability,some relocat

48、ors are willing to endure a slightlyhigher cost of living if it means better job opportunities and higher-qualitypublic schools.Factors like the local job market,access to health care andamenities,and walkability all go into making a city attractive to would-be 2023 Placer Labs,Inc.|More insights at

49、 placer.ai|16residents.In Raleigh-Cary,NC,for example,factors such greater suitability forfamilies appear to be fueling the influx.4.Domestic migration is often a local affair.While some people move acrossthe country,many relocators choose to remain closer to home.Four out of fiveof North Carolinas top feeder states were southeastern neighbors.And metroareas within the Sunshine State accounted for at least 19.3%of domesticmigrants to North Port-Sarasota-Bradenton,FL.Sometimes,it seems,goodthings are just around the corner.2023 Placer Labs,Inc.|More insights at placer.ai|17