Side Inc. Releases 2021 Real Estate Migration Report

While the over-hyped mass exoduses have largely been disproven by now, 2020 was certainly a year of migration for many Americans. Whether inspired by work-from-home orders or driven to less dense and less expensive areas out of necessity, Side Inc. took a look at who was moving in and out—particularly in real estate hot spots like California, Florida and Texas.

According to the report, California is experiencing noteworthy demographic changes as residents move to different cities within the state. The trend of Bay Area residents moving further out to NorCal suburbs has led to high demand in cities like Folsom and Roseville (Sacramento suburbs) and Dublin (East Bay suburb).

Interestingly, between July 2019-July 2020, 135,000 more people moved out of California over moving into the state. According to the report, the majority of those former residents made under $50,000 a year and cited high cost of housing as a reason for moving.

California has the largest Latinx population of any state—with all indications for continued growth. Given that demographic, it’s no surprise that the Latinx community accounts for a large portion of California’s homeownership growth.

With news of some large tech companies setting up shop in Texas, it’s also no surprise that the Longhorn State saw significant population growth last year. Unlike California, Texas’ largest cities including Dallas, Houston and Austin are driving the growth. 

Central Florida cities including Orlando, Tampa and Jacksonville are also seeing gains. A downside for the Sunshine State, though, is a real lack of supply to meet demand. Per the Side report, Orlando-area housing inventory was down 61 percent in May 2021 compared to May 2020.

For more on Side Inc.’s migration report, click here.