Consumers seeking cheaper housing, moving for jobs, or relocating for their families cause migration patterns and shift the populations around the country. Bright lights of the big housing markets draw huge influxes of people every year, but can also squeeze just as many out due to exorbitant prices.
"Often the cities that attract the most newcomers are the same places where people are forced to compete for living space," Holden Lewis, home expert at NerdWallet, said in a press release. "In these growing metros, if construction of affordable housing doesn't keep pace with population growth, then rents and home prices will rise."
About 47 million residents moved annually from 2012 to 2016. Nearly 18% of movers said they went elsewhere to cut their housing expenses.
"The more populated a city is, the more expensive homes will be, which generally reserves homeownership to those with high incomes," Lewis said. "Lower incomes among renters combined with high housing costs means it's an uphill battle for those who are looking to save for a home in America's most populated cities."
From the high of the Rocky Mountains to down all across the South, here's a look at the 12 housing markets with the largest average annual migration.
NerdWallet based its list of migration flows and homeowner costs of the 25 most populous metro areas on data from the U.S. Census Bureau, American Community Survey and American Housing Survey.
12. Denver, Colo.
Average annual net population inflow 2012-2016: 45,412 Average monthly homeowner costs: $1,811 Top out-of-state origin city: Chicago
Denver, Colorado City Hall with Colorful Fall Leaves and the Rocky Mountains in the Background
jzehnder - stock.adobe.com
11. Tampa, Fla.
Average annual net population inflow 2012-2016: 48,905 Average monthly homeowner costs: $1,384 Top out-of-state origin city: New York
littleny - stock.adobe.com
10. Orlando, Fla.
Average annual net population inflow 2012-2016: 52,187 Average monthly homeowner costs: $1,423 Top out-of-state origin city: New York
Orlando skyline fom lake Eola in Florida USA
TONO BALAGUER/lunamarina - Fotolia
9. San Francisco, Calif.
Average annual net population inflow 2012-2016: 53,864 Average monthly homeowner costs: $2,985 Top out-of-state origin city: New York
View of colorful San Francisco row homes looking down a steep city street
Andy Konieczny/Focqus, LLC - stock.adobe.com
8. Washington, D.C.
Average annual net population inflow 2012-2016: 62,852 Average monthly homeowner costs: $2,293 Top out-of-state origin city: Baltimore
Old Post Office Pavilion
Zack Frank - stock.adobe.com
7. Riverside, Calif.
Average annual net population inflow 2012-2016: 63,780 Average monthly homeowner costs: $1,840 Top out-of-state origin city: Phoenix
Evening light on on distant mountains and the city of Riverside, from Mount Rubidoux Park, in Riverside, California.
jonbilous - stock.adobe.com
6. Seattle, Wash.
Average annual net population inflow 2012-2016: 78,794 Average monthly homeowner costs: $2,125 Top out-of-state origin city: Portland, Ore.
Seattle waterfront during the summer
stepheng101 - Fotolia
5. Miami, Fla.
Average annual net population inflow 2012-2016: 79,262 Average monthly homeowner costs: $1,737 Top out-of-state origin city: New York
aerial of town and beach of Miami Beach
travelview - stock.adobe.com
4. Atlanta, Ga.
Average annual net population inflow 2012-2016: 81,865 Average monthly homeowner costs: $1,460 Top out-of-state origin city: New York
Aerial image of sports arenas at Downtown Atlanta GA
Felix Mizioznikov - stock.adobe.com
3. Phoenix, Ariz.
Average annual net population inflow 2012-2016: 88,942 Average monthly homeowner costs: $1,445 Top out-of-state origin city: Los Angeles
Jonathan Ross/jdross75 - stock.adobe.com
2. Dallas, Texas
Average annual net population inflow 2012-2016: 113,260 Average monthly homeowner costs: $1,651 Top out-of-state origin city: Los Angeles
Homeowners experiencing a death in the family, divorce or domestic violence complained of being strong-armed into costly refinances, facing long delays or simply not being helped.
Monetary policy officials greenlighted a 25 basis-point federal funds cut but mixed economic signals dimmed hopes for more affordable home financing costs.
Borrowers with new foreclosure filings also grew, but the number of loan modifications decreased, according to the Office of the Comptroller of the Currency.
Premium volume increased by 5.3% year-over-year, while operating income was up, but industry expenses also rose in the third quarter, the American Land Title Association said.
After a legislative initiative on trigger leads was cut from a defense bill, the bipartisan Homebuyers' Privacy Protection Act passed the Senate and is now heading to the House.
