The following is a guest post from StorageCafe:
StorageCafe conducted an analysis ranking all 50 states and Washington, D.C., by net migration to see which places are favored by the latest migration trends and to identify the main factors behind these patterns.
According to our research, Indiana attracted around 10,600 more residents than it lost in 2022. This places it 18th among all U.S. states in terms of net interstate migration.
Here’s a quick glance at some of the findings emerging from our study:
- Indiana stands out as an attractive destination for aspiring homeowners from out of state, with 39% realizing their dreams within the first year of residence in Indiana.
- Delving into the demographics, the Hoosier State is successfully attracting young professionals, with the average age of newcomers being 31. Moreover, 30% of the new residents have a bachelor’s degree or higher.
- Illinois takes the lead as the top contributor to Indiana’s population influx, sending nearly 32,000 new residents in 2022; 44% of these incomers choose to become homeowners in Indiana, where the average home price is a wallet-friendly $207,000. That represents savings of 17% compared to their original state.
- Michigan follows suit, dispatching roughly 15,000 movers to Indiana, with a whopping 73% embracing the rental lifestyle there.
- The biggest savings in terms of homebuying are set aside for Californians, who make up the sixth-largest group of incomers to Indiana. Home prices are, in fact, 71% lower in Indiana than in California, resulting in potential average savings of $506,000, which marks the best deal for newcomers seeking to own a home in Indiana. Perhaps unsurprisingly, under these circumstances, 41% of California transplants successfully transitioned into homeownership in their first year of residence in their new state.
