Patrick Nutt of SRS Real Estate Partners on why buyers are forging ahead in the Sun Belt despite economic headwinds.
In an uncertain market where fewer transactions are happening, the Sun Belt states continue to stand out as a leading choice for investors. While much of the news notes the two biggest growth states as Florida and Texas, there is more behind the data that demonstrates how this population growth is impacting investment preferences.
Last year, it was Texas that experienced the largest net population gain for the one-year period ending July 1, 2022, with more than 450,000 people moving to the state, according to Bank of America Global Research. Florida saw the second-largest net population gain over this same period, as more than 400,000 people moved to the state.
However, a more interesting picture is the amount of wealth being brought into Florida vs. Texas. The latest income migration figures from the U.S. Internal Revenue Service show that while Texas may enjoy the greatest population gain, it is not realizing the same income gain.
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