Good News for Southern Bev/Al Retailers, Wholesalers

Southern bev/al retailers and wholesalers — especially those in Florida, Texas and South Carolina — have a whole lot to cheer about today.

LendingTree, the nation’s leading online loan marketplace, looked at more than 2 million new purchase mortgage loan requests for primary residences in all 50 states in 2018 (through mid-November) and found that of the 12.1% of homebuyers across the country who change states, most plan to head south.

That’s important because, as the old saying, “A rising tide lifts all boats” suggests — it’s a lot easier to grow your business when your market is expanding than when it is contracting.

Key findings

Florida is the No. 1 destination. Florida was the top new destination for 15 of the 50 states. Of all purchase mortgage requests during the study’s period, 9.1% were for Florida. For out-of-state movers, 12.4% of requests were for Florida. The Sunshine State has a long history of bringing in visitors and new residents, particularly retirees.

Texas residents love the Lone Star State. Texas had the highest percentage of residents looking to move within state lines — 93.4% of purchase mortgage requests from individuals in Texas were for properties in the same state. Texas is also a top destination for people moving from out of state, claiming the top spot from six states. Michigan was the state with the second highest percentage of residents looking to move within its borders, at 91.3%.

Alaska has the most residents looking to move away. By contrast, Alaska had the lowest percentage of residents looking to stay in state at 75.2%. The top destination out of Alaska was Washington state.

Most people looking to move out of state don’t want to go far. More than half of the most popular new destination states border the current state. But if they are looking to move cross-country, chances are it’s to Florida. Of the 20 states where the residents’ most popular new location does not border their current state, 13 were Florida.

South Carolina is the top destination when adjusted for population size. LendingTree created a Moving Popularity Score Index* to analyze destination states adjusted by population.

South Carolina scored highest, as mortgage loan requests from out-of-state movers were 52%  greater than suggested by its share of the national population. Other popular states by this metric are Florida, Delaware, Georgia and North Carolina, revealing a Southern tilt in the preferences of out-of-state homebuyers.

At the other end of the spectrum, homebuyers are least attracted to South Dakota, which received just 64% of the loan requests its population would suggest. Hawaii, Minnesota, California and New York complete the bottom five.

Here’s a table supplied by Lending Tree that tells the story: