Migration effect on real estate forecasts. Within the context of Growth Maps and real estate maps, what affect does changing populations and migration have on the future price changes of real estate? Inquiring minds want to know….
At Growth Maps, we define migration as the movement of persons from one locality to another locality, usually across a political and geospatial boundaries, within the USA.
Migration typically is one on the top 10 local variables that influence our local housing market predictions that are displayed in real estate maps. It IS, clearly one of the top leading economic indicators.
Migration is based upon a combination of births, deaths, and changes of addresses by the population within any block, tract, zip code, county, or local metro market. So migration can be movement across boundaries of a block, tract, neighborhood or state. Migration displayed in real estate maps is the best and really only way to do hyperlocal market analysis real estate at the City Block level, unless you are a super computer and can read 367,000 reports in a few seconds.
Typically migration is associated with establishing a new place of residence, and associated with the population changes within the boundary set. There is no universally excepted definition, therefore migration should be looked as any other index or indicator, like Quality of Life, since neither are directly associated with future value changes or local housing market predictions, just indicators, which need to be considered based upon the latest changes.
Our migration numbers are also update every month and/or quarter, thus do have more weight in expect market predictions than just property data, for example.
Quality of Life indicators which are only updated yearly. Hyper-local migration effects local housing market predictions Local migration changes are often studied within the context of job searches and, in fact, for many people it is an integral element of upward mobility in pursuit of the American Dream.
When new employees take new jobs, they may need to move to a different part of the country, or to a new block, track, zip code, or market, and this movement has an effect on supply and demand, which has an effect on local housing market predictions.
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