Moving trends in Northern Virginia
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In Northern Virginia, as in many other regions across the country, some people are moving in and some are moving out. Northern Virginia is one of the busiest states in the US when it comes to moving. There are many reasons why people decide to move somewhere, and we at Helix Moving & Storage will try and cover them all in great detail. Let’s take a look at the underlying reasons behind the moving trends in Northern Virginia.
What are the most common reasons for migration and what are they like in Northern Virginia?
As you might have expected, the most common reasons for migration are job opportunities, the state of the housing market in a particular place, and the cost of living index. Let’s see how these factors contribute to the moving trends in Northern Virginia.
Since Northern Virginia is the most populous region of Virginia and the Washington Metropolitan Area, there are many job opportunities here. Many people decide to move here specifically due to its proximity to the nation’s capital. There are a lot of jobs available in the government sector, as well as the private sector with close ties to the federal government. This is probably the biggest appeal of Northern Virginia for outsiders. Many young professionals decide to move here in order to enhance their careers. It’s no wonder why our Northern Virginia movers have their hands full each week!
The housing market
The median home value in Northern Virginia is $530,165, while the average rent there is $2,206. Last year the housing market in Northern VA was characterized by high demand, low inventory, and rising prices. Some regions and popular suburbs like Arlington and Alexandria saw a significant increase in home sales, driven by strong job growth, low mortgage rates, and a growing population. However, the limited supply of homes for sale caused prices to rise, making it a competitive market for buyers. But even so, it’s important to note that in general Northern VA is losing population. The rural areas of this region have experienced population growth, but the other ones have not so much. If it weren’t for inbound migrations, Northern Virginia would have definitely had a net population loss.
While the interest in homes is high, the sales of homes are lower than expected
When you look at this information, you’ll come to the conclusion that the most attractive thing about Northern VA is also its biggest drawback. Many people decide to move here for the jobs we mentioned, but that leaves the local population facing an evergrowing cost of living index. Since they can’t keep up the pace of the price rises, that’s why they decide to move out somewhere more affordable. This is most likely the biggest driving factor behind the moving trends in Northern Virginia. But if you are an outsider and wish to capitalize on this opportunity, our movers Arlington VA will gladly take your call and help you relocate here to start off this new chapter in your life.
Cost of living index
The region has a pretty high cost of living index. This can help explain some of the moving trends in Northern Virginia. The cost of living index in Northern VA is 148. This means the average resident there has to spend 48% more on basic utilities, amenities, and housing! The rising cost of index is a direct result of the migration trends of people from outside of the area wishing to move there for better-paying jobs.
What are the moving trends of Northern Virginia residents?
So now let’s take a closer look at the actual moving trends from Northern Virginia residents. The places they most frequently move to are Maryland, Northern Carolina, and Texas.
Most people from Northern Virginia decided to move to Maryland because it’s very close. It’s a state with a much lower cost of living index and average home price. The cost of living index in Maryland is 111.8, while the median home value is $294,900. As you can see, a lot of people decide to move as they can sell their homes and buy one in Maryland for almost half the money!
Northern Carolina has a cost of living index of 91, which is below the national average of 100! The average home price there is $242,300. It’s a very alluring option for many Northern Virginians who want to make the most out of their paychecks.
The biggest appeal of Florida, apart from it being cheaper than Northern Virginia, is the year-round sunny weather and beautiful beaches. The cost of living index there is 103, while the average home price is $294,900. The moving trends of Northern Virginians who relocate to Florida are pretty easy to understand!
Where are new Northern Virginians coming from the most?
Surprisingly enough, the same 3 states are on this list too. Most new residents of Northern Virginia come from Florida, Maryland, and Northern Carolina! Their moving trends are easy to understand, as we’ve discussed above. The people from these 3 states most frequently move here in order to secure better-paying jobs and advance their careers. The higher cost of living index isn’t a problem for them, as those jobs are definitely well worth it. The prospect of working for or near the government is what is most appealing about these jobs. The connections and career progress these people can make are very attractive to them.
Conclusion on the moving trends in Northern Virginia
The moving trends in Northern Virginia are actually pretty easy to understand. Most people move out to simply live in more affordable places. The economic factor is the biggest driving force behind outbound moves. At the same time, the reason why people move to Northern Virginia is to get well-paid jobs and advance their careers. A particularly popular neighborhood in Northern VA for newcomers is McLean. If you wish to relocate here as well, get in touch with our movers McLean VA and get packing!
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