Here’s how important location is to home buyers by state
Opendoor’s Financial Wellness Survey reveals that some Americans are more willing to relocate for their dream home than others. Here’s a deeper breakdown of the real estate market by region.
10/7/2022 · 2 min read
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32% of respondents would consider moving to a different state for their dream home.
Only 18% of respondents would consider moving to a less desirable neighborhood.
60% of West Coast respondents say they’re most worried about bidding wars when they buy a home.
You may have heard the phrase, “location, location, location,” in real estate before. Where a home is located can sometimes be viewed as equally or more important than other property features.
In Opendoor’s first-ever Financial Wellness Study, we asked residents across the country about their area and how it might factor into their home buying decisions.
Importance of location varies by state
Across the country, our survey found that 32% of respondents would be willing to move out of state to find their dream home. And 18% of respondents say they’d “consider” moving to a less desirable neighborhood for their dream home.
But breaking down this data by state shows that flexibility varies by region.
The top two states where residents say they’d be willing to leave for a new home are:
New York: 44%
New Jersey: 42%
It may be worth mentioning that New York and New Jersey have some of the highest state income tax levels in the nation.
On the other hand, 43% of Ohio residents said they’d be unwilling to relocate to another state for a new home. And 82% of Ohioans say they wouldn’t even consider moving to another, less desirable neighborhood, even if their dream home was there.
Respondents in the western portion of the country would be most amenable to relocation to a less desirable neighborhood, at 23% (vs 18% nationally).
Regional stress index
What are residents across the country stressed about when it comes to moving? It depends on where they live.
Here’s what worries prospective home buyers the most, based on region:
West Coast: bidding wars (60%)
Midwest: selling a current home (58%)
Texas: understanding the mortgage and lending process (51%)
Residents who are stressing less than the national average? New Yorkers, of which only 27% reported losing sleep over the home selling process, versus 49% of responders nationally.
This content is meant for informational purposes only and is not intended to be construed as financial, tax, legal, or insurance advice. Opendoor always encourages you to reach out to an advisor regarding your own situation.
Jena Greene is the Managing Editor at Opendoor. She covers real estate, personal finance, money management, and market best practices. Jena is passionate about empowering people to find their dream homes and making the home-buying process a delightful one.