REAL ESTATE
August 2024

Stretching across 18 states from California to the southeastern seaboard, America's Sun Belt has been drawing northerners to its warmer climates, tranquil way of life, and year-round recreational opportunities for years. The region is enormous, encompassing seven of the ten largest cities in the US (San Jose, Los Angeles, San Diego, Phoenix, San Antonio, Dallas, and Houston) as well as many midsize metropolitan cities (San Francisco, Sacramento, Riverside, San Bernardino, and Tucson).

Formerly thought of as a region primarily for snowbirds and retirees, America's "sunny states" are now drawing people of all ages and stages of life. In fact, a whopping 52% of American millennials now live in the Sun Belt (U.S. Bureau of Labor Statistics. Q1 2024). Following the overall stress, rolling lockdowns, and job insecurity of the pandemic, thousands of 28-43 year-olds headed south, attracted by the region's booming job market, more affordable housing, and opportunities for healthier work-life balance. In fact, "With millennials expected to be about 75% of the workforce by 2030, we expect Sun Belt markets will continue to capture more jobs as their younger populations continue to grow." (Forbes. The Millennial Arrival and The Evolution of the Modern Workplace).

 

Well-paying jobs in green energy, tech, entertainment, aerospace, healthcare, and new media are growing at a steady pace, and more than half of the country's hospitality and leisure jobs are located in the Sun Belt, with sun-seeking vacationers flocking to its beaches and deserts. Potential year-round residents with experience in burgeoning fields can find steady work and affordable housing to match - not to mention exciting new cities to explore! Many renters from the north are able to make the shift from renting to buying a home, especially in cities like Phoenix, one of the Sun Belt's cities with the highest home ownership (Moody’s Analytics. Q1 2024)

 

The Sun Belt's attraction is projected to continue growing for the foreseeable future. According to Mary Kate McGrath of Northspyre, "The Urban Land Institute’s Emerging Trends in Real Estate 2024 report found the majority of cities on its “markets to watch” list with the best real estate prospects for the coming year were located in Sun Belt markets. Industry experts are projecting markets in Sun Belt states will continue to lead investment and construction due to these ongoing migration trends and the states’ vibrant business economies."

 

To browse our listings in the Sun Belt, learn about what its cities have to offer, and reach out to us for more insights, please visit our website. We would love to help you find your new home in one of the many cities and communities we serve in California and Arizona, the southwestern region of the Sun Belt!


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