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Daily Data: Austin is Weird
More people want to move from than to?
People want to leave Austin, and it’s just when things are getting cheap.
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Austin is weird
Or rather, there is more outbound search interest than inbound search interest:
Net-outflow of 441 is pretty small, but whatever the quality of the signal, it seems to have gone the other direction.
It’s strange that people want to leave Austin because home prices are actually coming down.
Normally, when people start leaving trendy places it’s because they’ve gotten so trendy, they’ve been priced out—like, Miami for example (which is different from expensive markets that people are leaving because they are priced out and because they are less trendy, e.g. San Francisco and New York).1
But Austin has seen a flood of new housing supply recently, and prices have been coming down significantly, so it’s hard to see prices as the reason people are leaving:
In fairness, prices got pretty high before they started to come down, so maybe that still has something to do with it, but I’m not sure.
Are people leaving Austin because they got called back to the office? Is the lifestyle not for them? Or is this just a hiccup in the data?
Over the past year, this is (supposedly) where Austinians leave to:
The Austin-to-Denver pipeline is what exactly? An outdoor sports and hiking thing? A weather thing?
Texas is sticky
Anyways, this too was neat.
Apparently Texas is the “stickiest” state in the country, i.e. has the largest share of native Texans still living in-state:
The Northeast has a lot of exiles, California is stickier than I would have expected (and almost as sticky as Florida), and North Carolina is also apparently a place people don’t leave.
It all checks out.
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People are still leaving the Old Guard of Coastal preeminence for the new guard (i.e. Florida).
And I still find it amazing that apparently, Hartford has gotten so hot that people are trading down for Boston. (Or they too have been called back to the office.)