Why HOUSING MARKET is Changing the WHERE WE Live?
Housing slump and mortgage crisis combined to reshape population flows in 2007, according to demographic estimates released by the U.S. Census Bureau in early 2008
In particular, the data revealed that:
Nevada’s growth rate fell to 2.9% in 2007 from 3.5% the previous year.
Florida’s growth also hit a low of just above 1%, down from its high of 2.3% in 2005. Arizona, No. 2 in growth, slipped to 2.8% from 3.6%.
Washington this year became the 13th largest state, bumping Massachusetts to No. 14.
Midwestern industrial states, including Michigan and Ohio, continue their population decline. Michigan lost 30,000 people in one year, leaving a total population of 10.07 million (8th largest state), and Ohio grew by only 3,404 people for a total population of 11.47 million [7th largest state).
Reflecting a slowdown in the lure of the Washington, D.C. metro area, Virginia gained a net 3,000 people from other states, down from 10,000 in 2006 and a high of 41,000 in 2003. “Maryland had an increase in out-migration,” Frey says. “In-migration into the greater D.C. area seems to be slowing down.”
Louisiana, still grappling with the effects of 2005’s Hurricanes Katrina and Rita, gained almost 50,000 residents between July 1, 2006, and July 1, 2007, although the state still has 200,000 fewer residents than it did before the storms. New Orleans’ population is about two-thirds of its pre-storm level. (Data Provided by Brooking Institution)
This housing market is chagning the demographics of New Jersey as individuals are moving away from the high priced areas of Northern Jersey to areas closer to South Jersey and Philadelphia. Just some stats which I found interesting and their coorelation to our everyday lives.
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