Americans, it's widely reported now, are back on the move. Domestic migration trends have picked back up as part of a number of healing housing indicators, and now it's time to look at the second leg of housing's recovery and its evolving geography.
Bloomberg staffer Anne Riley consults the data dashboard of a financial tech consultancy SmartAsset, which has crunched Census and Zillow data into captivating story lines as to which markets are "healthy" -- low levels of negative equity; low number of days listed for-sale on the market; and high correlations between median household income and median area prices for for-sale inventory. Here's Riley's key take-away:
The study shows that residents in Nevada stay in their homes the shortest span of time, for an average of just 12.21 years. Washington, D.C., a city recreated with each election cycle, has the second shortest home ownership rate, at 12.22 years. At the other end of the scale are West Virginia and Pennsylvania, where residents tend to hunker down for nearly 18 years on average after paying closing costs. SmartAsset said it came up with its report by crunching and interpreting data from Zillow and the Census Bureau.