Cape Coral is attracting out-of-towners, according to the realtor.com website.
The Waterfront Wonderland is placed fifth among the top 10 places luring out-of-towners to move in.
It’s a challenging time to be a home buyer in the United States, says the website. But the allure of certain markets is still strong enough to motivate people to move to a different state altogether.
Chief Economist Danielle Hale, of realtor.com, says, “With prices now having risen for seven consecutive years, affordability has become top of mind and is driving people not just in their local markets, but when they’re shopping to relocate.”
Why Cape Coral is attracting out-of-towners
Cape Coral has been named among “the magnetic hot spots that people are most interested in moving to these days.”
“It’s not just the cheapest markets that are attracting attention, but markets that are similar to, but cheaper than, places people are looking to leave.”
Out-of-state buyers are mostly attracted to lower-cost markets in the South and West, according to realtor.com’s new Cross Market Demand report.
Seven of the top 10 markets attracted non-local buyers looking at homes whose median price was 3% to 34% cheaper than in their home markets.
The ranking is based on which markets got the most views on realtor.com from outside their state. This was in the second quarter of 2019. (Metropolitan markets typically include some nearby smaller towns.)
A coming demographic wave means that the popularity of Cape Coral is just beginning.
Home shoppers for these two Florida cities, who are primarily located in Chicago, New York City, and Atlanta, are not expecting to get a bargain—the homes they’re checking out are a little over 3% more expensive than in their hometowns.
“The bulk of that is retirees,” says demographer, Jerome McKibben, from McKibben Demographic Research, in Rock Hill, SC. “The peak of the baby boomers are turning 65 in 2021.”
Cape Coal has a high proportion of residents aged 65 and older at 28.7%.
But there is growing opportunity for a younger workforce, Mr McKibben says—in the service industry catering to those retirees’ needs.