Meeting in the Middle Economics Push Residents Inland

first_img The last decade has seen many residents relocate to the East and West Coasts due to the strong job markets in those locations as well as employment and income growth. But a recent survey found that trend is likely about to change.According to Zillow’s Quarterly Home Price Expectations Survey (ZHPE) released Wednesday, job growth in the middle of the country is expected to attract more residents as businesses look for cheaper locations to expand. More than half of the survey respondents (56 percent) said that job expansion in the middle of the country and nearly one quarter (24 percent) said that high housing costs on the coasts will prompt residents to relocate to Middle America.The ZHPE is conducted quarterly by Pulsenomics and includes opinions of more than 100 housing experts on their expectations for the housing market.As to the question of whether the trend of residents moving to the coast would reverse, more than half of the experts surveyed said it has already started to reverse or expect it to reverse in the future. A quarter of the experts said they believe the shift toward Middle America is permanent; slightly more than one-tenth (11 percent) said they believe the trend of residents moving to the coast is an illusion.Job growth was the most popular reason among survey respondents believe residents will move away from the coasts and toward the middle; 20 percent cited more affordable housing was the reason, and 13 percent said they believe Americans will migrate to the middle in search of the lifestyle only that area of the country has to offer. Only 2 percent of the experts said they thought people would move away from the coasts because of climate.“Since the Recession, employment has boomed in relatively expensive coastal areas, often attributed to a shift in preferences among workers—especially millennials—but also facilitated by soft labor markets that have resulted in a plentiful supply of available workers,” said Zillow Chief Economist Dr. Svenja Gudell. “Now, as labor markets tighten and the country approaches full employment, employers will have to look elsewhere to keep costs in check. For some businesses, this will mean relocating away from expensive coastal areas to more affordable interior communities. Sooner or later workers will follow the jobs, providing an impulse to local housing markets.”Survey respondents said they believe home price appreciation will be 4 percent by the end of this year and will slow down to an annual pace of 2.9 percent by 2020.“Panel-wide, the experts currently expect U.S. home values to finish 2016 with a healthy 4.5 percent year-over-year gain,” Pulsenomics founder Terry Loebs said. “This projection implies a somewhat cooler, but still solid, second half of the year. Although further price moderation is expected next year, nearly 90 percent of the panel is projecting lower home value gains in 2017. The longer-run outlook for housing market performance remains steady. Overall, the expected five-year average annual growth rate for home values actually rose, albeit slightly, for the first time in three years.” Meeting in the Middle: Economics Push Residents Inland in Daily Dose, Data, Headlines, News August 10, 2016 604 Views center_img Home Prices Housing Market Expectations Zillow 2016-08-10 Seth Welborn Sharelast_img read more

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first_img Comments   Share   “You know, I really didn’t pay too much attention to it,” he said. “My agent did a lot of the book work and for me; I’m just looking for the opportunity to come in and play and just get back to having fun.” Thomas, 26, is entering his fifth NFL season. He spent three-plus seasons with the Jacksonville Jaguars after they chose him in the fourth round out of the University of Arizona in the 2009 NFL Draft. Midway through last season, the Lions gave up a fifth-round pick in 2014 to secure the services of Thomas, but he only caught five passes for 28 yards in nine games with Detroit.Following his release, Thomas said there were several teams interested, but Arizona, ultimately, was the place for him. “I just felt like it would be the best fit for me and my skill set,” he said. “Obviously, I was wanted a little bit as well, so it just worked out that I could be here and I’m thankful and grateful to be here.”Thomas is no stranger to the Grand Canyon State. He left UA as the Pac-10’s all-time leading receiver with 259 catches.“The irony of it is pretty amazing,” Thomas said about his return to Arizona. “It’s awesome, to be back. When I got here, I felt so much better with the sunny skies and just clear vision again just to come out here and be here, so it’s a good feeling.”Thomas’ presence makes the battle for the fourth and fifth wide receiver spots that much more interesting. Undrafted rookies Jaron Brown and Charles Hawkins, along with former ASU Sun Devil Kerry Taylor, have all been impressive at different times in camp. Thomas says the uncertainty at the position didn’t have much to do with his choice to sign with Arizona. Grace expects Greinke trade to have emotional impact Top Stories Former Cardinals kicker Phil Dawson retires Derrick Hall satisfied with D-backs’ buying and selling GLENDALE, Ariz. — Well, that was quick.After being released by the Detroit Lions Monday, wide receiver Mike Thomas not only signed with the Arizona Cardinals, but was a participant in Tuesday’s practice at University of Phoenix Stadium.“You know, they gassed up the jet for me — no, I’m just kidding,” Thomas said when asked how he got to Arizona so fast from the Lions’ training camp in Allen Park, Michigan. “(The Cardinals) called first thing, we spoke this morning, I arrived and have been taking care of business since then.” The 5: Takeaways from the Coyotes’ introduction of Alex Meruelolast_img read more