Figure 12. The correlation between average housing price and the net migration rate

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Source: Author’s calculations based on “Gross migration file” data, 2018–2023, from the Internal Revenue Service (IRS), “SOI Tax Stats - Migration Data” (dataset), last reviewed March 20, 2026, https://www.irs.gov/statistics/soi-tax-stats-migration-data; “Average Home Values by US State in 2023,” data sourced using Zillow.