Outmigration us usually a term bandied about in city (or town) council meetings as representatives in a town or rural area that is located "too far" from an urban center.
So how does out-migration affect you?
Well, IF you happen to live in a city, town or rural area that is more than an hour's drive from an urban center. It can affect you in many ways – incluiding the value of your home.
Outmigration occurs when a significated number of a population (usually students after high-school) leave to attend post secondary institutions like Specialized Schools, Colleges or Universities. The problem is they often don't come back.
The jobs and opportunities are usually much better in a large city. And that isn't the only reason. Access to medical care, business oppoortiunities, even romantic opprotunities are all better in a larger population.
Still - how does that affect you?
It is a complex problem. With more people moving away and staying away, a lot of pressure is placed on the shoulders on those left behind.
Less home owners.
If you have less property owners paying property taxes, that ultimately means higher property taxes. There is n way to get away from it. The needs of a town or city do not shrink at the same fashion as the population, and ultimately a city with 10 percent less home owners can mean an increase in properties of 10 percent or more
Lower real estate values.
Less people living in a place otften means less people WANTING a house. Particularly if there are less employment or business opportunities. So hous values go down.
This is where the viscious cycle begins. With a town management trying to keep a town up to scratch on less money, somethings are postponed, like road repair, sewers, etc. Property taxes have to increase even more as LESS people pay for rising expenses.
In older areas, an older larger 3 bedroom home may be worth half the value of a smaller new home. With mortgage rates so low, newcomers (if there are any) will prefer to have newerhomes with less maintenance issues and perhaps further away from a crumbling town or city core.
This makes it almost impossible for a retired person to be able to sell their property and downsize without taking on another mortgage, even if their property was already paid in full. Many older people are trapped in their homes, facing repair challenges and the bills.
If you see this trend happening where you are, and you still have 5-10 years before you retire, you may want to act now. Moving closer to an urban area while you can still pay down a mortgage will mean that when you retire, you have access to better health care, and better municipal services, and ultimately can sell you home for much more when it is time to downsize.