Guest Author: Brian Slater
The housing market has set records in the past several years. Remote work opportunities, cost of living and amenities draw people to homes in new cities and states. Learn more about the cities attracting new residents, the ones people are leaving behind and other nationwide moving trends here.
Why Are People Moving?
Recent moving trends look different than those of the past. Some stem from the COVID-19 pandemic, which normalized working from home. More than 4.9 million Americans named remote work as their reason for moving since the beginning of the pandemic.
The years 2021 and 2022 brought about a massive housing rush, causing home and rent prices to skyrocket. Higher interest rates and inflation add to the factors working against home buyers and renters in cities and states with higher living costs.
Other factors influencing moves include warmer weather, lower crime rates and proximity to loved ones. Many people are showing that they prefer a lower cost of living and laid-back lifestyle to expensive, congested cities with little access to nature.
Where Are They Going?
Florida reigns as the state receiving the highest number of new residents. The most popular cities include Tampa Bay, Melbourne, Jacksonville and Sarasota. However, Myrtle Beach, SC, and Wilmington, NC, which are only about 1.5 hours apart by road, have seen the most significant jump in relocations among cities. These coastal towns offer warm weather and picture-perfect beaches at a lower cost than many throughout Florida.
Other North and South Carolina cities, like Charlotte, Raleigh and Greenville-Spartanburg, have become popular among movers. They offer big-city amenities without the high prices associated with New York City, Miami or Los Angeles.
Toward the other side of the country, Texas and Arizona remain popular moving destinations. Dallas, Houston and Phoenix are some of the most sought-after cities. Several major tech companies, including Apple, Amazon and Hewlett-Packard, have opened campuses in Texas, drawing more people to the Lone Star State.
States People Are Fleeing
Some cities have higher move-out rates than others. They tend to be those with high costs of living and congestion. Los Angeles has the highest number of move-outs, followed by the San Francisco area, Chicago and Long Island, NY. South Florida is also within the top five areas people are fleeing due to the continuously rising cost of living around Miami.
The pandemic was an integral factor affecting moves. Many of the moving trends we see today stem from that time. However, the rate at which people are moving has slowly declined over the past few years. Forbes attributes this to a combination of high interest rates and people desiring to settle down.
The real estate industry is also seeing a low supply of homes on the market. As of March 2023, there is only a 2.6-month supply of homes available. Typically, buyer demand requires a six-month supply. This is following a shortage of roughly 6.5 million homes at the tail end of 2022.
Even as mortgage rates rise and people continue to settle down, there will be those who move from town to town or state to state in search of new opportunities, their loved ones or more affordable lifestyles. Recent trends lean toward places that are warmer and less crowded.
Learn more about the latest moving trends and data points from New City Moving by taking a look at the accompanying resource.
Graphic created by New City Moving.
Author bio: Brian Slater is the founder and President of New City Moving, a moving company in Chicago. Slater has more than 10 years of experience in the industry and focuses on providing top-notch customer service as well as a stress-free moving environment.