When a client is ready to list their house, the temptation is there to let them know about that amazing home you’re representing in the next neighborhood over. That said, many movers are looking to move somewhere more distant.
In fact, according to StorageCafe, 2022 had the highest on-record number for out-of-state moves (8.2 million), while the preceding decade had the lowest recorded number of same-state moves (37.8 million).
The company has tracked data about recent movers and determined trends; 19 out of 50 states are experiencing a net loss of residents due to migration. What do these declining states have in common and where are these movers headed towards?
The top 10 states the most people are moving towards are as follows:
- Florida (net +238,476 residents)
- Texas (+171,716)
- North Carolina (+78,847)
- Arizona (+77,164)
- Georgia (+74,270)
- South Carolina (+68,665)
- Connecticut (+64,077)
- Tennessee (+46,703)
- Alabama (+33,359)
- Oklahoma (+28,483)
What attracts movers to these states? Same as ever, alluring (low) home prices and growing job markets. The report notes that Florida in particular has a thriving construction sector, and in a market as competitive as housing, abundant supply can attract demand.
This data is also consistent with the ongoing narrative of Southern states as the most booming region of the United States. Connecticut is the regional outlier here, though—why is a small northeastern state included alongside larger southern ones? In fact, the report suggests that cumulatively, the Northeast shed the most residents.
The report indicates this is a sign of generational preferences shifting. Most movers are Millennials and they have driven this move to southern metropolitan areas. However, Gen Z movers want areas that support remote work, hence popular destinations for them are regions that do so: in particular, Connecticut and Washington D.C.
The five states that have lost the most residents are:
- California (net -345,925 residents)
- New York (-247,561)
- Illinois (-109,585)
- New Jersey (-92,076)
- Maryland (-61,891)
Of the incoming Florida residents, the most came from New York, followed by California and then New Jersey.
Why is it these traditionally densely populated states that are shedding residents? The report suggests high pricing as a root cause, which in turn is sparking another generational shift. Gen Z’ers have grown up with the notion of large cities as unaffordable, so they’re less interested in moving there.
We have you Covered
Our family of expert Compass agents in every area of Florida can help you find your place in the Sunshine State. If you are thinking about a move to Florida or for anything related to real estate here call me directly on 407-965-896 or email me at [email protected]
