Allied Van Lines has recently released their Magnet Report, which reflects on the largest moving trends of 2022 while looking ahead to 2023 and what it might bring for the moving and housing industry. As a respected agent of Allied, Ray the Mover similarly looks at the past moving trends to understand where people are moving to and from, and how these trends might continue into the next year.
This report includes information regarding relocation and immigration patterns across the entire country, as well as information surrounding cities and states that saw the largest increases in new residents, versus those that saw the largest amount of people leaving them in the past 12 months.
If you’re wondering how people moved in the past year and how this was impacted by the changing economy, you’ve come to the right place. Allied’s data shows that in 2022, fewer people on average moved both locally and long-distance move than in 2021 and 2020, both years of which had seen huge surges in people making big relocations. In comparison to the year prior, moving rates were down 20% in 2022.
There are a lot of reasons why Americans might have felt less inclined to move in 2022 than in years prior. Firstly, 2020 and 2021 were largely anomalies in terms of moving trends due to the onset of the global COVID-19 pandemic, which made many who would traditionally have worked from an office setting now permanently work from home. As a result of no longer being tethered to a single location for working or commuting, many took the opportunity to move to cheaper, more spacious areas that had more favorable climates.
In 2023, many people either had to go back into the office or got jobs that went back to traditional work settings. As a result, fewer had the opportunity to make big relocations of this sort. On top of these factors, many people who moved in 2020 and 2021 were not moving in 2023, as they were already settled in the homes they had moved to previously.
In addition to the slowdown of COVID-related moving trends, the spike in inflation and the rising costs of living in the country have greatly influenced the housing market. People have less of an incentive to move from their existing homes and locked-in existing mortgage rates, as current mortgage and interest rates are skyrocketing. In the same vein, those who might have been in the market for a new home or to move over the course of 2022 either refrained from doing so due to these high-interest rates or may have found themselves financially unable to do so as the cost of living rises without a reflection in that of average salary.
Because of these factors, many have chosen not to move over the past 12 months, and instead focus on their current homes or are waiting until inflation and interest rates stabilize.
Over the course of the last year, certain states were more popular than others with those looking for new homes. The states that have seen the largest influx of new residents are the following:
Though there’s no definite answer as to why these states were more popular than others, common threads amongst these regions include lower housing prices, lower costs of living on average, warm or temperate climates, and lower taxes than the national average.
In addition to the most popular states to move to in 2022, the magnet report also addresses the most popular cities to move to in the country. Though there are some corresponding cities to that of the most popular states, there are some discrepancies you may not have seen coming in this data.
The most popular cities in the United States to move to in 2022 were:
Like the most popular states to move to in the country, many of these cities also feature warm and temperate weather, low taxes, low costs of living, low housing or rental prices, and higher quality of life.
Of course, the moving rates indicated here may change in 2023, as these consistently more popular areas’ home prices and the cost of living generally rise as places become more and more popular and demand rises for new homes or just for certain areas in general.
Just as certain areas became particularly sought-after destinations for prospective home buyers in 2022, some states saw more residents leaving than moving in over the past year. The following states saw the highest rates of people moving out of them in 2022:
Just as certain places attracted more people due to low taxes or low costs of living, many of these states are associated with having high taxes, high costs of living, or high home prices. Many also have particularly cold or inhospitable climates for many.
In accordance with the least popular states to move to in 2022, the following cities saw an increase in people moving out of them in the past 12 months:
Just as in the case with many of the least popular states, many of these cities have very high costs of living and very high rental and home-buying prices. They also have high taxes, which might play a role in making people leave them for financial reasons.
There are many reasons why people choose to take on a move, some of which are mentioned above. The most common reason cited by those relocating in 2022 was work and family, though financial decisions surely played a role as inflation rose over the course of the year.
When looking at 2022’s moving trends, it’s clear that though moving trends might remain similar in 2023, it could make for a good opportunity for those looking to move in the future to take advantage of lowered housing prices due to not as much demand. Looking for the right moving company for you in 2023? Find the right Manchester, NH moving company for you in Ray the Mover. As a family-owned business with many decades of experience, we’ll give you the best move possible, regardless of where you’re headed. Contact us today!