Allied State Magnet Report

24 Jan 2024

As an official Allied Van Lines agent, Ray the Mover is proud to present and explore Allied’s 2023 US Migration Report. This in-depth study very carefully follows and analyzes trends of moving and immigration across the United States over the past 12 months. This study includes the top moving trends across the country, including which cities and states saw the highest inbound and outbound moves, as well as the reasons behind the market changes across the country. Join us on this journey as we delve into the prominent moving trends of 2023 and try to figure out why people choose to move and where they want to go.

Exploring the Dominant US Migration Trends of 2023

Significant changes have been observed in migration trends and economic factors, as shown by the 2023 Allied US movement Report, which also reports a notable 12% drop in interstate moves for the year. It follows a big 20% drop seen in 2022 compared to the previous year. The study puts the focus on how changing migration trends have been over the last two years, saying that the drop is mostly due to changes in mortgage interest rates. Along with the COVID-19 outbreak, rates dropped to levels that had never been seen before in 2020 and 2021. In 2022, they rose sharply and reached their highest level since 2002. This kept happening in 2023, with rates ranging from 6% to 7%, which turned off potential homebuyers and impacted the overall number of interstate relocations.

Besides changing mortgage rates, the US economy has also been affected by the following things that have had a big effect on moving trends in 2023:

  • Rising Home Prices: After the pandemic, home prices went through the roof because of high demand, high building costs, and a lack of supply. In the past 12 months, the Case-Shiller U.S. National Home Price Index went up 18.6%. This price rise made housing less affordable in cities and states with high demand.
  • Increased Rental Prices: Rental costs have returned to where they were before the pandemic after the recovery from the pandemic. People are moving to cheaper places to live due to these skyrocketing rent rates, which impacts states’ and cities’ inbound and outbound resident rates.
  • Housing Market Dynamics: A supply-demand gap has happened since February 2020, when the number of homes for sale dropped by 50%. The lack of homes has made moving very expensive and difficult, especially in places with high demand. The mismatch between supply and demand is a real problem for people who are trying to buy or sell a home.
  • Inflation and Household Wealth: When home prices go up, they affect both cost and inflation. About a third of the Consumer Price Index (CPI) is made up of living costs. This means that even small increases in rent and home prices can affect inflation. This changes how much money people have and how affordable a community is, which makes economic factors that affect migration choices more difficult to understand.
  • National Median Home Prices: The average home price in the United States went up to $402,600 in 2023, 8.5% more than the previous quarter. Prices are going up, and high monthly mortgage payments coupled with stagnated family incomes needed for mortgages are making it harder for people to buy homes. These numbers show how complicated it is to balance wants and needs when the economy changes.

2023’s Most Desirable Inbound States & Cities

It was most appealing to move to South Carolina, Arizona, Tennessee, North Carolina, and Florida in 2023. Inbound rates are (65%) in South Carolina, which has a rising job market, a low cost of living, and a nice climate. (70%) of visitors come to Charleston, which shows how economically strong the state is and how it has a lively culture and community. Arizona’s thriving job market, lower cost of living than neighboring states, and a great mix of urban and natural activities make it an attractive place to live. Tucson has the highest rate of new residents, at (70%). Another Florida town that contributes to this trend is Nashville (57%), which offers job opportunities, a slower pace of life, and living benefits.

2023’s States & Cities With the Most Outbound Moves

Illinois, California, Pennsylvania, Michigan, and Washington had the most people Outbound migration in 2023. With a (64%) outbound rate, Illinois and Chicago have problems with big companies leaving, high costs of living, and high crime rates. People and companies are still leaving California at a rate of (60%) per year because of the high costs, regulations, and taxes. Even though they have a history of industry, Pennsylvania and Michigan have a (57%) export rate because job growth is slow. Even though Washington is a technology hub, people are leaving the state, especially Seattle (61%), because of rising rent and living costs. These trends in people leaving the US show how economic, social, and environmental factors affect people’s choices to move.

Ray the Mover: Experienced New Hampshire Movers

When we look at the complicated structure of US migration trends in 2023, it’s clear that Ray the Mover is a key player in making moves go smoothly. You can trust our skilled movers in New Hampshire to take great care of your things, giving you peace of mind during this big change in your life. We are more than just a moving company because we are committed to customer satisfaction and quality work. As one of the leading moving companies in Manchester, we will make your move stress-free and easy.

Start Your Hassle-Free Move with Ray the Mover!

Embark on your next adventure with Ray the Mover by your side. Our team of experienced Manchester movers will make sure that every detail is taken care of, from packing and moving to getting settled in your new home. Contact us immediately to find out why we are the most trusted movers in Manchester and to have a moving experience you will never forget.

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