Americans are relocating less frequently than in previous years, with the majority of moves happening within the same state.
However, among those who are moving across state lines, Gen Z and millennials are the most likely to make the leap to a new home.
Nearly 88% of Americans stayed in the same home year-over-year, up from 85.1% a decade ago, according to U.S. Census data cited in a report by StorageCafe, a storage marketplace. The decline in moves appears to be largely fueled by a significant drop in local relocations.In 2014, roughly 11.9% of borrowers made local moves, but by 2023, that number had dropped to 9.1%, the report revealed.
The decline in moves is largely attributed to affordability concerns, including high moving costs and rising home prices, along with the “lock-in” effect caused by elevated mortgage rates.
Moving itself has become expensive, costing between $400 and $1,000 in state, while cross-country moves can range from $8,000 to $11,000. The report cites that higher fuel prices, labor shortages and supply chain disruptions have driven moving costs up.
While most Americans are staying put, millennials and Gen Z are leading the charge when it comes to long-distance moves.
These two generations made up nearly 30% of all state-to-state relocations in 2023, driven by job opportunities, affordable housing, and the lure of adventure. In contrast, Gen X and baby boomers account for a smaller share — 12% and 11%, respectively — since many are more established in their careers or enjoying retirement.
Despite millennials and Gen Zers being the main cohorts likely to move to a different state, their destination choices couldn’t be more different.Per the report, Gen Zers are flocking to the two Carolinas and Arizona, attracted to the “dynamic job markets and laid-back, comfortable styles.” Millennials, however, are opting for more affordable options such as Texas and Florida.
