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
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
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.
