Introduction
The Allied Magnet States Report has released its comprehensive analysis of migration patterns in the United States for the year 2022. This report sheds light on the significant changes in relocation trends compared to the previous year and highlights the factors influencing Americans’ decisions to move. From declining moves nationwide to the emergence of new relocation hotspots, the 2022 report provides valuable insights into the evolving landscape of migration in the US.
Key Takeaways From the Allied Magnet States Report:
1. Top Relocation Destination States in 2022
Arizona, South Carolina, North Carolina, Tennessee, and Texas emerged as the most sought-after states for relocation in 2022. These states offered promising economic opportunities and a lower cost of living compared to the West Coast or Northeast. Individuals and families who could afford to relocate gravitated towards these regions in search of better prospects.
2. Most Exited States in 2022
Illinois, Michigan, Pennsylvania, California, and New Jersey experienced a significant number of residents leaving their borders in 2022. Factors such as high living costs, slow job growth, and expensive housing markets contributed to the exodus from these states.
3. Decline in Overall Moves
The report reveals a notable decline of twenty percent in the number of Americans who relocated in 2022 compared to both 2021 and 2020. Rising rents, interest rates, inflation, and falling wages created financial constraints, discouraging many from moving during this period.
4. Impact on Housing Prices in Destination States
The surge in demand for housing in the most popular relocation destinations caused prices to rise. This price increase may potentially make these states less attractive in the coming year, as affordability becomes a concern for prospective movers.
5. Suburban Shift
Major metropolitan areas witnessed a decrease in population growth as more Americans opted to move out into the suburbs. The desire to live close to relatives, access larger homes at lower prices, and enjoy favorable weather and proximity to nature motivated individuals to seek suburban living arrangements.
Where People Moved To in 2022
1. Affordable States with Strong Economic Prospects
The most popular relocation destinations in 2022 were states that offered affordability and improved financial security. For example, California experienced a loss of residents to states like Texas and Arizona. Despite California’s eight percent rise in GDP, its high cost of living and declining wages deterred many from staying. In contrast, Texas and Arizona offered lower living costs and wage growth, making them more appealing options for relocation.
2. Employment Opportunities and Affordability
Unemployment figures played a significant role in migration patterns. States like North Carolina, South Carolina, and Florida saw greater job growth compared to states like Michigan, Pennsylvania, and Illinois. The combination of affordable living and better employment prospects attracted individuals to the states with a more favorable economic outlook.
3. Impact of Housing Prices in Destination Cities
Rising interest rates and an uncertain economy made homeownership increasingly challenging in major cities. As a result, smaller, low-priced markets experienced substantial growth, while larger, high-priced markets observed a decline in population.
4. Suburbs: The Preferred Choice
In 2022, large cities struggled to attract new residents. Apart from the top five relocation destinations mentioned earlier, cities such as Detroit, Los Angeles, Philadelphia, San Francisco, and Washington D.C. also experienced significant population losses. The pandemic, which prompted remote work arrangements, allowed individuals to choose where they lived, leading to a preference for suburbs over urban centers. Suburbs offered affordability, access to nature, and more spacious living environments, making them an attractive option for many.
What’s Going on in Raleigh?
The Sunbelt region, which stretches across the southern states, became the go-to destination for many movers. With its stronger economy and a more affordable cost of living compared to the West Coast or Northeast, it’s no wonder people were drawn to places like Raleigh, North Carolina.
In Raleigh, we saw a total inbound migration of 62.1%, while outbound migration accounted for 37.9%. So, where did people move from and to?
People primarily moved from Washington, DC; Chicago, IL; Philadelphia, PA; Phoenix, AZ; and Atlanta, GA. And outbound movers went to Atlanta, GA; Denver, CO; Jacksonville, FL; Phoenix, AZ; and Seattle, WA.
If you’re thinking of making a move to Raleigh, we’ve compiled some of the hottest homes for sale in the Triangle for you below!
For showing inquiries, reach out to the Marti Hampton Team: 919-504-5445 | hello@martihampton.com
Conclusion
The 2022 Allied US Migration Report highlights the shifts and preferences that influenced relocation trends in the United States. From a decrease in overall moves to the rise of new relocation hotspots, the report provides valuable insights for individuals, businesses, and policymakers alike. Understanding the factors driving migration can help shape future decisions and initiatives that support economic growth and individual well-being in different regions of the country.
Marti Hampton Team: 919-504-5445 | hello@martihampton.com
