For various reasons, millions of Americans each year choose to move out of their current home and move on to pastures new. But only just over one in three is making the move to pastures truly new. The remaining 63% are putting down roots elsewhere in the same city or nearby or in the same state.
That’s the finding of a 2024 survey of its members by the National Association of Realtors (NAR).
Where movers chose to head was determined in 30% of cases by a desire to be closer to family and friends, while one in five wanted more houses for the money – especially those who moved West, NAR reported. Lower taxes persuaded others to move, especially to the South.
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In the Northeast, the motivation in 22% of cases was to be closer to their jobs. Also in the region, 51% of respondents worked at least partly in the office, compared to 39% in the Midwest, 37% in the South, and 30% in the West, where 48% worked remotely. For the nation as a whole, the location of their job only mattered to 37% of movers. Only 2% moved due to office return-to-work policies.
Those relocating to the South and West were most likely moving from a different state, while movers in the Northeast were most likely moving within the same state.
The kinds of homes movers were looking for often varied by location. Almost half (46%) who chose the Midwest were looking for outdoor space, though it was also important for those heading to or remaining in the South, West and Northeast. In the Northeast (36%) and West (34%), more square feet were the main goal of the move. A better work commute was also much more important in the Northeast compared to other regions, as was access to highways and to public transit.
In each region, a quiet area and more walkable neighborhood amenities ranked third and fourth in the criteria movers were looking for. A safe place with low crime was important for 16%.
“Recent clients generally moved to a similar type of area (i.e. from one suburban area to another). However, those moving from central city/urban areas (41 percent) and resort areas (44 percent) most often moved to a suburban area,” the report noted.
Three out of four repeat buyers sold their current home when buying a new one, but 20% held on to it for investment, rental or vacation property. While the vast majority made a permanent move to the new location, 6% split their time between them. And 18% moved back to the area they had lived in before, especially if they had moved to the Midwest or Western regions.
“This migration flow will likely continue as retirees and remote workers relocate,” said Jessica Lautz, NAR deputy chief economist and vice president of research.
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