HireAHelper U.S. Migration Study Shows 2023 Had Fewest Number of Moves Nationwide Since the 1940s

Rhea-AI Summary

HireAHelper, a Porch Group (PRCH) company, released its 6th annual U.S. migration study, revealing a 9% decrease in moves in 2023 compared to 2022. The study identified Oklahoma (+40%) as the state with the greatest net gain and California (-44%) as the state with the greatest net loss in residents. The study also highlighted the impact of socio-economic factors on American migration, such as lower cost of living and inflation.

Insights

Economist

The findings from HireAHelper's migration study illustrate significant patterns in domestic migration, which are indicative of broader economic trends. The data, showing a decline in mobility to a historic low, suggests that economic factors such as inflation and rising interest rates are exerting a notable influence on household decisions. The movement towards states with a lower cost of living, like Oklahoma, South Carolina and Tennessee, underscores the sensitivity of population flows to economic conditions.

From an economic standpoint, these migration patterns can have profound impacts on local economies. States experiencing a net gain in residents might see an increase in consumer demand, which can stimulate job creation and economic growth. Conversely, states with net losses could face challenges such as reduced tax revenues and potential strains on public services due to a shrinking tax base. Moreover, the concentration of moves to urban centers like Chicago reflects ongoing urbanization trends, despite the pandemic-induced shift towards remote work.

The data also points to a potential shift in the housing market dynamics. States with higher moving cost averages, such as New Hampshire, New Mexico and Alabama, could be seeing an influx of higher-income residents, which might drive up housing prices and cost of living in those areas. Conversely, the affordability in places like the District of Columbia, Nevada and Texas could be attracting a more diverse demographic, potentially altering the socioeconomic composition of these regions.

Market Research Analyst

Understanding the migration trends is crucial for businesses that operate in sectors such as real estate, retail and services. The report indicates a surge in demand for affordable housing and cost-effective living conditions. This could signal opportunities for businesses offering affordable products and services, or for real estate developers and investors focusing on lower-cost regions. Companies may need to reassess their market strategies based on the changing demographics and spending power in these areas.

Additionally, the data from HireAHelper could inform infrastructure development and urban planning. The growth in cities like Wesley Chapel and Ocala in Florida suggests a need for expanded services and amenities to accommodate the influx of new residents. On the other hand, cities with net losses may need to reevaluate their economic development strategies to retain and attract residents.

For investors and businesses, these migration patterns could be used as leading indicators of regional economic health and potential market opportunities. The shifts in population dynamics may also influence the labor market, potentially affecting wages, employment rates and the availability of skilled workers.

Demographer

The demographic implications of the migration patterns highlighted in the study are multifaceted. The increase in individuals moving in with family or seeking proximity to relatives reflects changing family dynamics, potentially due to economic pressures or lifestyle choices. This trend may influence the size and composition of households, which in turn affects consumer behavior and market demand.

The data on the 'sandwich generation' is particularly revealing, as it points to an increasing intergenerational dependency that could have long-term implications for social services and healthcare systems. States with significant population gains might experience demographic rejuvenation, while those with losses could face accelerated aging of their populations, with attendant challenges for healthcare provision and pension systems.

Understanding these demographic shifts is essential for policymakers and businesses alike, as they can impact everything from education and healthcare needs to the types of housing and transportation infrastructures that need to be developed or expanded.

People priced out of relocation; Oklahoma tops in the US with net +40% gain of people moving in; California sees the largest net loss; Chicago is the nation’s top moving destination by total volume; 3 Florida cities now rival The Villages

SAN DIEGO--(BUSINESS WIRE)-- The online moving marketplace HireAHelper, a Porch Group (NASDAQ: PRCH) company, today announced the findings of its sixth annual U.S. migration study. The study examines over 75,000 moving jobs booked in the United States in 2023 and identifies where the biggest shifts in state and city population have occurred, and dissects what is America’s most dormant migratory year since the 1940s.

According to the study, 9% fewer people moved in 2023 compared to 2022. The 25.6 million Americans who moved in 2023 constitute 7.8% of the population, which is the lowest percentage of relocators ever recorded.

The nationwide study identified several socio-economic factors impacting American migration, such as “Lower cost of living”, “Cheaper rent”, and “Inflation” - which factored into 15% of all moves in 2023. Reasons such as “Moving in with family” and “Being closer to family” were also identified by roughly 30% of people moving over the last year. According to HireAHelper, 9% of people in the “sandwich generation” (people “sandwiched” between taking care of their kids and their aging parents) reported that parents aged 65 years or older moved in with them sometime during 2023.

“The latest moving data suggests that over the last year, the U.S. has been a nation in stagnation,” said Miranda Marquit, Consumer Advocate and Spokesperson at HireAHelper. “People are being priced out of relocation due to rising interest rates, inflation, and household debt. The data shows that Americans are facing a new economic reality that has restricted their mobility and has them nesting down. And for those that did move, a greater number were in search of more affordable living arrangements compared to 2022.”

Other noteworthy findings from the study identified the U.S. locations that saw large gains and loss in population, in terms of total volume and in net moves.

Key findings include:

• The states with the greatest net gain of new residents are Oklahoma (+40%), South Carolina (+35%), and Tennessee (+35%).
• States with the greatest losses in residents are California (-44%), New Jersey (-42%), and Louisiana (-31%).
• Two cities in Florida - Wesley Chapel, FL and Ocala, FL - had twice as many people move in than out in 2023 (+106%) and topped the charts as cities with the largest net gain in terms of moving.
• Two cities in the Miami metro area are among the 10 with the greatest net losses, they are Hollywood, FL (-58%) and Fort Lauderdale, FL (-50%).
• The city with the largest net loss in moves is Baton Rouge, LA, as 63% more people left the city in 2023 than moved in.
• By sheer number of people, Chicago was the number one most moved to city in 2023. Right behind Chicago for most people moving in during 2023 were Denver, CO, Austin, TX, and Las Vegas, NV.
• Split up by state, New Hampshire ($557), New Mexico ($536) and Alabama ($532) saw the highest moving cost averages in 2023. Alternatively, moving was cheapest in the District of Columbia ($328), Nevada ($330) and Texas ($341).

To access the study and all of its findings, please visit: https://www.hireahelper.com/moving-statistics/migration-report/

How was the 2023 Moving Migration study conducted?

HireAHelper's 2023-24 Migration Study analyzed over 75,000 local and long-distance moves in the U.S. that were booked in 2023 through HireAHelper.com and its partner sites and affiliates, including SimpleMovingLabor and MovingPlace.

Other sources used in the study are:

- Migration/Geographic Mobility Data series by the U.S. Census Bureau
- U.S. Census Bureau's Current Population Survey and its Annual Social and Economic Supplements, as available via IPUMS
- HireAHelper customer survey carried out in November 2023 (TBC respondents)

Six states (Alaska, Hawaii, Montana, North Dakota, South Dakota, and Wyoming) were excluded in part, due to a lack of sufficiently representative data.

Net gains and losses in people moving in/out for both states and cities were calculated as the ratio of:

• # of people moving into the state or city, to
• the # of people moving out of the state or city,
• expressed as a percentage (%)

Comparisons of net gains and losses only include states with at least 100 in- or out-moves and cities with at least 50 in- or out-moves.

About HireAHelper

HireAHelper, part of the Porch Group collection of home improvement SAAS and consumer platforms, provides an online moving marketplace where consumers can instantly compare real-time quotes and availability from local movers to book a range of moving services, from Full-Service movers to hourly moving labor. Since 2007, HireAHelper has spearheaded the Hybrid™ Moving phenomenon, an alternative moving approach that blends the use of moving labor with do-it-yourself transportation, resulting in dramatic cost savings for consumers. For more information visit www.HireAHelper.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240109128803/en/

Jeff Pecor

Tailwind Public Relations

206.948.1482

Source: HireAHelper

FAQ

What is the name of the company that released the 6th annual U.S. migration study?

The company that released the 6th annual U.S. migration study is HireAHelper.

What is the ticker symbol of HireAHelper's parent company?

The ticker symbol of HireAHelper's parent company is PRCH.

What were the key findings of HireAHelper's 6th annual U.S. migration study?

The key findings of the study included a 9% decrease in moves in 2023 compared to 2022, Oklahoma (+40%) as the state with the greatest net gain, and California (-44%) as the state with the greatest net loss in residents.

What were the socio-economic factors impacting American migration according to the study?

The study identified lower cost of living and inflation as significant socio-economic factors impacting American migration.

How was the 2023 Moving Migration study conducted?

The 2023-24 Migration Study analyzed over 75,000 local and long-distance moves in the U.S. that were booked in 2023 through HireAHelper.com and its partner sites and affiliates, including SimpleMovingLabor and MovingPlace. Other sources used in the study are the Migration/Geographic Mobility Data series by the U.S. Census Bureau, U.S. Census Bureau's Current Population Survey and its Annual Social and Economic Supplements, as available via IPUMS, and a HireAHelper customer survey carried out in November 2023.