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The percentage of Americans who move each year has gradually declined since the U.S. Census Bureau began tracking data in the 1940s. But after a surprising increase in the share of people who immigrated in 2022, the number of U.S. migrants plummeted to an all-time low last year, according to a new analysis.
Online moving services marketplace HireAHelper’s annual US immigration research According to the study, 7.8% of the population migrated in 2023. This was a 9% decrease from the previous year and the lowest proportion of migrants on record.
A moving company moves a television into an apartment in San Francisco’s North Beach neighborhood on Thursday, Dec. 28, 2023. Last year saw the lowest percentage of Americans move on record. (David Paul Morris/Bloomberg via Getty Images/Getty Images)
The report pointed to a variety of factors that contributed to the decline in house prices, but said the clear theme was that “people are bearing the costs of relocation at every turn”, noting that housing affordability has increased significantly over the past year. He pointed out that it had reached a low level.
Miranda Markit, a consumer advocate and spokesperson for HireAHelper, told FOX Business that “one of the biggest reasons for the decline in moving in 2023 is likely due to rising mortgage rates.” It noted that the average interest rate was around 3.22% at the beginning of 2022, but rose sharply beyond that point. 7% by the end of the year.
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“While interest rates did fall slightly in 2023, they were still much higher than the historic lows of recent years,” he said. “Despite some cooling in the real estate market, median house prices remain stubbornly high, so having mortgage rates at these levels should send a bit of a shock to house prices. .”
An “Open House” sign outside a residence in Washington, D.C., Sunday, Nov. 19, 2023. The residential real estate market has virtually come to a standstill due to soaring house prices and rising mortgage interest rates. (Nathan Howard/Bloomberg via Getty Images/Getty Images)
Another factor, Markit said, is the rise in remote work over the past few years. “There’s been a lot of talk about returning to the office, but we’re not yet at the point where it’s fully mandated,” she said, adding, “Even when we return to the office, more remote work will be required than ever. It is increasing and providing people with a comfortable life.” Ability to stay in place. ”
Although the percentage of Americans who immigrated last year decreased, many still did (about 25.6 million). As part of our research, HireAHelper surveyed people who had actually immigrated to find out why they decided to migrate.
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There was one finding in particular that reinforced the housing affordability crisis. The number of people who said they migrated in search of more affordable living conditions increased by 10% from 2022.
“I think the rising costs of transportation and living are driving some of the moves,” Markit said. “They may not be able to move because of cost. But if they can move from state to state, they may decide to move to a state with a lower cost of living.”
In 2023, Florida again won for the most new residents, but Oklahoma had the largest net gain, perhaps reflecting a trend of more people moving to find a lower cost of living. It will be done. (Photo credit: Smith Collection/Gado/Getty Images / Getty Images)
Perhaps unsurprisingly, the state with the highest number of new residents in 2023 is Florida, the most popular state in recent years, followed by Texas and California, in reverse order. It is the most populous state. Increase (more people moving in than people moving in), Oklahoma was the big winner. At 40%.
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“The fact that Oklahoma had the highest move-in-to-move-out ratio in our study indicates that some people are looking for cheaper places to live,” Markit said, adding that South Carolina and Tennessee It added that the state is also the top state in net out-migration-ins.
The most common reason respondents will move in 2023 is for family reasons, such as to be closer to loved ones (30%), followed by buying a new home (19%) and moving for work (14%). %) was.
