More than 24 million people residing in the U.S. moved recently, strategically balancing career opportunities with quality of life and housing costs. Other factors contribute to the decision to move; however, the issues of jobs, lifestyle and the quality of housing are the dominant factors.
New data shows that job-related relocations (13 percent) and the pursuit of better housing (15 percent) emerged as the top motivators. Notably, over 7 percent of movers transitioned from renting to homeownership. These are key metrics shaping the property market.
Current data drawn from 107 metro areas, drawing insights from a comprehensive U.S. Census survey. From this, RentCafe has issued a new report: ‘Better or cheaper housing and job opportunities to healthcare and easier commutes’, where the firm explores all the key reasons people decide to relocate.
These motivators can be grouped into three main categories: housing, jobs, and lifestyle.
Among the survey respondents, a new or improved home was the top reason for moving, with almost 15 percent citing this motivator. Other common housing-related reasons include establishing their own household (10.3 percent), finding cheaper housing (10 percent), and transitioning from renting to owning a home (7.2 percent).
A new job or job transfer is the second most common reason Americans move, accounting for over 13 percent of responses. Other strong job-related motivators include an easier commute (5.4 percent) and searching for work, though this accounted for a smaller share of responses (1.6 percent).
Lifestyle-related reasons are less common among respondents and are often linked to particular situations like health reasons (1.8 percent), retirement (1.4 percent) or a desire to change the climate (0.5 percent).
Which metros see housing-related reasons as the most popular?
In Chicago, nearly one in four residents moved to find new or better homes, making it the top motivator. This trend is common among major metro areas, with New York, Los Angeles, and Boston reporting the highest shares of respondents citing this reason.
On the other hand, reflecting the challenges of the American housing market, cheaper housing was massively cited by residents in California’s Modesto and Stockton. Similarly, the desire to own instead of rent was most prominent in Greensboro, NC, accounting for over 30% of responses.
The highest shares of movers who relocated for a new job or job transfer are in Southeastern metro areas. For example, in Augusta, 1 in 3 renters relocated for this exact reason. The same goes for easier commutes, with Deltona and Fort Myers ranking first and second, respectively, among the top metros with the highest shares of movers prioritizing shorter commutes.
