Allied State Magnet Report
As a proud authorized Allied Van Lines agent, Carey Moving & Storage is excited to release the Carey US 2023 Migration Report. As we look back on the past 12 months, this study carefully tracks and analyzes patterns of moving and immigration across the United States. This report is very important for understanding how migration trends are changing in the United States.
Come along with us as we look at the biggest moving trends of 2023 and try to figure out why people choose to move and what places they want to go. The study both looks back at the past year and makes predictions for the next one. This helps us plan for and adjust to the constantly changing landscape of American migration.
US Moving Trends 2023: Keeping up with the Economy and Home Dynamics
The 2023 Allied US Migration Report shows how trends and economic factors are changing in the ever-changing world of US migration. The year witnessed a 12% decline in interstate moves, building upon the 20% decrease observed in 2022 compared to the previous year. Looking deeper into the study, it’s clear that these changes show a big shift in migration patterns over the past two years. The ups and downs of mortgage interest rates are major reasons regional moves are falling. Rates hit an all-time low in 2020 and 2021 during the COVID-19 outbreak. In 2022, they rose sharply and reached their highest level since 2002. In 2023, rates kept going up, going back and forth between 6% and 7%. The high-interest rates that this has caused have kept people from buying homes, which has greatly affected the total number of interstate moves.
Moving trends in the US in 2023 are heavily influenced by the economy, with mortgage rates playing a key role in shaping the story. A closer look at the main economic factors shows that they were constantly interacting with each other, having a big effect on migration trends across the country.
Post-pandemic housing values skyrocketed due to rising demand, building expenses, and supply constraints. The Case-Shiller U.S. National Home Price Index rose 18.6% over 12 months. In urban areas and high-demand states, this price increase affected housing affordability.
Rental costs have recovered after the pandemic and surpassed pre-pandemic levels. Rising rental rates have driven migration as people seek cheaper living options. The changing dynamics of rental affordability are influencing relocation decisions.
Since February 2020, home inventory dropped by 50%, creating a supply-demand mismatch. This housing shortage has greatly affected the cost and practicality of migrating, especially in high-demand areas. The supply-demand imbalance is a real issue for individuals navigating the property market.
- Inflation and Household Wealth
Rising property prices affect affordability and inflation. Shelter makes up about a third of the Consumer Price Index (CPI), thus even little rent and housing price increases can affect inflation. This affects household wealth and community affordability, complicating economic considerations driving migration decisions.
- National Median Home Prices
The typical home price in the United States rose to $402,600 in 2023, 8.5% more than the previous quarter.Â These rising prices, monthly mortgage payments, and family incomes required for mortgages make it harder for potential homebuyers to afford. These numbers highlight the complex relationship between desires and finances as the economy changes.
Top 2023 Inbound States & Cities where people want to move to in 2023
Moving to South Carolina, Arizona, Tennessee, North Carolina, and Florida were the most appealing states for inbound moves in 2023, demonstrating a steady pattern. South Carolina has a (65%) inbound rate due to its growing job market, low cost of living, and pleasant climate. Charleston, with a (70%) inbound rate, reflects the state’s economic advantages and has a vibrant culture and community. Arizona, led by Tucson with a (70%) inbound rate, attracts people with its thriving job market, lower cost of living than neighboring states, and excellent balance of urban and natural activities. Nashville (57%), Charlotte (68%), and other Florida towns contribute to this trend by offering economic prospects, lifestyle perks, and a slower pace of life.
Outbound States & Cities 2023 with the highest number of outbound residents.
Outbound migration in 2023 was highest in Illinois, California, Pennsylvania, Michigan, and Washington. Illinois and Chicago, with a (64%) outbound rate, confront issues from significant company departures, high living costs, and crime rates. Due to high costs, regulations, and taxes, the 60% outflow rate in California continues to drive people and businesses away. Pennsylvania and Michigan have a (57%) outbound rate due to weaker job development despite their industrial legacies. Despite its technology hub status, Washington, especially Seattle (61%), sees outbound migration due to rising living and housing expenses. These outbound migration trends show how economic, social, and environmental factors affect US relocation decisions.
Carey Moving & Storage: Reliable South Carolina Movers
Carey Moving & Storage is not only a witness to the complicated currents of US migration in 2023, but also a key part of the journey of many people and families. As one of the best moving companies in South Carolina, we make sure that every client’s needs are met, making sure that the move goes smoothly for the seniors in Spartanburg and beyond. Our commitment to excellence and history of dependability makes us a leader in the moving business. Look no further than Carey Moving & Storage if you’re looking for Spartanburg moving companies that put your comfort, safety, and ease of use first.
Experience your seamless move with Carey Moving & Storage!
Are you looking for movers in South Carolina? Carey Moving & Storage is the only place you need to go. Contact us right away for a smooth experience. Our professional Spartanburg movers will help you through every step of the process, making sure that your move is quick, careful, and tailored to your needs. This is where your journey begins.