As housing costs increase, Americans are choosing to stay in the same home for longer. According to a recent report from self-storage comparison platform StorageCafe, 7.9% of the population stayed in the same home year-after-year. The decrease in migration is primarily driven by fewer local moves. Moves within the same state have dropped from 11.9% of the population in 2014 to just 9.1% as of 2023. The Southern U.S. is seeing the most moves, with seven states in the region among the top 10 hot spots for net migration. This is because many of those states are more affordable and provide better economic opportunities for young people looking to enter the housing market.
Among the major factors behind the moving slowdown is worsening affordability, particularly in popular locations, as well as the rising costs of insurance and property taxes. The “lock-in” effect caused by persistently high mortgage rates has also added to the mix, making many homeowners stay put rather than give up their lower-interest mortgages for costlier ones.
The cost of changing homes itself is another barrier. Moving has become more expensive than ever, with costs driven up by higher fuel prices, labor shortages and supply chain disruptions. Local moves now typically cost between $400 and $1,000, while cross-country moves for a two- to three-bedroom home can range from $8,000 to $11,000, according to United Van Lines. Read more