Despite the vast expanse of the United States and the freedom to move across its 3.8 million square miles, most Americans prefer to stay close to home, according to a new analysis by LendingTree. The study, based on data from the U.S. Census Bureau’s 2022 American Community Survey (ACS), reveals that only 11.21% of Americans moved within a year of the survey, with the majority of those who moved staying within their own state.
The analysis highlights that 79.29% of movers remained in the same state, with 53.93% moving within their county and 25.36% relocating to a different county within the same state. Only 20.71% of movers ventured to a new state.
Homeowners less likely to move, but travel farther when they do
The study found that homeowners are significantly less likely to move compared to renters. Approximately 92.67% of Americans living in owner-occupied homes stayed put, while 80.28% of those in renter-occupied homes remained in their current residences. The reluctance among homeowners to move is attributed to the logistical and financial challenges of buying and selling real estate, which are more complex than the processes involved in renting.
However, when homeowners do decide to move, they are more likely to move farther. The data shows that 48.91% of homeowners who moved left their county or state, compared to 43.75% of renters who moved over similar distances.
Colorado, Oregon, and Wyoming lead in mobility
Certain states saw a higher percentage of adventurous movers. Colorado topped the list, with 15.26% of its residents moving to a new home within the year, followed by Oregon (14.04%) and Wyoming (13.89%). In contrast, Delaware, Maine, and New Hampshire had the smallest share of movers, with only 8.21%, 8.52%, and 8.81% of their populations relocating, respectively.
Why most Americans stay local
The reasons for staying local are varied, but cost plays a significant role. Long-distance moves are typically more expensive than local ones, with costs often running into the thousands of dollars. This financial burden, coupled with high housing costs and interest rates, makes long-distance moves less feasible for many Americans.
In addition to the financial strain, practical considerations also keep movers close to home. Many Americans still work on-site, making it difficult to move far without risking job security. Furthermore, the desire to stay close to family and friends often outweighs the allure of relocating to a new area.
While there are benefits to moving long distances—such as better job opportunities or more affordable housing—the data suggests that most Americans prefer the familiarity and stability of their current surroundings.
Looking ahead
As the data from the 2022 ACS indicates, the trend of staying local is likely to continue. Despite the potential benefits of moving to new areas, the financial, practical, and emotional costs seem to outweigh the advantages for most Americans.
This analysis, authored by LendingTree’s Senior Economist Jacob Channel, underscores the enduring preference among Americans to stay close to their roots, even in a country that offers so many possibilities for relocation.
Click here for a full rundown of statistical data from LendingTree.
The post When It’s Time to Move, Most Americans Stay Close to Home first appeared on The MortgagePoint.
