Why Americans Are Moving: Insights from NAR's 2024 Migration Trends Reports
People are no longer just chasing job opportunities—they’re chasing happiness, affordability, and family connections. The National Association of REALTORS®’ 2024 Migration Trends report shines a spotlight on the new motivations behind why—and where—Americans are relocating. Let’s break down the key takeaways and how these trends could affect the real estate market.
The housing market has seen a dramatic shift in motivations for relocation. While job changes once dominated the decision to move, today’s buyers are prioritizing affordability, proximity to loved ones, and better quality of life. Southern and Midwestern states are emerging as the top destinations, with Florida, Texas, and the Carolinas leading the charge. These trends underscore the importance of understanding what truly drives buyers in today’s market—and how real estate professionals can adapt to meet these needs. If you’re thinking about making a move or know someone who is, this blog is for you.
1. Family First: A Pandemic-Inspired Priority
“Proximity to family and friends has overtaken career moves as the top reason to relocate.”
The pandemic redefined priorities for many Americans, leading them to seek stronger ties with loved ones. Buyers are trading long commutes and urban hubs for quieter communities where they can be closer to their support systems. The flexibility of remote work has also made these moves more feasible.
- Stat to Know: Over 43% of agents report job relocation played no role in their clients’ purchase decisions in 2024.
- Pro Tip: When house-hunting, prioritize neighborhoods with good schools and amenities to maximize family time and quality of life.
2. Affordability Is King
“The South and Midwest offer more home for your money—and buyers are taking note.”
With soaring home prices in the Northeast and West, buyers are flocking to regions with more affordable housing markets. The median home price in the South ($361,200) and Midwest ($305,300) is significantly lower than in other areas. States like Florida and Texas not only offer affordability but also lower taxes and thriving job markets.
- Stat to Know: Florida welcomed 372,870 new residents in 2024, the highest in the nation.
- Avoid This Mistake: Don’t overlook property taxes and insurance costs when calculating affordability—they can vary widely by state.
3. Tax Breaks and More Space
“Lower taxes and bigger homes are luring buyers South.”
States with favorable tax climates, such as Florida and Texas, are drawing retirees and remote workers seeking to stretch their dollars further. Buyers are prioritizing properties with outdoor space, extra square footage, and quiet neighborhoods to create the perfect work-life balance.
- Stat to Know: 20% of relocating buyers kept their previous homes as investments or vacation properties.
- Pro Tip: Consider renting out your old home to generate income while transitioning to a more affordable area.
4. The Rise of Remote Work
“Remote work is empowering people to live where they thrive—not just where they work.”
Flexible work arrangements have unlocked unprecedented mobility, allowing buyers to relocate without the constraints of proximity to an office. This trend is particularly evident in the South, where affordability and lifestyle advantages are plentiful.
- Stat to Know: Only 2% of clients moved due to their employer’s office policies in 2024.
- Actionable Insight: When choosing a new home, ensure it has a dedicated workspace and reliable internet—key factors for remote workers.
5. Investment Opportunities in Relocation
“Relocating isn’t just about finding a new home—it’s about building wealth.”
With 20% of movers keeping their old homes as rental or investment properties, it’s clear that real estate remains a powerful wealth-building tool. This trend is particularly prevalent among buyers heading to the West and Northeast, where rental demand remains strong.
- Stat to Know: Relocating buyers in the Northeast are most likely to keep their old homes as investments.
- Pro Tip: Thinking of selling your current home? Let’s discuss how you can leverage its value in today’s market—or turn it into a rental goldmine.
My Final Thoughts
The 2024 Migration Trends report reveals that the American Dream is evolving. Affordability, family, and lifestyle are taking center stage as buyers relocate to find more than just a house—they’re seeking a place to truly thrive. Whether you’re eyeing the sunny South or sticking closer to home, understanding these trends can help you make smarter real estate decisions.
Know someone who’s thinking about moving? I’d love to help them navigate their next step—whether it’s buying, selling, or investing. Referrals are always appreciated!
Source: NAR Realtor Magazine
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Dan McDevitt
Cummings & Company Realtors
Team Leader, Realvolution Homes Group
