Discover the top 5 reasons to move and 2024’s upcoming relocation trends. Explore which cities are profiting from the uptick in relocations across America. Let’s uncover which states lure our neighbors, family, and friends to transition to the next journey in homeownership. Some of the most common reasons to move are personal preferences, career goals, family dynamics, and individual aspirations.
Apart from this lies a unique combination of financial factors, including future property value and current equity, which impact the locale and affordability of moving. Most importantly, we’ll crack the code and unveil lending options for financing these new lifestyle changes and properties. According to the U.S. Census Bureau, here are the top five common reasons people are relocating to new homes.
The Top 5 Reasons to Move in 2024
- Buying a new home
- Establishing an individual household for the first time
- Family
- Employment
- Better neighborhood
Exploring the Key Factors Driving People to Move: A Closer Look at the Top 5 Reasons to Move
Buying a New Home:
Securing the top position on the U.S. Census Bureau’s list of reasons to move is the joy of buying a new home! A new home’s affordability, comfort, and functionality reign supreme among homebuyers when considering a property. Alongside new buyers are a variety of homeowners transitioning from empty-nest properties and downsizing their current homes. Many of these movers seek single floor plans, fewer square feet to maintain, and locations closer to healthcare. Retirement-ready properties are a catalyst to motivate relocation for empty-nesters. In 2024, the experts at Forbes predict that buying a new home will continue to hold the first position.
Establishing an individual household for the first time:
Coming in second place regarding the reasons people move is establishing a household. As many Americans plan to purchase a home in 2024, establishing a household for the first time may not include a real estate purchase; their move may simply equate to their first apartment or townhome rental. In any case, aspirations to move are on the rise, and after years of saving, many have finally found a better home that meets all their needs for housing independence.
More often than not, adulthood and autonomy go hand-in-hand. However, the PEW Research Center’s 2023 survey reported staggering statistics regarding live-in adult children. They note that 57% of adult children continue to live at home with their parents.
Family:
Michael J. Fox said it best, “Family is not an important thing, it’s everything.”
Living closer to family members
Living closer to family members and loved ones is important for many Americans of all ages and demographics. As parents and grandparents age, children move out, and life’s cycle continues to evolve, the need for a secure family structure often becomes a priority. A case in point is the profound impact the pandemic had on the American family. In a two-fold dynamic, the pandemic prompted both challenges and provided opportunities for connections within the family. For some, the shutdown tested the strengths and weaknesses of relationships and finances. The shutdown deepened the bonds of intimacy, as the global situation compelled everyone to spend unprecedented amounts of time together.
In contrast, for others, distance made the heart grow fonder, and the solace of the shutdown brought inner peace. During the pandemic surge, we saw droves of citizens leave the hustle and bustle of larger, crowded cities like New York. City dwellers, suddenly enticed by the slower pace, larger homes, and rural setting of their relatives’ houses, sook safety. Undeniably, the big city offered little protection from crowds and viruses. Amidst the avalanche of concerns following the global shutdown sits the unavoidable backlash of the elevated cost of housing in 2023 and supply chain repercussions.
Hosing Affordability
Top10.com reports that the American homes for sale in 2023 were the least affordable on record. Currently, with inflation rising, student debts, and the widespread housing shortage looming, many families are pooling funds to assist younger generations in buying their first homes. Additionally, as the silent generation and baby boomers shift to their latter years, some decide not to age in place but to relocate to smaller homes in a new location to be closer to their support systems and family members. Overall, whether it’s emotional, financial, or practical assistance, the immediate support of family proves vital during times of need.
Employment: New job opportunities
In connection to new job opportunities, many relocations offer a change of life, hopefully partnered with a lower cost of living. Excitingly, relocating to a new city provides both a change of scenery and a fresh start. In ideal cases, homeowners have banked home equity, and a work relocation can unveil alternative locations for homebuying. Remarkably, some companies still offer relocation services in 2024, and when an employee is willing to move, the cost savings are considerable. Efficient moving is ideal, and following a checklist for relocating is best.
Better neighborhood
Improving personal relationships and engaging with the community are dynamic motivators for moving. Occasionally, homeowners love their mortgage interest rate but dislike their homes or want to move into a better neighborhood. In these cases, leveraging retained equity to fund a relocation to a better neighborhood offers peace of mind. Improving and upgrading neighborhoods is among the best reasons to move. By allowing access to improved crime rates and safer or high-ranking school districts, many people consider the risk well worth the payoff. Accordingly, the prospect of a better education for themselves, their significant other, or their children is worth almost any sacrifice. Additional surrounding motivators for moving are improving personal relationships and investing in the community.
The adage rings true location, location, location.
Where are people moving to, and why are they relocating to these areas? These popular locations offer bustling job markets and affordability, so it is no wonder they are popular among the reasons to move. Here are the hottest and fastest-growing cities across America.
The Fastest Growing Places in the U.S. in 2023-2024
According to U.S. News, these metro areas are rapidly attracting residents.
- Myrtle Beach, South Carolina
- Sarasota, Florida
- Fort Myers, Florida
- Lakeland, Florida
- Port St. Lucie, Florida
- Boise, Idaho
- Ocala, Florida
- Daytona Beach, Florida
- Naples, Florida
- Salisbury, Maryland
- Melbourne, Florida
- Spartanburg, South Carolina
- Austin, Texas
- Huntsville, Alabama
- Fayetteville, Arkansas
- Knoxville, Tennessee
- Jacksonville, Florida
- Phoenix, Arizona
- Tampa, Florida
- Killeen, Texas
- Raleigh and Durham, North Carolina
- Reno, Nevada
- Greenville, South Carolina
- Portland, Maine
- Spokane, Washington
The Future of Moving: 2024 Trends and Forecasts
Moving Companies:
International Van Lines is Forbes’s top choice for the Best Moving Company in 2024; their CEO Josh Morales says, “We’re optimistic about 2024 and home-buying trends. We predict that interest rates will drop in the first or second quarter [of 2024], slowly opening up the home-buying market and positively impacting the moving industry. We still see significant trends in people moving into Texas, Florida, and states like Utah and Arizona,” says Morales. “Things that have directly impacted people’s decisions to move are the cost of living, real estate costs, taxes, and job opportunities.”
Demographics:
While investigating the top reasons to move in 2024, it is helpful to understand what trends people are following across the nation. According to the investigative giant Forbes, long-distance moves continue to grow as remote work offers both freedom and mobility. Against the backdrop of changing housing needs, the sustained absence of affordable housing continues to impede relocation numbers.
However, property location is the number one factor when deciding where to live, followed by hot job markets and affordable housing. Moreover, the subjective nature of affordability is always individualized. What is cheap to one person is often expensive to another. According to The National Association of Realtors, Gen Z and millennials are moving shorter distances in 2023, and analysts expect the trend to continue.
Statistics:
A sizable 40% of potential buyers would find a home purchase feasible if mortgage rates were to drop below 6%, and another 32% of buyers would be willing to participate if rates dropped below 5%. –Realtor.com
Functionality:
There is a light at the end of the disrupted supply chain tunnel; for once, the light doesn’t indicate an oncoming train. The upcoming trend predicts stabilizing moving prices, making 2024 moving costs more predictable. At the same time, many moving companies are using AI and digital inventory systems this year, which translates to improved inventory efficiency and streamlined logistics. Lastly, movers across America expect to see an increase in self-service moves. With inflation on the rise, people are willing to invest their brawn to save a buck.
Need A Few More Reasons to Move and a lender to get the ball rolling?
The pride of ownership and the experience of independence and freedom are some of the best reasons to move. Purchasing a first home is one of adulthood’s most daunting yet profoundly rewarding milestones. Yet coupled with the risk is the reward of stability and security. Moving and buying a property provides opportunities to be closer to family and become part of a community. No matter the catalyst for the move, whether it be a career opportunity or the dream of building lasting neighborhood connections. Homeownership provides an array of exciting possibilities.
Of the various reasons to move, from loathing snow shoveling, feeling stifled by sweltering humidity, or waning enthusiasm for local amenities, homeowners often find themselves disenchanted with their current location. Nonetheless, many factors compel homeowners to enlist a real estate agent’s assistance and hoist the “for sale” sign in their front yard.
“The research team at Architectural Digest surveyed 1,000 individuals on their moving plans for 2024 and what would compel them to move in the future. We found that roughly 29% plan to move in 2024, and another nearly 26% aspire to move but have no plans to do so.” –Architectural Digest.
That’s right; more than half of the individuals surveyed want to relocate.
The crucial aspect is to find an expert lender ready to meet any lending challenge. Loan officers and mortgage brokers provide various loan products to facilitate mortgages for all levels of borrowers. Connecting with the right professional and weighing multiple factors, including mortgages and real estate, is vital in the decision-making process regarding moving.
The steps are simple:
1. Schedule a Call: An experienced loan officer can discuss your lending needs and guide you through the possibilities.
2. Get Approved: We’ll help you through the mortgage application process and facilitate the steps for approval.
3. Exhale: Put your feet up and feel secure knowing you made the best decisions about your home loan.
With proper guidance, you can get your first home, accommodate your growing family, and start that renovation project—whatever goal is on the horizon. An alliance with Mortgage Insiders will give you the confidence to know that your mortgage loan is setting you up for financial success. Mortgage Insiders offers today’s latest financial news and mortgage trends. Check out their channel for current events.
