US Home Moves Hit Record Low in 2024
About 11% of Americans moved in 2024, the lowest rate since federal records began in 1948, down from roughly 20% in the 1960s. High home prices and interest rates are discouraging moves, particularly among homeowners, and Bank of America data indicate the slowdown spans local and long-distance moves, with millennials showing especially sharp pullbacks. Yet people who do relocate are disproportionately heading to the South: Texas, Florida, North Carolina and Tennessee ranked among the top destinations in U-Haul’s 2025 data. The decline in mobility may also limit opportunities to find more affordable housing or advance careers, although some movers, like a Chicago-trained doctor who settled in Cleveland, have found better value by relocating.
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