If you live in the DFW metroplex, chances are that you know multiple people who moved last year. We saw many people moving out of the metroplex and even more looking to set down roots in DFW. And a lot of moves were within the metroplex as well, often within the same city or even neighborhood. The 2022 market was a wild ride and we are investigating what really motivates people to move.
We came across a study released by United Van Lines, their 46th Annual National Movers Study, which focuses on out of state moves within the US. Their study shows that in 2022 Americans continued to move to lower-density (aka more affordable) areas just like in previous years. Wanting to be closer to family (35%), career change (33%), and retirement (20%) were all factors that encouraged these big moves. Michael A. Stoll, economist and professor, noted that “The United Van Lines study encompasses data that Americans are now moving from bigger to smaller cities, mostly in the South, some in the West, but even an increase of migration to the Northeast, which has not been typical.”
Another notable factor is the rise in work from home jobs and the freedom these jobs allow. 4.9 million Americans say that they have already moved because of remote work since 2020. Remote work is here to stay and will likely continue to increase in 2023. These jobs will continue to give people more flexibility and allow employees to move to lower density and more affordable locations.
Being closer to family, career change, and retirement are all big motivators in an out of state move. What about a move that is just minutes away? We have found that these reasons also motivate a move within the same metroplex, however we have additional motivators to add to this list. Space, whether you need more or less, proximity to work, good public schools, lifestyle changes, family changes and investment opportunities were also reasons our clients bought or sold in 2022. The majority of our clients moved because they needed more space (25%) or because they wanted to be closer to family (22%). But a few also wanted to downsize (13%), a few experienced family changes (9%), a few wanted adventure (6%), some wanted land (6%) and the rest bought their first home, moved an aging parent or bought an investment property! It really is so interesting to look at the reasons behind moving!
We saw a lot of relocations and moves in 2022 with a crazy sellers’ market. 2023 should bring a little more balance between buyers and sellers, and likely more balance with incoming and outgoing moves. There will ALWAYS be reasons people want to move or have to move, and we would be honored to guide you in that process!