Katie Rothman | Wealth of Geeks

Although the worst of the COVID-19 pandemic is likely behind us, the lifestyle of working remotely and spending more time outdoors continues to flourish. There have been many changes after the Great Resignation of 2021, which saw 47 million Americans leave their jobs in search of more fulfilling roles.

Many chose new jobs which provided more flexibility about when and where they work. Owing to this, more remote workers and even retirees are choosing to relocate based on lifestyles and cost of living, not the proximity to the nearest Metro station.

As Americans re-evaluate where they live, a big question is: How are people moving in 2023? A new survey from Home Bay polled 1,000 Americans on their experience with moving in the past year. The survey examines details about their type of move, their regrets about moving, how much their move cost, and if it surprised them.

Here are the key moving trends to look out for in 2023.

Where Are Americans Moving?
With higher mortgage interest rates, it's not shocking that home buyers are
seeking more affordable states to get more for their money. Florida, Texas, and
North Carolina were ranked as the top three states Americans relocated to in
2022.

Americans flocked to these more modestly priced states, most often from places like California, New York, and Illinois, where the cost of living can price people out. California saw over 300,000 people depart last year, even though over a quarter of those surveyed (27%) said it was their ''dream state'' to live in if money weren't an issue.

Popular moving destinations like Austin, Raleigh, and Orlando tend to be cheaper and offer more suburban living options for those looking to escape the big city. Last year, 25% of Americans moved from cities to suburbs, with the majority (39%) stating that it provided a nice middle ground between the bustling city and rural country living.

The shift to more affordable, suburban destinations is expected to continue this year, increasing variability from market to market and even driving up home prices in highly desirable areas.

Why Are Americans Relocating?
Despite migration trends showing many people moved to more economical
destinations in 2022, affordability was not the most popular reason. In fact,
24% said the quality of life was the main factor behind relocating, with
affordability (24%) and seeking a larger place (22%) rounding out the top three.

The trend of upsizing was most prevalent among the boomers, with 50% of boomers upsizing last year, compared to just 32% of millennials.