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Allied State Magnet Report

Allied State Magnet Report

Allied Van Lines just released their Magnet Report for the year 2023, which shows the most important moving trends of the past year and gives us a sneak peek at what 2024 might bring for the ever-changing worlds of moving and homes. As a respected Allied agent, Morse Moving & Storage Company is proud to present the top trends of the past year and provide clients with the top moving services for their moves this year. This detailed report includes information on moving and immigration trends across the whole country, including how people’s choices of places and departure points have changed over time and how they might continue to change in 2024. Continue reading to see which cities saw big jumps in new residents and which saw big drops in departures over the last year.

2023 Moving Trend in US and Economic Impacts

The number of moves between states has continued to go down this year. The number of cases dropped 20% from 2021 to 2022, and then dropped another 12% from 2022 to 2023. Over the past two years, migration habits have changed a lot, as shown by this steady downward trend. Mortgage interest rates going up and down a lot is a big reason for this drop. In 2020 and 2021, during the COVID-19 outbreak, rates hit all-time lows. In 2022, they rose sharply and reached their highest level since 2002. This trend of going up continued in 2023, when rates ranged from 6% to 7%. Many potential homebuyers probably decided not to buy because of the high interest rates and the high costs of getting money that came with them. This is one reason why there were fewer interstate moves overall.

Along with changing mortgage interest rates, there are several other economic factors that have had a big impact on moving trends in the US for 2023:

  • Rising Home Prices: The pandemic’s continued effects caused home values to rise remarkably because of higher demand, higher building costs, and longer supply restrictions. The Case-Shiller U.S. National Home Price index showed a rise of 18.6 percent over the past year, which was the strongest growth over a full year in the index’s history. This increase had a direct effect on how much homes cost, especially in cities and states with high demand.
  • Increased Rental Prices: After falling at first during the pandemic, rental prices rose again and now are higher than they were before the pandemic. Rent prices may have gone up, which may have caused people to move in search of cheaper places to live.
  • Housing Market Dynamics: The big gap between supply and demand for homes grew even bigger since February 2020, when the number of homes for sale dropped by half. This big drop in available housing likely affected how much it costs and whether someone could move, especially in areas where housing is in high demand.
  • Inflation and Household Wealth: Rising home prices not only make neighborhoods less affordable, but they also play a big role in general inflation, which in turn affects household wealth and affordability. Since housing costs make up almost a third of the Consumer Price Index (CPI), even small rises in home and rent prices can have a big impact on inflation as a whole.
  • National Median Home Prices: The national median home price rose to $402,600 in 2023, 8.5% more than the previous quarter. This rise in costs, along with higher monthly mortgage payments and higher family incomes needed to qualify for mortgages, makes it clear that potential homebuyers are facing more and more financial problems.

Top States and Cities for Inbound Moves in 2023

South Carolina (65%), Arizona (61%), Tennessee (61%), North Carolina (60%), and Florida (52%), were the states most people wanted to move to in 2023. People always want to move to these states because their economies are doing well, their temperatures are nice, and their job markets are growing.

In terms of cities, 70% of people said they wanted to move to Charleston, SC. Tucson, AZ came in second with 70%, followed by Charlotte, NC (68%), Nashville, TN (57%), and Phoenix, AZ (54%). The economies of these places are good, the quality of life is better, and people often take it easier when they live there.

Top States & cities for Outbound Moves 2023

On the other hand, the states that saw the largest number of residents leaving were Illinois (64%), California (60%), Pennsylvania (57%), Michigan (57%), and Washington (55%). This trend is very common because of things like high costs of living, economic problems, and sometimes problems caused by the climate.

When it came to cities, San Diego (66%) had the most people leaving, followed by Chicago, IL (64%), Seattle, WA (61%), Detroit, MI (60%), and Los Angeles, CA (60%). These migration trends may have been affected by many things, such as the cost of living, the state of the job market, and problems in cities like crime and traffic.

Morse Moving and Storage: The Best Moving Company in Indianapolis

Morse Moving and Storage is different from other Indianapolis moving companies because we offer a stress-free moving experience based on trust and knowledge. We put your satisfaction first by taking a customer-centered approach. We have a long background and a team of experienced professionals. We offer full services for local, interstate, and foreign moves, and our state-of-the-art facilities keep your things safe. As movers in Indianapolis, our skilled and trained staff treats your things with care, putting an emphasis on being clear about prices and giving you solutions that are specifically designed to meet your needs.

Unlock a Stress-Free Move: Contact Us Now

Want an easy moving experience? Morse Moving and Storage can help you right now! If you need Indianapolis movers to help you move locally or internationally, our skilled staff will make the process go smoothly. Choose excellence – choose Morse. Contact us now for a consultation and experience the difference with Indianapolis’s top moving company.

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