The number of Americans moving has dropped by more than half since 2021, according to a new migration study from Bank of America. While moves are becoming rarer, long-distance relocations are also declining, with people increasingly swapping state-to-state moves for city-to-city transitions within their home region.
“Fewer Americans are packing up each year, yet when they do move, they overwhelmingly stay in their home region,” the study said. “The big story isn't a national reshuffle - it's people trading one nearby city for another that fits their budget and lifestyle a little better.” The study did not address the reasons for the drop, but a Federal Reserve Bank of Richmond report last year suggested factors such as an ageing population and rising women's earnings have made moving costlier and less rewarding.
For those who do relocate, the Midwest has been a hotspot. Indianapolis, Columbus (Ohio), Denver, Austin and Cleveland saw the biggest population increases in the last three months of 2025. Conversely, Miami, Los Angeles, Washington D.C., San Jose and Boston lost the most residents over the same period.
Austin exemplified the trend of moving to a nearby city rather than switching states, with a quarter of its new residents coming from Texas' other major cities of Houston, Dallas and San Antonio. “In our view, Austin is likely a target locale for people looking for a growing city that retains a small town feel with comparatively less expensive housing,” the study noted.
Further west, Los Angeles saw its net population decline by 0.8 per cent year on year, losing its biggest share of residents to San Francisco/San Jose (6 per cent) and San Diego (5 per cent). New York City lost 0.5 per cent of its residents, with 7 per cent moving to nearby Philadelphia, another 7 per cent to Miami, and 3 per cent each to Washington D.C. and Atlanta.
