Many Americans grew restless under the influence of the pandemic. Entire families relocate in search of larger living quarters or lower cost of living. In 2022, this trend continued, as hundreds of thousands of people moved to other states. The analysis of census data by the National Association of Realtors shows that some regions benefited more than others from an influx of new residents.
Last year, the greatest number of people relocated to Florida, Texas, North Carolina, and South Carolina. Everyone has heard about the favorable tax regime and nice weather in these areas, but their popularity is also boosted by the rapid recovery of the labor market after the pandemic, notes Nadia Evangelou, Senior Economist and Director of Real Estate Research at the Association. The economies of these states not only recovered from the shock; the number of jobs there actually increased by 5% compared to 2020.
The Association’s analysis demonstrated that 319,000 people moved to Florida in 2022, more than to any other US state. California suffered the greatest loss of human capital, as 343,000 people left this state. The Florida cities most popular among migrants were Ocala and Tallahassee. The number of new residents there exceeds the number of people who left by more than 6 percentage points.