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MortgagePoint » Your Trusted Source for Mortgage Banking and Servicing News 70 January 2025 J O U R N A L Additionally, the desire to down- size was the most prevalent reason for moving, with only approximately 6% of homeowners 60 and older saying they planned to sell their house in 2025. Almost 25% of baby boomers who intend to move said they would prefer a smaller house. On the opposite end of the spec- trum are the overwhelming majority of baby boomers, who not only state that they have no plans to move in the upcoming year, but also that they have nothing that would motivate them to sell. Sturtevant revealed that a low mortgage rate typically does not bind these homeowners to their houses. Nearly 60% of boomer respondents, ac- cording to the survey, have owned their house outright and have lived there for 20 years or more. UNDERSTANDING WHY AMERICANS ARE MOVING: HOUSING, JOBS, AND LIFESTYLE SHIFTS L ast year, more than 24 million Americans moved—the lowest number in 25 years. While this decline reflects a broader trend of re- duced mobility, the reasons behind those moves reveal important patterns about housing, jobs, and lifestyle priorities in a changing world. Key Findings: A new or better home remains the top reason for relocation, driving 15% of all moves last year. Surprisingly, job-related relocations were nearly as sig- nificant, accounting for 13% of all moves. Affordable housing was another key mo- tivator, representing 10% of relocations. Data from IPUMS CPS covering 107 metro areas shows three main categories driving moves: housing, jobs, and lifestyle. The analysis highlights how Americans continue to adapt their living situations to balance career opportunities, quality of life, and finan- cial considerations. Housing: The Top Driver of Mi- gration More than half of last year's movers (13 million) relocated for better housing, underscoring the role of housing quality and affordability in reshaping cities. Notably, 7% of movers cited homeownership as their primary reason for relocating, while nearly 6% moved to improve their neighborhood. These trends ref lect ongoing efforts to achieve better living conditions amid record-high home prices. Cheaper housing was another major factor, with nearly 10% of movers prioritizing affordability. For example, Modesto, California, and Stockton, Cal- ifornia, were top destinations for those seeking more affordable housing, with shares of 22% and 19.2%, respectively. Microunits, a housing model gaining popularity, also play a role in affordability. These compact living arrangements combine private rooms with shared facilities and have emerged as a cost-effective solution for urban areas facing housing shortages. Jobs: A Persistent Motivator Despite the rise of remote work, job-related moves remain strong. Last year, 13% of movers relocated for a new job or transfer, often using the f lexibili- ty of remote work to pursue opportuni- ties across broader geographic areas. Southeastern metros lead the way in job-related relocations. Augusta, Georgia, topped the list with one- third of new residents moving for jobs. Fayetteville, North Carolina, and Columbia, South Carolina, also ranked high, ref lecting growing job markets in the Carolinas. Meanwhile, Jackson, Mississippi, and Lexington, Kentucky, were among the top metros for those relocating after losing a job. Commuting improvements motivat- ed more than 5% of movers. California metros, including Santa Rosa and Bakersfield, ranked among the top destinations for those seeking easier commutes, alongside Florida's Deltona and Fort Myers. Lifestyle: Quality of Life Drives Decisions Lifestyle reasons, while less common, remain significant. Health concerns motivated 1.8% of moves last year, while retirement accounted for 1.4%. Pensac- ola, Florida, stood out for health-related relocations, with nearly 14% of movers citing this reason. Retirement hot spots included Worcester, Massachusetts, and Provo, Utah, offering affordable living and access to healthcare. Weather also played a role in reloca- tions. Santa Rosa, California topped the list for climate-driven moves, followed by Knoxville, Tennessee, and New Haven, Connecticut. Larger hubs like San Diego and Dallas also attracted movers seeking sunshine and milder conditions. A Closer Look: Regional Trends in Relocations • Midwest: Chicago leads as the top destination for new or better housing, with 27.2% of movers citing this rea- son. Akron, Ohio, and Kansas City, Missouri, follow closely behind. • Northeast: Albany, New York, ranks highest for those establishing their households, with 25.6% of movers relocating for independence. • West Coast: California metros, including Fresno and Modesto, continue to attract movers seeking affordable housing options. • Southeast: Metros like Greensboro, North Carolina, and Charleston, South Carolina, are prime desti- nations for job seekers, driven by growing tech and manufacturing industries. Implications of Adaptation Although fewer Americans are moving compared to decades past,