The Great Migration lost its steam. Here's what killed it.

[Yo_Mama_Been_Loggin]

The Great Migration, the phenomenon that saw millions of Americans relocate to new cities during the height of the Covid-19 pandemic, has largely come to an end, tamped down by a combination of high interest rates and surging housing costs.

Newly available research from Bank of America Corp. shows that fewer households made moves between cities over the past year. The analysis by BoA, using aggregated deposit data, says that inter-city moves fell 4% in the second quarter compared to the same period last year. The decline follows a 15% drop from Q2 2022 to last year's second quarter 2023.

The people who are still moving skew younger, Bank of America found, making it more likely they are moving out of necessity. Bank of America researchers said others are likely deferring their moves because of increased “hidden” costs of homeownership, including insurance and property taxes.

The places that are drawing people on the move are different than the pandemic-era hot spots, as well.

https://www.bizjournals.com/seattle/news/2024/08/08/covid-pandemic-great-migration-over-housing.html

[bucolic_frolic]

1. Add to that the demise of bridge loans and escalating costs of moving

% of sale price is a cost of selling and the numbers are high. Try qualifying for the higher mortgages needed to buy the new home. Pay the movers or jettison and replace your stuff. New locale has an element of the unknown in the age of violence. Might be better off to stay put.

[PedroXimenez]

2. my guess: housing costs

but who knows