Everyone Is Moving to This Unexpected City

Population and Social Characteristics

Published: September 19, 2024 12:10 pm

24/7 Wall St. Insights

People are increasingly moving away from high cost-of-living areas like Los Angeles or New York City towards places where their money goes further.
In all 35 cities on this list, the total population growth over a 1-year period sat between 1.2-4.7% — significantly higher than the U.S. population growth of just 0.49%.
15 of the 35 top cities to move to are in Florida.
Also: 2 Dividend Legends to Hold Forever

Everyone is fleeing California. At least, that’s what seems to be happening with the millennial generation. Frustrated by high costs of living and high rent prices, millennials are seeking out areas of the country where their money has a stronger impact. Many individuals and households are headed down south. Not only are prices cheaper, but there are plenty of beaches, things to do, and (in some cases) no income tax. (Check out the tax burden in all 50 states.)

If you want your money to go farther and last longer, a change of scenery might be in your future. People across the country are beginning to question why they’re living in high cost-of-living areas — and looking for new places to move. Of course, to be attractive to new residents, locations typically must have a strong job market, affordable housing, and a strong culture or sense of community orientation.

To determine the cities Americans are flocking to in search of a better life, 24/7 Wall St. reviewed data from the U.S. Census Bureau’s Population and Housing Unit Estimates program. Metropolitan statistical areas were ranked based on the percentage change in population due to net migration alone from July 1, 2022 to July 1, 2023, and we included the top 35 cities. Data on median home value came from the Census Bureau’s 2022 American Community and figures are one-year estimates. Unemployment rates for April 2024 came from the U.S. Bureau of Labor Statistics and are not seasonally adjusted.

Among the cities on the list, the population grew through net migration by 1.7% or more in one year alone. Natural change (births minus deaths) contributed 0.15% to population growth nationwide, and immigration contributed 0.34%. In the cities on the list, natural change contributed anywhere from -1.4% (meaning it had a negative effect on population growth) to 1.2%.

Several factors determine the attractiveness of a city, including subjective factors such as weather, community, and vibrancy, and more objective factors such as jobs, cost of living, and housing affordability. In the majority of the cities on the list either the unemployment rate is lower than the 3.5% national rate (in April), or the median home value is lower than the national value of $320,900 in 2022. Still, in some cities, including the top city on our list, this is not the case. These cities continues to attract residents regardless.

Why We’re Sharing This Information

Population growth comprises both natural change — births minus deaths — and net migration (people moving in minus people moving out). While some cities manage to grow mostly through natural change, the ability to attract new residents is often a sign of a positive economic environment among other things. When more residents choose to move in, it could further grow economic conditions in the area, while also alerting localities that services might need to expand. For people considering a move, the cities on the list may be already under consideration.

Here are the cities that Americans are flocking to: