Texas, Florida dethroned as top moving destinations, U-Haul data says
Best cities for investment properties
Forget the rollercoaster of recent years. 2024 is shaping up to be the year of opportunities for forward-thinking real estate investors. Harvard’s recently released America’s Renting Housing 2024 suggests a stabilizing market, with rents still at record highs and demand remaining strong. Another bullish signal is the FED hinting at mid-year rate cuts. ‘Bout time, right? It's a forecast duo that’s brewed up the perfect storm: less competition, high profitability potential, and sustainable growth.
South Carolina has claimed the top spot in U-Haul's 2024 Growth Index, unseating Texas and Florida as the nation's most popular moving destinations. The data, based on over 2.5 million one-way U-Haul trips, reflects a growing trend of migration to Southeastern states as Americans seek more affordable living, better job opportunities, and improved quality of life.
While Texas and Florida remain popular, ranking second and fourth respectively, South Carolina’s rise highlights a shift in where movers are heading. Meanwhile, California continues to see the highest outbound migration, ranking last on the index for the fifth consecutive year.
How U-Haul measures migration trends
By the numbers:
U-Haul tracks growth trends by analyzing net gains and losses from over 2.5 million one-way truck and trailer rentals across the U.S. While not directly tied to population growth, the U-Haul Growth Index serves as a unique barometer for migration trends.
In 2024:
- Biggest gainers: South Carolina, Oklahoma (+30 spots), Indiana (+19 spots), and Maine (+18 spots).
- Biggest declines: Colorado (-31 spots), Nevada (-24 spots), Wyoming (-22 spots), and New Mexico (-21 spots).
Where do Texas and Florida stand now?
The other side:
Texas remains a strong contender, ranking second, and has been a top-two state since 2016. Florida, while dropping to fourth, still draws significant numbers of movers due to its warm climate and no state income tax.
FILE - Front view of a U-Haul moving truck in the parking lot of an apartment complex. (Photo via Smith Collection/Gado/Getty Images)
What does this mean for California?
Big picture view:
California’s persistent rank at the bottom underscores continued out-migration. High housing costs, taxes, and quality-of-life concerns are often cited as reasons for residents leaving the state. The trend reflects broader migration patterns away from the West Coast and Northeast.
What’s next for migration trends?
What's next:
U-Haul expects migration patterns to remain consistent in 2025, with Southeastern states continuing to attract movers. The ongoing focus on affordability and lifestyle improvements will likely keep these trends stable.