Where Americans Are Moving and What It Means for Real Estate

The latest Census state-to-state migration tables are a reminder that the U.S. housing and tenant-demand story is being driven by a surprisingly small share of movers. Interstate migration remains a thin stream compared with the size of the national population, but it is the stream that often sets the marginal bid for apartments and neighborhood retail in fast-growth metros. When the stream narrows, it does not erase demand; it concentrates it, making a smaller set of markets feel hotter and a larger set feel “stuck,” even when local economies remain healthy.

In 2024 roughly seven million Americans moved to a different state, about 2.1 percent of the population age one year and older...   ...more

RSK: What does this mean for CRE? Follow the inflow populations to those states, but also follow the Cranes for new construction. More inflow means more retail and service needed as well. Madison is still an inlow city.