How Rising Living Costs Are Impacting Domestic Migration Trends
Our latest white paper analyzes the impact of inflation on movement patterns across the country and examines how changing demographics can affect local businesses.
We’ve looked at the impact of internal migration before, exploring the way COVID-19 changed the way people move and the subsequent ripple effects on local industries. Now, as the pandemic recedes into the background, rising inflation rates have become a major concern – and the rising cost of living may be leading some individuals and families to relocate to more budget-friendly states and cities.
This white paper looks at recent location intelligence data to better understand the factors driving migration trends today. To understand what drove domestic migration in 2022, we analyzed the correlation between statewide household income and rates of inbound migration and looked at how cost of living differences impact migration on a local level. We found that there appears to be a small but significant movement of people from regions with higher income and higher cost of living to more affordable areas.