40 Million Americans Move Every Year: Where Do They Go?

11 Feb
Moving Day this year will happen for many Americans

If you are considering making a move this year, you are not alone. According to data from the U.S. Census Bureau, roughly 40 million Americans move every year, which is about 14 percent of the population.

Every year, North American Van Lines issues a report detailing what states are gaining residents and which ones are seeing an exodus. The 2018 Migration Report offers some insights as to what states are drawing in new residents and why others are losing people.

Let’s have a quick look at which states are growing and which ones are contracting. 

Inbound States

Here are the top five inbound locations for 2018:

Idaho:If you love wide-open spaces and low taxes, you may want to join the thousands of people moving to Idaho. Idaho hit the top inbound list back in 2015 when it ranked number one. It stayed in that top spot in 2016, dropped to number two in 2017 but is back in the drivers seat for 2018. Idaho is one of the fastest growing states in the country according to Census data with the population growing 2.2 percent between July 2016 and July 2017. 

As an added bonus, Idaho is one of the most affordable states for homeowners insurance. According to ValuePenguin, Idaho is the second most affordable state for homeowners insurance with the median price of a policy running $590 a year.

Arizona: The Grand Canyon state came in number two this year after being #1 last year. It’s warm weather and low taxes make it a great retirement area and apparently the Baby Boomers agree. Arizona has been in the top five for years and is also a great state for homeowners insurance, it is the eighth cheapest state in the country for a policy with a median price of $765 which is 29 percent lower than the nationwide average. 

South Carolina: Life on the South Carolina coast is pretty wonderful which is why it ranked number three for inbound states. South Carolina moved into the top five way back in 2011 and has consistently been one of the most moved to states in recent years. 

South Carolina is not as lucky when it comes to insurance rates as the first two cities on our list. Mainly due to severe weather, the median rate in the Palmetto State is $1,240, which is 14 percent higher than the national average.

Tennessee: This state is home to one of the fastest growing cities in the country. Nashville is the 7thfastest growing city in country according to Forbes annual list of America’s fastest-growing cities. Tennessee has been in the top eight for inbound moves since 2013. 

Tennessee is about average when it comes to homeowners insurance with the average policy costing $1,139. This is about 5 percent above the national average. 

North Carolina: North Carolina draws new residents with its beautiful coastline and relaxed lifestyle. The Tar Heel state has been a top inbound state for a number of years and even beat out South Carolina in 2016. 

North Carolina is very affordable when it comes to homeowners insurance. The average premium is $1056, which is about 2 percent less than the national average. 

Outbound States

So what states are residents fleeing? The top five outbound states shook out as follows:

Illinois: People are fleeing this Midwestern state for a few reasons. The winters can be brutal, the tax burden is heavy and crime rates (especially in Chicago) are high. Illinois has been in the top three outbound states every year since 2013 and has topped the list four times. 

Illinois is very reasonable when it comes to homeowners insurance with the average premium coming in at $987, which is 9 percent below the national average. 

California: The Golden State is very expensive which might explain why it is number two on the outbound list. Housing can be extremely expensive in California’s major cities, tempting residents to move to a lower cost state. California has been in the top three for highest total moves for the last five years. 

Homeowners insurance is probably not the reason residents are fleeing this state, it is actually very affordable. The median policy price is $974, which is 10 percent lower than the national average. 

New Jersey: This is another state where the cost of living is pushing people out. New Jersey has consistently made the top of the list of outbound cities since 2013. However, homeowners insurance is not one of the major expenses pushing people to move, the average premium in New Jersey is $1,092, a mere 1 percent above the national average. 

Pennsylvania: The Keystone State has consistently been on the list since 2013. In many cases, a job transfer is to blame. It seems unlikely that the high cost of insurance would send people running to another state since the average premium in Pennsylvania came in at $893, which is a whopping 18 percent less than the national average. 

Maryland: Maryland rounds out the top five, it’s first appearance at the top of the list. The 42nd annual “National Movers Study,” which was conducted by United Van Lines also found that Maryland was losing residents and here are the five major reasons departing homeowners gave:

  • Retirement: 21.74 percent
  • Health: 5.31 percent
  • Family: 19.32 percent
  • Lifestyle: 11.11 percent
  • Job: 49.76 percent

The cost of homeowners coverage is pretty affordable in Maryland with the average premium coming in at $942 which is an impressive 13 percent lower than the national average. 

A Few Tips to Lower Your Premium

If you are making a move to a high cost state for homeowners insurance these tips will help you keep your premium affordable:

Shop Your Coverage: This is probably the best way to lower your insurance premium and since you are moving to a new city you will need another policy anyway. However, once you are settled into your new house you should still shop your coverage once a year. Insurers rate risk differently which can result in dramatic premium differences. Always make sure you are comparing apples to apples when it comes to deductibles and coverage levels. Get Home Insurance Quotes Now!

Discounts Matter: Insurers offer a wide variety of discounts so make sure you are getting all discounts you are entitled to receive. Have your agent do a full discount review on your policy to make sure you are getting all available discounts.

Up Your Deductible: Raising your deductible will also help lower your premium. If you can afford to double your deductible you could see your premium drop by 10-20 percent. 

Helpful Article: Home Insurance Deductible Savings Vary by State

Go Paperless: While dumping your monthly paper bill in exchange for an electronic policy and bills will not result in a huge discount, every little bit helps and it is also great for the environment. 

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