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October 28, 2015 at 12:25 PM
Americans have historically taken risks to seek a brighter future. Job opportunities, affordable housing, family and quality of life issues — including weather, crime, outdoor recreation opportunities — all are reasons United States citizens of all ages decide to move from city to city.
It pays for insurance professionals to be aware of shifting demographics and populations. Are potential customers moving in or out of your area?
Forbes recently took a look at the most recent census data on domestic migration — that is movement within the U.S. between metropolitan areas — between 2010 and 2014. They ranked the nation’s 53 largest metro areas based on their annualized rates of population change attributable to migration.
1 in 4 millennials moved back to their hometowns over the past 5 years
According to Forbes, data suggests that it’s primarily the young — those aged 25 to 34 — followed by people approaching retirement who tend to migrate within the U.S. Family and friends are a big motivating factor in both age groups. According to the moving company Mayflower, one in four millennials aged 18 to 34 moved back to their hometowns over the past five years. On the other end of the demographic spectrum, older Amercians express a strong desire to live close to their children and grandchildren.
The Southern states continue a longstanding trend of attracting domestic migrants. The oil bust could slow down the allure of some of these cities, but other cities in the South have economies built around business services, manufacturing and technology.
Allure of the West
In this century, two parts of the West have been drawing new residents: the Mountain states and the Pacific Northwest. The vast region extending from Colorado to Oregon has enjoyed generally strong economic growth and reasonable housing costs, particularly in comparison with coastal California.
The nation’s largest cities are not doing well in the migration race, but these areas are not shrinking due to a steady flow of new residents from overseas and an excess in births over deaths. Not surpringly, places that are more affordable, and also have thriving economies, tend to attract new residents, while those with relatively modest economies and high costs fare worse.
Here are the rankings of the 10 winning cities and the 10 losing cities in the race for migrating Americans.
The Winners - No. 10: Dallas-Fort Worth, Texas (in-migration)
Metro area population (2014): 6.95 million
Net domestic migration gain (2010-2014): 184,021
Annual rate of population increase since 2010 from migration: 0.67%
No. 9: Oklahoma City, Oklahoma (in-migration)
Metro area population (2014): 1.34 million
Net domestic migration gain (2010-2014): 37,528
Annual rate of population increase since 2010 from migration: 0.70%
No. 8: Houston, Texas (in-migration)
Metro area population (2014): 6.49 million
Net domestic migration gain (2010-2014): 191,796
Annual rate of population increase since 2010 from migration: 0.75%
No. 7: Orlando, Florida (in-migration)
Metro area population (2014): 2.32 million
Net domestic migration gain (2010-2014): 72,735
Annual rate of population increase since 2010 from migration: 0.79%
No. 6: Charlotte, North Carolina/South Carolina (in-migration)
Metro area population (2014): 2.38 million
Net domestic migration gain (2010-2014): 83,305
Annual rate of population increase since 2010 from migration: 0.87%
No. 5: Nashville, Tennessee (in-migration)
Metro area population (2014): 1.79 million
Net domestic migration gain (2010-2014): 63,477
Annual rate of population increase since 2010 from migration: 0.88%
No. 4: Denver, Colorado (in-migration)
Metro area population (2014): 2.75 million
Net domestic migration gain (2010-2014): 103,785
Annual rate of population increase since 2010 from migration: 0.95%
No. 3: San Antonio, Texas (in-migration)
Metro area population (2014): 2.33 million
Net domestic migration gain (2010-2014): 94,159
Annual rate of population increase since 2010 from migration: 1.02%
No. 2: Raleigh, North Carolina (in-migration)
Metro area population (2014): 1.24 million
Net domestic migration gain (2010-2014): 55,920
Annual rate of population increase since 2010 from migration: 1.14%
