Connecticut saw more people moving out of state than moving in during 2022, according to United Van Lines’ annual National Movers Study, continuing a long trend for Connecticut and several other Northeastern states.
According to the report, outmigration made up 55.9 percent of moves were out of state compared to 44.1 percent of moves into the state, and while that made Connecticut a net outmigration state, the discrepancy was not enough to put Connecticut in the top 10 of states people were leaving.
Nearest neighbors Massachusetts and New York saw higher outmigration rates than Connecticut, while Rhode Island was in the top 10 for people moving into the state.
Connecticut’s outmigration was driven by retirees and those nearing retirement, according to the study, and a higher percentage of those earning more than $150,000 per year were moving out, although inbound migration was higher or nearly even for all other income categories.
Retirement, lifestyle and cost were the factors that accounted for more people moving out than moving into Connecticut. However, more people moved into the state for family and jobs, according to the study.
According to United Van Lines, “Baby Boomers and Gen Xers moved than any other age group last year, as those aged 55 and older accounted for more than 55% of all inbound United Van Lines moves in 2022.”
“Key factors like retirement, wanting to be closer to family and lifestyle changes influenced by the pandemic along with current housing prices drove moving patterns in 2022,” Michael A. Stoll, economist and professor in the Department of Public Policy at the University of California, Los Angeles, said. “The United Van Lines study encompasses data that Americans are now moving from bigger to smaller cities, mostly in the South, some in the West, but even an increase of migration to the Northeast, which has not been typical.”
During the COVID-19 pandemic, Connecticut saw an influx of people moving from more densely populated areas around New York City into the state, boosting home sales and property values, but that trend has leveled off and the increase of interest rates by the Federal Reserve may cool the housing market significantly.
The Connecticut legislature has been working to make Connecticut a more welcoming place for retirees, passing bills to decrease taxes on retirement income, but high property taxes, a high cost of living and harsh winters still appears to draw retirees south, although Vermont and Rhode Island bucked the trend taking the first and third spots for highest number of inbound moves.
The National Movers Study conducted by North American Moving Services found a similar outbound/inbound rate for Connecticut in 2022, at 53 percent and 47 percent, respectively, and the study noted that moving trends were lower overall in 2022.
New Jersey, Illinois and New York were the top three states to see more people move out than move in during 2022. Connecticut has in the past seen a significant number of people moving into the state from New York.
United Van Lines President of Corporate Communications, Ely Cummings, said that inflation pushing the cost of living higher has resulted in “Americans moving from expensive cities to lower-density, more affordable regions.”