Where there are people, there are real estate opportunities. As we heard from Moody’s Economist Thomas LaSalvia, labor and availability of people, continues to fuel commercial real estate demand and is a major indicator for economists as they talk about the market.
Although the population continues to increase, fewer Americans decided to move in 2022. After a historically low moving rate in 2021, data indicates that even fewer Americans moved across the country last year. But this is not a new trend. Millions of people moved during the pandemic, driven by the opportunity to work remotely, the desire for more space, and better affordability. Nevertheless, the moving rate has declined for the last six years. While the Census Bureau hasn’t yet released the moving rate for 2022, another source of migration data – the United States Postal Service® change-of-address data – demonstrates a persistent declining migration trend for 2022 as well. Nearly 70% of the ZIP codes across the United States experienced fewer inbound moves in 2022 compared to 2021. See more detail and list of states including Wisconsin here: Where People Moved in 2022 (nar.realtor)