Over 27 Million Americans Moved in 2022. Here Are 3 Signs You Should Do the Same

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It may be time to relocate. 

If you’ve been contemplating a move to a new city or state, you’re in good company. In 2022, 27.3 million Americans packed their bags and moved elsewhere, according to a new survey by HireAHelper. That’s roughly 4% more than the number of people who moved in 2021.

What’s surprising, though, is the primary reason why people moved, and it was none other than foreclosure or eviction. The second most common reason for a move was a change in marital status.

When we dig a little deeper, though, it’s actually not such a shock that foreclosures and evictions played a role in people’s decision to move. During the pandemic, protections were put into place to prevent evictions and foreclosures, like the option to put mortgage loans into forbearance. But in the absence of those provisions, many people no doubt struggled to keep up with their housing payments, especially as inflation surged.

If you’re thinking of moving, you’re obviously aware that it’s a big decision, and that there can be a sizable cost involved. But here are a few signs that a move might work to your benefit.

1. You can’t find a rental for under 30% of your income

As a general rule, your housing costs should not exceed 30% of your take-home pay. If you go beyond this threshold, you might struggle to cover your remaining bills as well as your rent itself.

If rents have risen dramatically where you live, and you can’t find a reasonably comfortable home with a rent you can afford, then that alone is a good reason to move. You don’t want to stretch yourself so thin by taking on giant rent payments that you’re forced to rack up credit card debt to cover your remaining expenses.

2. Jobs are hard to come by

If you live in an area where it’s hard to find a job, then that could be a problem both now and in the future. Even if you’re employed right now, it may be that your career growth will be limited by staying put. And also, if you live in an area where there aren’t many jobs, you might struggle if a recession hits and job loss becomes more prevalent.

3. You don’t have access to the amenities you want

Maybe you love being able to walk to restaurants and cafes. Or maybe you’re really into nature and want access to nearby hiking trails and parks.

If your city doesn’t offer the perks you’re after, and you don’t have any particular ties to that area, then it could pay to pick yourself up and move elsewhere. After all, if you’re going to spend a large chunk of your income on housing, you might as well make it so you’re able to maintain the lifestyle you want.

Moving is a big decision — one that will uproot your life in many ways. As such, you’ll need to budget carefully for it and really think things through. But if these factors resonate with you, then a move could be something that improves your life, both financially and logistically.

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