Georgia Net Winner in the Race for Gaining Residents Yet Can't Retain GenZers

StorageCafe

Thursday, January 25th, 2024

The pandemic opened up the floodgates of interstate mobility, which reached a decade-high in 2022 with approximately 8.2 million people on the move. That has meant an influx for certain states and an exodus from others.

So, where do Americans want to live right now — and why?

Unsurprisingly, Georgia rises to the top of the list — just four states welcomed more people — as the fifth-most sought-after state in the nation by net migration. According to our research, Georgia attracted around 74,000 more residents than it lost in 2022.

Georgia has been in the spotlight for drawing in major umber of movers over the last few years, transforming the state’s demographic profile. 

Here is a snapshot of the notable findings regarding Georgia uncovered by our research:

  • The top states fueling out-of-state moves into Georgia: Neighbors such as Florida and Alabama, or high-population states that see larger movements generally, like California and Texas. Notable, data show that while just 8,600 individuals moved from Georgia to New York, a staggering 16,500 people — nearly double — made the reverse move. A similar trend is evident in migration flows from New Jersey, Illinois and California, with Georgia consistently attracting more residents from these states than it loses.

  • Why are so many people moving to the Peach State? Newcomers to Georgia match the state's average income, but differences emerge depending on their origin. Those from Texas earn roughly $7,500 more annually, and are likely attracted by lucrative job prospects. However, Georgia's home acquisition costs are 8% higher than in Texas. Californian newcomers enjoy a 60% cheaper real estate market, with 19% working remotely.

  • Who is the typical person moving to Georgia? The Peach State emerged as the second-highest preference for young professionals, welcoming a net gain of 36,000 millennials. Additionally, the state is drawing in a well-educated demographic. A full 35% of its new residents have earned at least a bachelor's degree. Also, an appreciable 13% of those moving in are working from home.

  • Gen Zers, the youngest generation to enter the housing market, however, are not following millennials. In fact, Georgia experienced a net loss in its Gen Z population of over 1,000 residents.

  • The self storage market in the state is well prepared to support intense move-in activity, boasting approximately 9 square feet of storage space per capita.

Please find the full analysis of the latest census data and insights in our report, which aims to provide a nuanced understanding of the evolving landscape of interstate mobility: https://www.storagecafe.com/blog/state-to-state-moving-trends/.