Tuesday, June 15, 2010 -
NEW YORK - May 5, 2009 - Just as the Great Depression contributed to large-scale migrations from certain parts of the U.S., the current recession could be having a similar, historic effect, a new survey from Relocation.com, the leading online consumer resource for moving services, suggests.
Data from Relocation.com showed that consumers are moving longer distances and making more out-of-state moves compared to a year ago, mainly due to economic factors like a lost job. The number of consumers who moved more than 1,000 miles for their move increased 67 percent compared to a year ago - 70 percent of survey respondents said they moved 1,000 miles or more, compared to 36 percent in a similar study conducted in early 2008.
The latest U.S. Census Bureau data shows a decrease in the total number of moves, down from 13.2 percent in 2007 to 11.9 percent in 2008, the lowest rate since 1948. Of those moving consumers, the new Relocation.com data shows that the financial crisis has had a definite impact, with 60 percent more consumers now listing financial reasons as the primary reason for moving compared to last year; 41 percent of respondents indicated that the recession and housing crisis had a strong influence on their decision to move. Three percent of the consumers who took the survey indicated that they lost their home through foreclosure, while 13 percent reported that they lost their job.
The number of people who said they moved for family reasons has also risen from 18 percent in the 2008 survey to 28 percent in 2009. The numbers could reflect people moving in with family members to cut costs, a desire to be close to family members or other reasons.
"Even though a smaller total number are relocating, consumers are still on the move for jobs, better housing or family reasons," said Sharon (Ron) Asher, chairman and founder, Relocation.com. "We are seeing more out-of-state moves from traditionally popular destinations, likely because of high foreclosure rates and diminished property values."
A small percentage of movers were making moves for the better with five percent of those surveyed moving to a bigger, better house, while eight percent were looking for a better neighborhood to improve their lifestyle.
For more analysis on this survey, please visit: http://www.relocation.com/blog/grapes-of-wrath-redux-relo-survey-finds-long-distance-moves-the-new-norm
Editor's Note: Please contact Relocation.com for more specific regional moving data. Relocation.com maintains a database of moving information that shows where people are moving from and moving to, for all 50 states and most large cities.
Relocation.com is the largest online marketplace connecting consumers who are moving locally, nationally or internationally with professionals that can best service their needs. Working with many leading moving and storage companies, Relocation.com provides free quotes from quality, professional companies who can service consumers during their upcoming move. It is focused on helping make the relocation process easier and less challenging for the 40 million people moving each year. Relocation.com offers comprehensive information, tools and resources to help consumers compare, connect and learn about products and services from hundreds of relevant providers. Ranked No. 18 of the top 50 media companies on the 2008 Inc. 5000 list of fastest-growing companies, the company was founded in 2000 by online moving industry pioneer, chairman Sharon (Ron) Asher, and is based in New York. For more information, visit www.relocation.com.