Relocation Trends In Chicago And Illinois
Graphic created by New City Moving .
Are you considering an out-of-state relocation? If yes, you’re not alone. More and more Americans have been taking the big step of moving across state lines over the past few years. With new opportunities — and challenges — created as a result of the COVID-19 pandemic, there are several reasons why this trend has continued and is projected to rise in 2023. Below, we’ll go over what the data has to say about people choosing to leave Illinois and Chicago specifically.
In 2022, the Illinois population shrank by 104,000 residents. It was the third largest drop in the country, behind California at number one and New York at number two. In Cook County, which encompasses the Windy City, there was a sizable exodus of 68,0006 people alone. When surveyed, these former Chicagoans and Illinoisans cited strained finances and work-related issues as leading factors in their decisions. This shouldn’t come as much of a surprise since, just like the other two states on the list, Illinois has a high cost of living.
In fact, Illinois boasts the nation’s highest tax rates as well as the second-highest property and gas taxes. These tax burdens combined with inflated rents, elevated mortgage rates and other housing-associated costs make it easy to see why many are seeking greener pastures. In the city of Chicago, rent has swelled year over year, with an 8.6% increase from November 2021 to November 2022. At an average of $1,925, this puts rent in Chicago at the highest it has ever been and more expensive than all other major cities of the Midwest.
Where are these Chicagoans heading? Many are opting to lay down roots down south. With a warmer, more stable climate and significantly cheaper housing, states such as South Carolina, Tennessee and North Carolina are drawing in folks from all over the country, Illinois included. These locales also offer a suburban setting with more amenities desired by young adults including home offices, yard space and home gyms.
Modern-day employment prospects are another leading contributing factor. The option for remote work has been a major shift in the workforce since the start of the pandemic. Subsequently, more than 4.9 million Americans have credited it as their reason for relocating. Cities like Tucson, Jacksonville and San Antonio have been reported as the top attractive destinations for movers seeking remote work opportunities in 2023.
Lastly, many residents who moved out of the state reportedly did so due to retirement. Although retirement moves only saw a slight increase this last year, they’re up nearly 5% since 2015, as the number of persons reaching age 65 has been increasing yearly.
Want to learn more about 2023 moving trends and why Chicagoans are choosing to leave? Check out the accompanying resource from New City Moving.
https://www.forbes.com/home-improvement/features/states-move-to-from/
