The trend: US moving activity has slowed over the past three years—especially among millennials, Gen Xers, and lower- to middle-income households—according to a recent study by the Bank of America Institute. However, Gen Z stands out as the most mobile cohort, with relocation levels remaining above 2023 (the post-pandemic baseline). 

In addition, higher-income households have seen much less mobility decline, underscoring how affordability constraints are limiting movement for less-affluent groups.

How we got here: Moving is particularly difficult for older generations, who are more likely to own homes, have larger households, and manage logistics like school or care transitions. These factors, along with consumers being locked into lower mortgage rates, are reducing mobility and making it increasingly stratified by age and income.

Another angle: Mobility trends also reflect Gen Z’s broader need for flexibility. As they prioritize short-term financial stability and “survival spending,” they are less tied to long-term commitments—whether that’s homeownership or staying in one place. This makes them more willing to relocate for opportunity, lifestyle, or affordability even as other groups become increasingly constrained.

Implications for banks: Financial institutions will need to more precisely target growth opportunities—particularly among younger and higher-income consumers, who remain more mobile. This affects the marketing of moving-related products (e.g., mortgages, insurance, and new account openings) as well as broader strategies around customer acquisition, geographic expansion, and digital engagement.

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