United Van Lines’ analysis of its customers unveils some of their motives.
Florida is an “inbound state” for residents, classified as having more than 55% of its shipments headed into the state versus leaving it. Other full-service van lines and U-Haul agree with this label. In the 2022 study, 38% of United Van Lines movers to Florida relocated for retirement. The second highest reason? Lifestyle change at 28%. These were the top two reasons in 2021 as well. Over 69% of United Van Lines’ movers headed to Florida are older than 55, and nearly 39% are 65 or older. Nearly half (48%) of United Van Line movers coming into Florida reported an income of $150,000 or more. On the other hand, those leaving Florida are motivated by the usual main drivers, moving for family (46%) and new jobs (28%) More movers with an income under $75,000 – measured by both percentage and number – headed out of Florida than arrived to the state via United Van Lines.
The economy continues to show strength, and interest rates are repricing to account for the stronger than expected growth, tight labor market and the threat of sticky inflation. Our research shows that rate dispersion increases as mortgage rates trend up. This means homebuyers can potentially save $600 to $1,200 annually by taking the time to shop among lenders to find a better rate.
