Fewer Americans have moved this year, with renters spending more on furniture and home improvements and moving expenses increasing, according to new data from Bank of America.
However, total card spending among people who moved was up 9.5% over the previous year, compared with a 5.5% increase overall. The report speculated that some of the increased expenses might be related to spikes in gas prices over the summer.
Renters appear to have chosen improvements over relocation, with total card spending up 5.8% year over year, compared with only a 4.9% increase among homeowners. Renters also spent more at home improvement and furniture stores, while homeowners decreased such spending.
Meanwhile, more homeowners are turning to home equity lines of credit, fueling increases in spending on home improvement and services both over the previous year and above pre-pandemic levels.
The Midwest attracted the most new residents overall in the second quarter of 2026, but relocations were down across all income groups and age brackets, according to the research. Millennial moving activity was down nearly 10% year over year, roughly twice the next largest drop, Gen X, which fell by 5%.
While this has meant slower growth for most metropolitan areas, it has also stemmed the tide of outflows from others, particularly Florida cities such as Orlando and Miami. In Tampa, outflows halted entirely, with population growth flat with the second quarter of 2025. The steepest decline was among movers between states and markets, but the rate of movers within the same city dropped precipitously from the first quarter of 2026.
This article was originally reported by Trevor Fraser for Homes.com News.