Locked-in homeowners and highly mobile renters are reshaping housing dynamics across the nation’s biggest urban areas, according to a detailed analysis from PropertyShark. In 2024, tenants relocated at roughly 3.7 times the rate of property owners in the 100 largest U.S. cities, highlighting a significant and widening divide that emerged since 2019 amid elevated mortgage rates and persistent affordability challenges.
This shift shows renters becoming the main force behind long-distance moves, while many homeowners remain in place due to financial constraints. The analysis, based on U.S. Census Bureau data tracking relocations across county or state lines, reveals clear patterns in how different groups navigate the housing market.
Main Patterns Observed
In 41 cities, homeowner mobility declined while renter activity increased, creating the most common scenario. This reflects the “mortgage rate lock-in” effect holding owners back, combined with greater flexibility for tenants facing evolving rental options and population inflows.
Port St. Lucie, Florida, experienced the most dramatic split. Renter mobility surged by 8.61 percentage points, while owner movement dropped by 1.25 points. The city uniquely had more mobile owners than renters before the pandemic, but that reversed sharply as high property taxes and mortgage costs deterred homeowners, even as new rental developments attracted movers.
Other southern markets followed suit. In Jacksonville, overvalued homes complicated sales for owners, while increased build-to-rent projects gave tenants more choices. Winston-Salem, North Carolina, saw one of the largest renter mobility jumps (+7.57 points) in a relatively affordable environment, though owners still hesitated to leave low-rate mortgages. Atlanta recorded a 5.91-point rise in renter movement, fueled by job opportunities and suburban shifts.
In the West, Scottsdale, Arizona, stood out with a 1.64-point decline in owner mobility against a 3.41-point gain for renters, driven by luxury pricing and limited inventory that priced out many buyers while keeping the rental sector active.
Cities with Rising Mobility for Both Groups
Twenty-three markets saw gains for both owners and renters, often due to strong job markets, population growth, and added housing supply that encouraged relocation. Renters still outpaced owners, with average increases of 2.06 points versus 0.77 points.
Greensboro, North Carolina, led with the biggest owner mobility gain (+2.91 points) and a near-doubling of renter movement (+8.22 points), supported by lower living costs and accessible home prices. Plano, Texas, benefited from regional growth and apartment construction, boosting both segments. Stockton, California, absorbed spillover from higher-cost areas, while Miami and Durham showed similar broad-based activity tied to economic expansion and in-migration.
Declines Across Both Owners and Renters
In 20 cities, mobility fell for everyone amid tighter conditions, limited supply, and economic pressures. Newark, New Jersey, had the largest owner drop (-2.97 points), linked to reduced home sales turnover and institutional buying. Chandler, Arizona, recorded the steepest renter decline (-7.46 points) as cost burdens affected tenants and high prices locked in owners.
Lubbock, Texas, and Aurora, Colorado, also experienced cooling, with softer demand, rising vacancies, and moderated job growth reducing the need or ability to move.
Opposite Trends: More Owner Movement, Less Renter Activity
A smaller set of 16 cities bucked the dominant pattern, with rising owner mobility and falling renter movement. This often occurred where home buying conditions stabilized while rental markets softened due to added supply.
Virginia Beach, Virginia, saw owner mobility rise (+2.36 points) thanks to steady demand, while renter turnover dropped. Kansas City, Missouri, and North Las Vegas, Nevada, showed similar divides, with more accessible ownership supporting transactions even as rental pressure eased. In Irvine, California, high-end pricing allowed wealthier buyers to move despite rates, while elevated rents encouraged tenants to stay put.
Future Outlook
The divide between locked-in owners and more flexible renters remains the defining feature of recent mobility trends. While potential rate reductions could encourage some homeowners to sell, broader improvements in inventory and pricing would be needed to significantly close the gap. These patterns continue to influence how cities grow and how households make housing decisions in a high-cost environment.
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