Rhode Island Is a Hot Spot — Older and Wealthier Moving to the State

Rhode Island Is a Hot Spot — Older and Wealthier Moving to the State

The annual report from one of America’s largest moving companies shows that Rhode Island is a hot spot.

Those relocating inbound to Rhode Island are nearly twice the number moving out, according to the annual report by United Van Lines.

Rhode Island is ranked 5th in the U.S. for net gain of inbound movers.

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Topping the list for the third consecutive year for residents moving to a state was Vermont, with 65% of moves being inbound. People moving to the state cited "to be closer to family (29%) as the leading reason for relocating, followed by a lifestyle change (20%).

As far as those fleeing a state, for the sixth consecutive year, the study found more residents moved out of New Jersey than any other state, as 65% of New Jersey moves were outbound. The top motivation for moving out of the state was driven primarily by those looking to retire (27%). 

 

Wealthier and Older

Those moving to Rhode Island are overwhelmingly wealthy and older.

The numbers are consistent with recent data on home purchases in Rhode Island, with a growing number of homes being purchased from out-of-staters.

According to the study, 59% of those inbound to Rhode Island earn more than $150,000.

 

 

 

And, of those inbound to Rhode Island nearly 46% are 55 years old or older

The number of 18 to 34 outbound is nearly 50% higher than those inbound.

According to this report, the net is that Rhode Island is getting older. 

This is the seventh consecutive year Rhode Island has realized a net gain, and it is by the second-highest margin. In 2022, the margin of inbound was 65%, and the outbound was 35%.