Read our full analysis for a more in-depth look at these trends.
On the move: Renovation over relocation?
Moving is slowing across the US, but home-related spending remains resilient thanks to renters and renovations.
August 2026
Key takeaways
- Americans are moving less, and the slowdown is broad-based, according to Bank of America account data. Mobility continued to decline in Q2 2026 across income groups, generations and move types, with lower-income households and Millennials seeing the sharpest pullbacks.
- Bank of America account data also tells us that while longer-distance relocations have fallen more sharply overall, moves within the same city slowed at a faster rate in Q2 2026. This suggests to us that the resilience of same-city moving deteriorated somewhat in the past quarter. When people do change locales, they still favor smaller cities, especially those in the Midwest.
- Moving-related spending is gravitating toward services and online spending, according to Bank of America card data. However, some homeowners are choosing renovation over relocation. Supported by home equity lines of credit (HELOC) loans, this renovation activity may broaden spending growth across home improvement retailers.
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