Migration out of Large Metro Areas Remains Above Pre-COVID Levels

Nationwide, net migration out of high-cost large metro areas remained well above pre-pandemic norms in Q2 2022, according to The Federal Reserve Bank of Cleveland. During each month of the second quarter, high-cost large metro areas lost approximately 13,400 people to lower-cost large metro areas, 10,000 people to midsized metro areas, and 14,900 people to small metro areas.

The Cleveland Fed released an update to its March report on migration out of large metro areas, providing second-quarter data that largely echoed the previous findings. 

"The patterns in the destinations of migrants were mostly unchanged [from Q1]. They continue to reflect migrants’ post-pandemic preference for lower-cost and less populous regions."

Portland has seen the highest portion of out-migration to lower-cost, large metro areas with populations greater than two million, with gross migration flows to such areas increasing 25.6% in the last four quarters. Though well above many others on the list following the same trend, the metro falls behind San Jose, California at 35.6%, Riverside, California at 34.6%, Los Angeles, California at 30%, and Seattle, Washington at 26.4%.

Fort Meyers, Florida, Sarasota, Florida, Stockton, California, Boise City, Idaho, and Las Vegas, Nevada topped the list of metro areas with the greatest net in-migration from high-cost, large metro areas as a percent of their workforce during the last four quarters.

Read the full report at ClevelandFed.org.