During the past several years, many major cities lost population as some residents opted to move to the suburbs or smaller towns.¹ But the latest data paints a different picture: America's urban hubs are back in fashion, drawing newcomers in droves, with 86.4% of the U.S. population living in metro areas.² Whether driven by job opportunities, cultural vibrancy, or economic shifts, these metros are experiencing a fresh wave of growth.

Big-city comeback

More than 340 million people now call the U.S. home, and between 2023 and 2024, metro areas saw a population jump of 1.1%, which was faster than the previous year and outpaced the 1% growth of the nation as a whole.³ Some regions that saw a decline in population during the pandemic are seeing residents return.

For instance, New York City's metropolitan area — which includes Newark and Jersey City, N.J. — added 213,403 residents, reversing pandemic-era migration trends and leading it to the top spot by numeric growth for a total population of 19.9 million as of July 2024.⁴ For San Francisco — which lost a larger share of residents during the first year of the pandemic than any other major U.S. city — the recent growth in population, up 0.9% from 2023 to 2024, is an intriguing shift.^5,6 Technologists are among those returning as they're drawn to opportunities in artificial intelligence (AI) and other emerging industries.⁷

The fastest-growing state overall during this period, from July 2023 to July 2024, was Texas with 562,941 new residents, followed by Florida with 467,347.⁸ Chicago saw more arrivals than departures in the 12-month period ending July 2024, with 70,762 new residents.⁹

Read more: Will home sales spring back after tough winter?

Southern charm still attracts

Despite the urban resurgence in northern and coastal cities, the Sunbelt remains a magnet. Florida’s metros of Orlando and Miami added 199,240 residents collectively from July 2023 to July 2024.¹⁰

Miami and Texas are becoming hotspots for finance and tech professionals, earning both areas the nickname “Wall Street South”.¹¹ NASDAQ announced that it is opening a regional headquarters in Dallas, coming on the heels of the recent news that the New York Stock Exchange is moving its Chicago exchange to Dallas.¹²

Texas is dominating as a relocation destination, adding almost 178,000 residents to the Dallas-Fort Worth metro area from 2023 to 2024 for a total of 8.3 million people, and Houston added 198,171 residents to reach nearly 7.8 million, coming in second to New York in population growth.^13,14

Where Gen Z is moving

Migration trends are also being reshaped by Gen Z, who made up 13% of U.S. home mortgage applications in 2024, up from 10% the previous year.¹⁵ This generation is opting for the relatively affordable Midwest and steering away from the expensive coastal cities such as San Francisco and Los Angeles.

Owning a home equates to financial happiness for 52% of Americans, but with mortgage interest rates hovering close to 7% and home prices rising 54% from 2019 to 2024 it’s been difficult for some to buy a first home. The National Association of Realtors reported only 24% of home sales were to first-time buyers between July 2023 and June 2024, down from 32% the previous year.¹⁶

Read more: Will 2025 be the year of the first-time home buyer?

What's driving the moves?

Jobs, affordability, and lifestyle remain the three pillars shaping migration patterns. The pandemic-era shift to remote work enabled many to relocate to less expensive areas, but the trend is now reversing as employers call workers back to physical offices. The demand for in-person collaboration is prompting moves back to larger urban centers.

Housing affordability remains a major factor. According to Redfin, the U.S. housing market grew 5.2% year-over-year in 2024, and the total value of U.S. homes is at $49.7 trillion, up from $23 trillion in 2014.¹⁷

The story of migration is always evolving, shaped by economic forces, career opportunities, and lifestyle priorities. But if recent trends hold, America’s cities aren’t losing their appeal — they’re just shifting their playbooks.