See the U-Haul migration data here.
What U-Haul Measures
U-Haul migration data is based exclusively on one-way U-Haul rentals (trucks, trailers, and U-Box containers) in which equipment is picked up in one location and returned in another during a calendar year.
The data reflects actual moving activity, not surveys, modeled estimates, or forecasts.
We track migration data closely because population in-migration is a direct demand signal for housing and local retail. For a broader explanation of why this matters for real estate investing, see Why Population In-Migration Matters for Real Estate Investing in North Carolina.
The Two Core Metrics U-Haul Reports
1. In-Migration Percentage
The in-migration percentage represents the share of all one-way moves involving a location that are inbound rather than outbound.
It is calculated by dividing the number of one-way moves into a location by the total number of one-way moves into and out of that location during the reporting year.
In-migration = moves in / (moves in + moves out)An in-migration percentage above 50% indicates net in-migration, while a percentage below 50% indicates net out-migration. This metric shows direction, not magnitude or growth rate.
For example, North Carolina in 2025 has a U-Haul In-Migration = 50.7%. This means that 50.7% of the moves (in or out) were moves into North Carolina.
2. Rankings based on Net Movers
U-Haul ranks based on Net Movers. Net Movers represents the raw balance of movers during the reporting year.
It is calculated by subtracting the number of one-way moves out of a location from the number of one-way moves into that location.
Net Movers = moves in - moves out
(basis of rankings)This figure is a raw count, not adjusted for population size. It reflects the absolute balance of household movement but does not convey household size, tenure, or composition.
U-Haul doesn’t actually publish the Net Movers data. However, it is the basis of Rankings.
How U-Haul Growth Index Rankings Are Determined
U-Haul publishes rank-order Growth Index lists based on Net Movers, comparing locations within the same calendar year.
Rankings are produced separately for:
- States
- Metropolitan areas
- Cities (city proper)
These rankings are:
- Cross-sectional, not time-series
- Not year-over-year comparisons
- Not population-adjusted
A location ranks higher because it recorded more net inbound movers than its peers during that year, not because it grew faster than it did previously.
Geographic Granularity of the Data
U-Haul migration data is reported at three geographic levels:
- State level
- Metropolitan area level
- City level (city proper)
The data does not provide county-level, submarket, neighborhood, ZIP-code, or census-tract detail. As a result, it supports regional and metro-level comparisons, not site-specific analysis.
Doug Kline, PhD, has held income properties in North Carolina for more than 20 years. He holds a North Carolina broker’s license, and is a member of the National Association of Realtors and the Triangle Real Estate Investors Association. He holds an MBA and a PhD in business. In addition to his real estate activities, Doug enjoyed a successful career in academia, achieving the rank of Full Professor in the Cameron School of Business at UNC Wilmington. He was honored with research and teaching awards, served as Director of the MS Computer Science and Information Systems program, and was awarded the endowed position Distinguished Professor of Information Systems.