Bank of America Finds Movers Flocking To Milwaukee, Not Miami
New report shows Midwest metros gaining residents as several Sun Belt and coastal hubs lose them.
Milwaukee skyline with The Couture, US Bank Center and Northwestern Mutual Tower and Commons. Photo by Urban Milwaukee staff.
Milwaukee is among the nation’s stronger destinations for domestic movers, according to a recent Bank of America analysis that finds Midwestern metropolitan areas increasingly outperforming many longtime Sun Belt and coastal population magnets.
The Milwaukee metropolitan area ranked among the 10 fastest-growing major metros for domestic population change in the first quarter of 2026, according to the May 28 report, which analyzes address changes among Bank of America customers.
Milwaukee was one of six Midwestern metros in the top 10, alongside Indianapolis, Columbus, Louisville, Minneapolis and Cincinnati.
“People are moving less, and when they do move, they’re mostly staying local,” the report says. Longer-distance moves have fallen particularly sharply, but among households that do relocate to another metropolitan area, the Midwest is “punching above its weight,” according to the report.
Indianapolis posted the strongest estimated population growth in the first quarter, followed by Salt Lake City and Raleigh. Milwaukee ranked behind Indianapolis, Salt Lake City, Raleigh, Columbus, Louisville, Minneapolis, Cincinnati and Denver on the report’s chart but ahead of Birmingham and a number of other growing metropolitan areas.
The results stand in contrast to several large coastal and southern cities. Bank of America data showed net domestic population losses in Washington, D.C., Los Angeles, Miami, Boston, Orlando, San Jose, New York and Baltimore. The Midwest was not exempt. Chicago, Kansas City, Detroit and St. Louis all lost residents.
The analysis comes with an important limitation: It measures domestic migration among Bank of America customers, not total population growth.
The Bank of America Institute analyzed address changes within a fixed sample of about 45 million customers who maintained qualifying Bank of America accounts during the study period. International migration is not captured, meaning the rankings may differ from Census Bureau population estimates, which include immigration. Bank of America also cautions that its customer data is not comprehensive and may contain selection bias.
Still, the report highlights a notable change in where Americans who do move are ending up.
Six Midwestern metropolitan areas were among the 10 strongest markets for domestic population growth, while several cities that experienced rapid growth earlier in the decade ranked much lower. Nashville and Dallas were near zero in the first quarter, according to the report’s chart, while Austin posted positive growth but trailed Milwaukee.
Bank of America is on the verge of entering the Milwaukee market with physical branches. It is currently developing three branches in the city proper and three more in Milwaukee County suburbs. It is also entering the Madison market.
The Charlotte-based bank is the second-largest bank in the country. Its nearest branches are in northern Illinois.
Census Bureau report offers differing results
The U.S. Census Bureau, which uses a more comprehensive estimating effort, found a potentially conflicting result.
In its May 2026 data release, which estimates the population as of July 1, 2025, it found the city of Milwaukee lost about 1,000 residents year-over-year, Milwaukee County lost about 100 residents and the Milwaukee-Waukesha metropolitan area gained about 2,500 residents.
Instead of ninth, the Census Bureau estimates the Milwaukee area was the 127th-fastest-growing area. The leaders were a collection of southern cities: Houston, Dallas, Atlanta, Phoenix, Charlotte and Austin.
The Census Bureau and Bank of America Institute reports cover mismatched time periods. The federal agency estimated through July 1, 2025, and the bank reported on the first quarter of 2026.
Americans are staying home
The movement comes as Americans overall are becoming less mobile.
Bank of America found that moves within the same metropolitan area declined about 4% during the past two years, while moves to another city or state fell 11%. During the most recent year, both categories declined about 5%. A growing share of movers are consequently remaining within the same metropolitan area.
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