This paper questions the plausibility of the assumption of interregional equilibrium in recent research into migration and the valuation of amenities in the United States. It is shown that it is difficult to develop a satisfactory explanation for continuing net migration which is compatible with the equilibrium assumption, and that recent relevant research generally fails to support the idea that the U.S. economy is in equilibrium. The association of higher rent levels with in-migration is explained as a short-run phenomenon. If the spatial economy is in disequilibrium, then the valuations of amenities assuming equilibrium will be biased, being probably too low in areas of net in-migration and too high in areas of net out-migration.