Philipp M. Lersch shows that residential relocations may change individuals’ lives for the better but also for the worse depending on their resources, restrictions and contextual conditions. A comparative analysis of English and German panel data reveals that relocations improve the quality of dwellings on average in both countries but improvements strongly depend on life course stages and economic resources of individuals. Only few individuals improve their neighbourhoods when relocating. Conditions in the housing market are important determinants of these changes. Gender inequality persists in the occupational outcomes of relocations in England and West Germany. Due to institutional conditions, residential trajectories in England exhibit more variation and a higher risk of changes for the worse than in Germany. These innovative findings will inspire further research on the consequences of residential relocations.