This paper explores the following questions: Does the demand/supply allocation process affect the return migrants receive for their human capital attributes? Specifically, do returns to migration vary across places of destination, and does this variation reflect labor supply and demand differentials and/or other characteristics of places of destination? Analysis of the impact of selected characteristics of destinations on the socioeconomic attainment of migrants, using data for 1970 and changes between 1970 and 1976, reveals that substantial variation exists between Standard Metropolitan Statistical Areas (SMSA) with respect to annual earnings returns to occupational and educational attainment, and occupational attainment returns to educational attainment. The level of these returns not only declined across the board between 1970 and 1976, but between-SMSA variations increased as well. Analysis also indicates that SMSA differences in socioeconomic returns to migrants, particularly among the college educated, were more responsive to factors reflecting changing economic conditions than to those of nonmigrants in 1970, but changes in socioeconomic returns occurring during the 1970-76 period were not related to these factors for a smaller number of SMSA's. Tables illustrate the findings statistically. (Author/PS)