Research on the benefits of green living environments in urban settings has gained attention, but comprehensive comparisons across life course phases remain scarce. Furthermore, the importance of green spaces in the context of residential relocations has been underexplored. This study addresses this research gap by testing hypotheses derived from a general theory of well‐being generation and a three‐stage migration model, using data from a two‐wave population survey with 1856 randomly selected respondents in two major German cities. The results show that private, shared, and neighbourhood green spaces are relevant at the very beginning of relocation decision‐making processes, when individuals form their moving intentions. Private gardens deter families from considering and planning relocation, shared green yards have a similar effect across all subgroups, and satisfaction with the availability of green spaces in the neighbourhood decreases the probability of families and older adults considering and planning relocations. Our study highlights the importance of subjective assessments of neighbourhood green spaces, which have a more pronounced impact on forming relocation intentions compared to objective geocoded data. When estimating relocation behaviour in the second study wave, it appears that neither private nor public green spaces seem to have an influence. Recognizing the relevance of green spaces in residential relocations requires considering the longitudinal nature of the decision‐making process.