International migration is often driven by the desire to improve one’s well-being. For many, moving abroad represents a pathway to better economic opportunities, social conditions, or personal safety. Yet, not all individuals who aspire to migrate are able to do so. Involuntary immobility—a condition in which people wish to migrate but are constrained by external barriers such as legal restrictions, financial limitations, or lack of resources—may pose a significant challenge to subjective well-being. This study quantitatively examines the association between revealed involuntary immobility and subjective well-being using original survey data from over 12,000 young adults across 25 communities in Asia and Africa. We estimate this relationship using multiple regression models that control for other determinants of well-being and demographic characteristics. To address potential confounding between determinants of involuntary immobility and subjective well-being, we implement Propensity Score Matching. Our findings show that individuals who have experienced failed migration preparations or attempts report between 3% and 7% lower levels of subjective well-being compared to their peers. These results provide the first large-scale quantitative evidence on the toll of unfulfilled migration aspirations. We highlight the need to consider the indirect well-being consequences of migration-restrictive policies and call for policies that support individuals’ well-being in contexts of constrained mobility.