Big Change in U.S. Household Relocations
Digested from Axios
The relocation rate for American homeowners has shifted significantly over the years.
The rate of homeowners forgoing relocations has dropped to 9.8 percent, the lowest rate since the Census Bureau started tracking domestic relocations in 1947, according to Axios.
For young adults, the decline can be attributed to housing and job limitations, despite a strong economy. Only 20 percent of adults aged 20-24 moved in the 2018-2019 year, compared to 29 percent in 2005-2006. Older homeowners budged even less, with only 4 percent of those in their late 60s moving this past year. Many are reluctant to move or can't afford to.
"There's been this long term decline in mobility going back to the 1950s, as the population got older and as more people owned houses in the '60s and '70s and didn't move," said demographer William Frey of Brookings Institution. "But the continued decline since the Great Recession and the housing crunch is driven by the millennial population."
A contributing factor to the shift is the clustering of industries in specific regions, reshaping the once diverse job markets. The decline in middle-class jobs and rising housing prices in many prosperous areas have also impacted migration levels.