January 19, 2019

Americans Don't Move Houses Like They Used To

“The best job for someone is not always in the area where they live. Often times, the job that will pay them most, and make the best use of their skills means moving to another city, state or country. Though making the choice to move can be difficult emotionally, it is extremely good for economic growth. Productive people make productive economies.

Unfortunately for the US economy, people don’t move they like they used to. According to recently released data from the US Census, only 10.1% of adults moved homes from August 2017 to August 2018. This is the lowest rate of moving since the government began collected data in 1948.

The census tracks moves within counties, within states, or across states, and no matter how you look at it, moving rates are way down from just 15 years ago. For example, from 2002 to 2003, 2.8% of Americans moved across state lines. From 2017 to 2018, it was just 1.5%.

It’s not just a result of an aging population. One of the major reasons for the decline is the relative immobility of millennials. The current crop of 25-35 year olds moves at a lower rate than previous generations at the same age over the past 50 years. (See here for a helpful definition of each generation.)”

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