As Economic Recovery Falters, More Americans Stay Put
The data indicate that while the number of Americans moving to a new home rebounded in 2012, the change didn’t last. The 2013 figures are almost down to the recession’s low point, reached in 2011.
A closer look at the numbers shows what is and isn’t getting better. During the recession, most everyone put off moving--except for those Americans looking for cheaper housing. In 2013, fewer people moved for that reason, and more relocated for a new job or to upgrade their living situation.
“As the recovery continues, we should at least see an increase in longer-distance moves,” which tend to accompany job growth, Kolko writes. “[B]ut with the many-decade decline in mobility, it’s unclear when or if mobility will return to pre-bubble levels.”