Fewer people moving, census data says
Americans are bucking tradition. Fewer are moving, and this includes both shortermoves across a county and longer moves across the country.
The mobility of Americans has reached record lows and it has been going down since the Great Recession, albeit a bit more slowly, according to the latestU.S. Census data. One in10 Americans—11.2 percent, to be exact— moved between 2015 and 2016, almost half the 20.2 percent rate in 1948.
“Mobilitywas once the cornerstone of the American Dream,” says a report in CityLab, “but today Americansmove less often than Canadians, and only a bit more than Finns orDanes.”
Shortermoveswere down considerably. Almost 7 percent of Americans packed boxes tomove within their town, down from13.6 percent in1948, when the Census began keeping track of American mobility.
The rate of longermoves, those between counties, has slowed as well, from 6.4 percent in 1948 to just 3.9 percent today. Why are Americans staying put? Experts point tomany different reasons, but a big one is that younger people aren’t aswilling to pull up stakes. Millennials aremoving less than previous generations of young adults.
In 2016, 20 percent of millennial 25- to 35-year-olds reported having changed adresses froma year earlier. In comparison, at that same age, 26 percent of the Silent Generation in 1963 reportedmoving within the prior year and for GenerationX26 percent hadmoved when they were that age in 2000. This low geographic mobility is happening even though millennials are less likely to be married, own houses and have kids than previous generations at the age, the usual factors that anchored people to an address.
An analysis of Current Population Survey data fromthe Pew Research Center speculates that the labor market may play a role.
“Millennialswere hit hard by the Great Recession in terms of jobholding andwages,” according to the Pewreport.
“For many young adults who moved in the past year, job opportunitieswere a prime motivation formoving, and the modest jobs recovery may not be providing the impetus Millennials need.”
CityLab also attributes themoving slump to certain government policies, including “subsidies the federal government confers to homeowners through the mortgage tax credit— a direct subsidy of roughly $200 billion a year.
And it could run as high as $600 billion when indirect costs are taken into account.” Homeowners are four times less likely to move than renters.