Americans Moving Less, Impacting Career and Lifestyle Upgrades
Americans are moving less frequently than ever before, a trend that is impacting career and lifestyle upgrades. Recent U.S. Census Bureau data indicates that the nation’s residential mobility rate has fallen to a historic low of approximately 11%, a significant drop from the 20% annual mover rate recorded in the mid-20th century. This marks the lowest level of geographic movement since federal tracking began in 1948. A Bank of America analysis confirms a broad-based slowdown in moving, affecting both long-distance and intra-city relocations, with millennials showing the sharpest decline. Elevated mortgage rates, currently near 7%, are a major contributing factor, as homeowners with lower locked-in rates are reluctant to move and incur higher financing costs. Additionally, many individuals are opting to renovate their current homes using home equity rather than relocating.
