Decline in Renters' Mobility and Homeownership Expectations in the U.S.
A study by the New York Fed reveals a significant decline in renters' expected mobility and homeownership aspirations in the U.S. over the past decade. The mean probability of renters moving within three years has dropped from 57% in 2014 to 37% in 2026. Similarly, the likelihood of renters ever owning a home has decreased from 52% in 2015 to 35% in 2025. Factors contributing to this trend include perceived unaffordability of mortgages and higher expected mortgage rates, which have risen from 3.3% in 2021 to nearly 6.8% by 2024. 
