Americans are moving at record-low rates, with only 7.8% relocating in 2023, the lowest since 1948. Families are stuck in homes that are too small or no longer suitable due to high mortgage rates, limited inventory, and skyrocketing prices. Those who have low-rate mortgages are reluctant to sell.
Workers are less likely to switch jobs or relocate for work than in previous decades. Recent grads face long, difficult job searches, often turning down offers due to low pay or lack of relocation support. Many are choosing to stay local, even if it means settling for less.
Employees with low mortgage rates, stock options, or bonus plans are staying put to avoid losing financial perks. Dual-income households and family obligations further reduce mobility.
Switching jobs? Motherfucker, I can’t even find a job. Smh Wall Street Journal telling me shit I already know
I’ve never understood that whole thing about jumping jobs every 6 months to get higher salaries. Like, if I get a decent job then I’m clinging for dear life. I’m not about to start job hunting AGAIN 4 months in.
It’s basically only for tech and business/finance types ime.
Yeah, back when tech was bussin I kept switching jobs after a year because the salary difference was insane
It’s also endemic to the C-suite, they’re constantly going to conferences where they rub elbows with other executives and network to get new c-suite jobs.
I feel like I’m trying to stay perfectly still so the trex from Jurassic Park doesn’t see me and eat me.
Don’t move jobs. Don’t change houses. Buy as little as possible. Don’t move.
“We’re All Trying To Find The Guy Who Did This”
It’s all Al Gore’s fault. Everything. He’s the sacrificial lamb.
No one with a sub 5% mortgage is selling and that is a good chunk of the US housing market that is off the market. So everyone has to fight over the remaining supply driving prices up. It used to be that empty nesters would downsize once the kids are gone but they’re not gonna budge now if they have to take on 7% rates.
On top of that, corps like Blackrock are vacuuming up available housing as well.
never underestimate americans making terrible financial moves. Just had a neighbor who bought a sub-3% house 4 years ago, move one town over to get into a different school district last month lol.
omfg. good point and magnificent example.
context: last I checked, 20% of 30-year fixed are sub 3% currently.
in 5 years, it will not surprise me, but it will embarrass me how far that 20% comes down.
For the record, new homes are built with such shoddy craftsmanship, you should not be buying in this market. They’ve cut every corner they possibly can while trying to sell you on a 5-7% mortgage at half a mill or more.
We locked in like a 2.7% interest rate on our mortgage, we are not going anywhere – until climate fully collapses in our area.
Ugh seriously. Like if you sell your place and go buy a cheaper one now your monthly payments will be higher somehow. Ahhh capitalism so effective. So moral. So logical
Even if we looked around, we paid off our PMI and our escrow got eaten up year after year by the home insurance increases, we haven’t had a single insurance claim thus far! So why the fuck would i go shopping around.
