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.
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.