[Editor's note: Perhaps having a better sense of local place + broadband internet access isn't so bad?]
Study: Fewer moving than at any time since World War II
The wanderlust that helped define the American character has been reined in by the recession and the collapse in housing prices, according to a new study showing fewer Americans changing residences than at any time since World War II.
About 12 percent of Americans moved in each of the past two years, down from 13 to 14 percent a year during the first part of this decade. Historical trends show a more precipitous drop. In any given year throughout the 1990s, 16 to 17 percent of Americans changed homes. Throughout the 1950s and in the early 1960s, it was one in five.
William Frey, the Brookings Institution demographer who wrote the study, said the economic slowdown has accelerated a long-term trend of people growing more rooted as homeownership has increased and the average age of Americans has risen. Add the bursting of the housing bubble, the credit crisis and the resulting recession, and many people are cemented in place.
“This triple whammy of forces made it riskier for would-be homebuyers to find financing, would-be sellers to receive good value for their home and potential long-distance movers to find employment in areas where jobs were previously plentiful,” said Frey, who analyzed statistics from the U.S. Census Bureau and the IRS for the study released Wednesday.
The report paints a picture of an America slowing down. The numbers for metropolises such as New York, Boston, Chicago, Philadelphia and Los Angeles, which had been losing tens of thousands of residents in search of more affordable housing, are stabilizing. The flow out also subsided in the Washington area, whose population growth has been fueled by the arrival of tens of thousands of immigrants.
The effect of foreclosures was suggested in the study. In the year beginning in March, the percentage of people who moved to another house in the same county inched up more than half a percentage point from 2007 to 2008. But the percentage of people who moved to another state — a statistic more likely to reflect a new job — stayed the same, a record low level of 1.6 percent.
The phenomenon affected people across every demographic except immigrants.
The young and the footloose in their 20s are usually responsible for an outsized share of those who move, and they showed the steepest decline as jobs grew scarce, prompting many to return to their parents’ homes.