Only 11 percent of Americans moved to new locations in 2024—the lowest rate ever recorded, according to a new Point2Homes study.
That translates to about one in nine people changing homes last year, down from one in three in the 1900s.
The report states that the homeownership rate was about 45 percent at the start of the twentieth century, compared with about 65 percent today.
The rising share of homeowners has had a profound effect on mobility rates, according to the report. Meanwhile, increasing home prices and a more volatile job market also my be keeping people in the same place.
“More people are reluctant to give up a home to try and find another one, especially if they secured lower mortgage rates during the pandemic,” the report states….