Stranded by the nationwide slump in housing and jobs, fewer Americans are moving, the Census Bureau said Wednesday.
The bureau found that the number of people who changed residences declined to 35.2 million from March 2007 to March 2008, the lowest number since 1962, when the nation had 120 million fewer people.
Experts said the lack of mobility was of concern on two fronts. It suggests that Americans were unable or unwilling to follow any job opportunities that may have existed around the country, as they have in the past. And the lack of movement itself, they said, could have an impact on the economy, reducing the economic activity generated by moves.
my wife (a realtor) is seeing more and more people looking to trade homes – they can’t sell their home but want something else.
not being able to sell is clearly a BIG reason why people are not moving.
There is lack of mobility only when one’s first concern is comfort.
Alice, I don’t think that is a fair thing to say. My husband is taking a new job and we are having to move across a couple of states. We are in a slow housing market and have yet to sell our house, though my husband’s job has already started. Trying to pay two mortgages, or even a mortgage and rent (with no relief in sight) is VERY difficult if not prohibitive. Add the cost of moving (which can be in the thousands of dollars) and you are talking a LOT of money. And if folks are upside down on the mortgage they have (and will be losing significant money on their house sale) they are literally stuck. They truly can’t afford to move.
I don’t mean to be unfair and I’ve been in this exact situation. May the Lord provide bring you relief soon!
It might be slow elsewhere, but we saw our realtor at Sam’s Club tonight and she said she has lots of business, including nine (9) closings next week.
Out-of-state license plates abound here in Texas. ABC News did features on plentiful jobs in Texas and some people are moving here cold, with no job in hand, and that’s driving up our local unemployment rate, sigh.
I’m looking for out of state positions, as well. However, because of the housing market, I will probably move into a mobile home in a park rather than buy/rent a house or apartment, while my family stays put here (in part for the very good school my son attends and in-state tuition for my daughter).