Americans are moving less because of tight credit, low home prices

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The Atlantic Cities reported that the Census Bureau showed that only 11.6 percent of Americans moved to a new residence between spring 2010 and spring 2011.

December 06, 2011
housing market, home market, home buyers, relocation, unemployment

housing market, home market, home buyers, relocation, unemployment

The Atlantic Cities reported that the Census Bureau showed that only 11.6 percent of Americans moved to a new residence between spring 2010 and spring 2011; the next lowest number was 11.9 percent in 2008.

With home prices depressed and credit tight, Americans are less able to sell their existing homes at a profit or secure financing for a new home. It is believed that being “stuck” is preventing some Americans from moving for a new job, keeping employment levels down as well.

The reason that the rate dropped as low as it did, according to Alison Fields, chief of the Census Bureau's Journey-to-Work and Migration Statistics Branch, was because of "a drop in the likelihood of people moving from one location to another within the same county." Such moves are usually elective; only 18.6 percent are job-related.

But 35.8 percent of longer moves are driven by jobs.

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