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

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.

By Mary Beth Nevulis, HousingZone Contributing Editor | December 6, 2011
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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