Household Mobility Rate Reaches Record Low

During the heat of the pandemic housing boom, Americans moved around the country in search of better deals, but in more recent years, there has been a lack of movement in the housing market. According to a recent study from online rental platform Point2 Homes, mobility rates in 2024 reached a record low. Last year, only 11% of the entire population relocated nationwide, and of those who did move, just 19.3% of them moved to a different state.

Why are Americans moving less than they used to?

There are a number of factors impacting the U.S. mobility rate, including the fact that more Americans are now homeowners than in the past. Following market fluctuations caused by the 2008 housing crisis, the homeownership rate has stabilized at around 65%, ultimately limiting the amount of mobility in the housing market.

In more recent years, Americans have also chosen to stay in their homes for longer due to job market volatility and rising mortgage rates. With these factors in mind, many homeowners are more reluctant to place their homes on the market, especially those who were able to secure a low mortgage rate in the past.

Which states have the highest mobility rates?

The nationwide mobility rate is at just 11%, but some states are seeing higher levels of movement. At 14%, Alaska has the highest mobility rate, followed by Oklahoma and Colorado at 13.5%, North Dakota at 13.4%, and then Idaho at 13.2%.

Which states have the lowest mobility rates?

On the opposite end of the spectrum, New Jersey is seeing homeowners stay put. New Jersey’s mobility rate in 2024 was at just 7.8%, followed closely by New York at 8.5%. Additionally, Illinois and Connecticut both recorded mobility rates of 9.5%, and Pennsylvania’s mobility rate was 9.6% in 2024.

For households who do move, where are they headed?

• Counties Seeing the Most Population Growth: Of the counties that are seeing the most population growth, 64% are located in either Florida or Texas.
• Americans Are Migrating Out of Rural Counties: Mid-size to large cities have become the more popular choice for a majority of American households due to their lifestyle amenities and career opportunities.