As Housing Market Dips, More in U.S. Are Staying Put
Fewer Americans moved in 2008 than in any year since 1962, according to census data released Wednesday, and immigration from overseas was the lowest in more than a decade.
The Census Bureau reported that the annual rate at which people moved dipped last year to 11.9 percent, compared with 13.2 percent in 2007 and a recent high of 20.2 percent in 1984-85. It was the lowest rate since the bureau began measuring mobility six decades ago.
The declines appeared to be directly related to the housing slump and the recession.
http://www.nytimes.com/2009/04/23/us/23census.html?_r=1&hp
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April 22, 2009 12:58 pm 1 Comment
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By YSadan, April 22, 2009 @ 3:31 pm
This actually points to one of the drawbacks of homeownership: the economy loses flexibility. At a time when we would want people to move around to find jobs, and take advantage of opportunities, being locked-in by your living situation is a negative. The flip side is that there is a benefit in that you are motivated to stay and invest in your neighborhood, but I think the net effect is a negative. But then again, I’m for loosening up labor movement around the world, so I’m biased.