Fewer Americans are packing boxes and changing addresses — mobility has hit record lows, reshaping real estate dynamics nationwide.
📉 Why Has U.S. Mobility Hit Historic Lows?
Only 8.4% of Americans moved in 2023, the lowest on record — and half the rate of the 1980s (17%). This marks a dramatic shift in how Americans live, work, and build wealth.
1985
~17%
High job mobility, affordable housing
2000
~13%
Dot-com boom & suburban expansion
2023
8.4%
High costs, aging population, remote work
Neal's Take:
Folks, mobility in the U.S. is collapsing.
What a huge change from the 80s!
💸 What’s Stopping People From Moving?
Housing affordability has become the main anchor.
- Mortgage rates above 6.5% have "locked in" millions of homeowners who refinanced at 3% or below.
- Moving costs have jumped nearly 20% in the last five years, deterring renters too.
- Rental deposits + application fees now average $2,400 per move, up from $2,000 in 2018.
Neal's Take:
It's not that people don't want to move—it's that they can't afford to. High interest rates are trapping families where they are.
🧑💻 Has Remote Work Killed Job-Driven Relocation?
In short — yes, largely.
- Remote/hybrid jobs have reduced the need for employees to relocate.
- Job-related moves now make up just 7% of all moves — down from 20% in the 1990s.
- Tech hubs and finance centers are seeing less inflow of talent, as workers choose affordability and flexibility over geography.
Neal's Take:
Work-from-home changed the game. Jobs no longer drive mobility the way they used to.
How Are Demographics Shaping Mobility Trends?
The U.S. population is aging — and that’s slowing things down.
- Older adults are aging in place longer than ever before.
- Fewer young renters are forming new households.
- 1 in 3 adults aged 18-34 still live with parents, delaying first moves and first mortgages.
Neal's Take:
Work-from-home changed the game. Jobs no longer drive mobility the way they used to.
Neal's Take:
Demographics matter a lot. Fewer young renters starting households is holding back housing demand and reducing mobility.
🧑💻 Has Remote Work Killed Job-Driven Relocation?
In short — yes, largely.
- Remote/hybrid jobs have reduced the need for employees to relocate.
- Job-related moves now make up just 7% of all moves — down from 20% in the 1990s.
- Tech hubs and finance centers are seeing less inflow of talent, as workers choose affordability and flexibility over geography.
What Does This Mean for Real Estate Investors?
Lower mobility isn’t all bad — it’s redefining opportunity.
- Lower turnover = tighter inventory for both buyers and renters.
- Landlords can expect:
Longer lease terms, Reduced vacancy risk, Higher tenant stability - National rental vacancy rate: 6.4% (down from 7.8% a decade ago).
Neal's Take:
Less moving means much more stability and less turnover for landlords. More long-term tenants might be the real silver lining.
📊 Summary: The New Mobility Landscape
| Factor | 1980s | 2020s | Impact |
|---|---|---|---|
| Annual mobility rate | ~17% | 8.4% | ↓ 50% |
| Mortgage rate | 9-10% | 6.5-7% | High lock-in effect |
| Job-related moves | 20% | 7% | Remote work shift |
| Median age | 30 | 39 | Fewer young movers |
| Renters moving | 25% | 16% | Higher moving costs |
final thought
For those playing the long game, stability might just be the new growth.