Fewer Americans are packing boxes and changing addresses ā mobility has hit record lows, reshaping real estate dynamics nationwide.
š Why Has U.S. Mobility Hit Historic Lows?
Only 8.4% of Americans moved in 2023, the lowest on record ā 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!
šø 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 moveāit's that they can't afford to. High interest rates are trapping families where they are.
š§āš» Has Remote Work Killed Job-Driven Relocation?
In short ā yes, largely.
- Remote/hybrid jobs have reduced the need for employees to relocate.
- Job-related moves now make up just 7% of all moves ā 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.Ā Jobs no longer drive mobility the way they used to.
How Are Demographics Shaping Mobility Trends?
The U.S. population is aging ā and thatās slowing things down.
- Older adults areĀ aging in placeĀ longer than ever before.
- FewerĀ young rentersĀ are forming new households.
- 1 in 3 adults aged 18-34Ā still live with parents, delaying first moves and first mortgages.
Neal's Take:
Demographics matter a lot.Ā Fewer young renters starting households is holding back housing demand and reducing mobility.
What Does This āØMean for Real Estate Investors?
Lower mobility isnāt all bad ā itās 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 meansĀ much more stability and less turnoverĀ for landlords. More long-term tenants might be the real silver lining.
š Summary: The New Mobility Landscape
| Factor | 1980s | 2020s | Impact |
|---|---|---|---|
| Annual mobility rate | ~17% | 8.4% | ā 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,Ā stability might just be the new growth.