2. We're moving less
Fewer than 10% of Americans moved to new places in the 2018-2019 year, the lowest rate since the Census Bureau began tracking domestic relocations in 1947, writes Kim Hart, mayor of Axios Cities.
- Why it matters: Despite a strong economy, more people are feeling locked in place.
- Young adults, who have historically been the most mobile, are staying put these days thanks to housing and job limitations.
- So are aging adults who are reluctant to (or can't afford to) make a move.
The share of Americans who moved in the past year is about half the number in the 1950s, when about one-fifth of the population moved each year. That number is now 9.8%, the first time it's dipped below 10%.
- Only 20% of people aged 20-24 moved this past year, down from 29% in 2005-2006.
- Of those in their late 60s, only 4% moved in the past year.
💭 William Frey, a Brookings demographer, said: "[T]he continued decline since the Great Recession and the housing crunch is driven by the millennial population."
The big picture: Decades ago, job markets were more interchangeable and diverse, so it was easier for people with most occupations, from factory workers to bankers, to find jobs in a variety of places that were relatively affordable.
- Now, though, industries are clustered in specific regions, middle-class jobs have declined, and housing prices are rising in many prosperous areas.
What's next: Immigrants are contributing significantly to population growth.
- Frey predicts first- and second-generation immigrants may drive a future increase in mobility.
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