America’s Declining Mobility Impacts Millennials The Most

Only 11.2 percent of Americans moved last year, a new all-time low. Only 20 percent of Millennials moved, significantly lower than in 2000, when 26 percent of Gen Xers, who were at the same age, moved.

Curbed reports that the lack of mobility is making young adults feel stuck in place. With fewer people moving, fewer homes are available, and many Millennials are forced to rent, often at high prices.

Buying a home is tougher with fewer homes to choose from. Homes fly off the market faster, and in many cases buyers end up in bidding wars, which drive up prices.

The decline of new home production is one of the main reasons for decreased mobility, as is older buyers capitalizing on the “lock-in effect.” Owners with favorable mortgages aren’t keen on selling.

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