American homeowners today are less likely to move because of a new job. Census data finds that 10 percent fewer homeowners relocated for a new job in 2017 than in 2015.
The data is in keeping with a multiyear downward trend, despite population growth at about 20 percent since 1999. In the current economy, home values are up and job opportunities are plenty, yet many housing markets with some of the most appealing jobs are cost-prohibitive, making it easier for homeowners to stay put, Realtor.com reports. Better pay is not always enough of an incentive to relocate either, as many homeowners are unwilling to disrupt their family dynamics by moving.
Dan Gallagher, 46, has been job hunting since the end of 2017, after he left his senior vice president role at Comcast Corp. in the Philadelphia area after 17 years with the company. His four young sons’ lives are a top consideration as he sizes up potential positions. In previous generations, “you had this binding loyalty to the organization and if a promotion meant you had to move, you’d do that,” Mr. Gallagher said. “Today, there’s so many moving pieces.”
