Why Aren’t You Moving?
In the 1950s and 60’s, some 20% of Americans moved each year. That rate has been declining steadily since I got into the business 36 years ago, and has now dropped the last two years to a staggeringly low rate of about 7.8%. That means we went from moving on average every 5 years to about every 13 years! The last 3 years have been particularly tough because of the massive inflation runup during the Biden administration, which necessitated the Fed response on rates. Mortgage rates basically doubled in less than 6 months, a shock and market distortion we are still dealing with. But other reasons were driving the trend before that, too.
I’m curious what the reasons are that you, my readers, might have for not moving. Is it the golden handcuffs of an existing low rate? Reduced ability to work remotely? Lack of job opportunities in preferred areas? Revolving debt loads? It would be great to hear from some of you on what challenges you are facing that might keep you from making a move you’d otherwise like to make. So please reach out. Not just for sharing information that might be helpful to other readers, but also because there might be some solutions we could come up with together.
Enjoy the remainder of the summer!
It’s a good life.
Chris
