The nation's geographic mobility rate has dropped to a record low. One factor behind the decline is the Millennial generation—younger adults, the people most likely to move. But younger adults aren't moving like they once did, reports Pew Research Center's Richard Fry. He examined trends in the geographical mobility rate of 25-to-34-year-olds over the past 50-plus years. The mobility rate of the age group was at all-time low of 20 percent in 2016.
Percent of 25-to-34-year-olds who moved in past year
What accounts for the decline? One reason is the modest jobs recovery, suggests Fry. Job opportunities are not good enough to entice Millennials to move. Student debt also may be a factor, he says, preventing Millennials from buying homes. A survey of student loan borrowers by American Student Assistance confirms the impact of student debt on mobility. Among people with student loans, 43 percent say their debt has forced them to delay moving out of their parents' home, 46 percent say it has forced them to delay living on their own without roommates, and 57 percent said it has affected their ability to purchase a home.
Source: Pew Research Center, Americans Are Moving at Historically Low Rates, in Part Because Millennials Are Staying Put