Tuesday, November 15, 2011

Mobility Rate Plunges

The nation's mobility rate has plunged to a new low, the Census Bureau reports. Only 11.6 percent of Americans moved between March 2010 and March 2011, down from 12.5 percent in 2009-10. Overall, 35 million people moved to a different house in 2010-11, down from an all-time high of 46 million in 1984-85. This is the smallest number of people who moved since 1959-60, despite the nation's population growth.

Even more dramatic was the decline in the mobility rate of homeowners as the paralyzed housing market prevents people from selling--and buying--homes. Only 4.7 percent of homeowners moved between 2010 and 2011, down from 5.2 percent in 2009-10. Not only is the homeowner mobility rate at an all-time low, but the 9.7 million homeowners who moved is the smallest number on record.

Source: Census Bureau, Geographical Mobility: 2010-2011

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