In 1948, 20% of Americans moved to a new home. What percent moved in 2023, the latest year counted?
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7.8%
Only 7.8% of Americans changed homes in 2023, the fewest in the 75 years the Census Bureau has counted. Federal Reserve researchers trace it to work: Americans switch employers and careers far less than they did in the 1980s, so they have less reason to relocate. Mortgage rates made 2023 worse, with an estimated 1.33 million home sales that never happened because selling meant giving up a cheap rate.
In 1948, 20% of Americans moved to a new home. In 2023, 8% did, the lowest rate in 75 years of records.
Source: US Census Bureau (CPS Historical Geographic Mobility, Table A-1); Federal Reserve (Molloy, Smith & Wozniak); FHFA Working Paper 24-03 · checked Dec 2024