As September comes to an end, it seems like people didn’t move as much this year, less U-Haul trucks blocking up Beacon Hill Streets. Obviously, the COVID-19 had a major impact on our busy September move-in month.
But its not the entire story…
From my favorite housing economist:
“Just 9.8% of Americans changed their residence between 2018 and 2019, the lowest percentage since such record-keeping began in 1947/48! This new low is occurring amidst the weakest population growth on record, limited immigration and an aging society. Most troubling, however, just 20% of those between the ages of 18-34 (Millennials) moved this year, down from 29% as recently as 2005/06. Reduced mobility reduces economic opportunities and GDP growth.” Elliot F. Eisenberg, Ph.D.
It is easy to see how reduced mobility reduces economic opportunities and GDP growth. My business is impacted directly. I have far fewer clients who are relocating due to job changes and many of my past clients mostly stay put.
Is the fact that people are moving less often a glitch or is it part of a new normal?
I should probably mention that I have lived in the same townhouse for over 20 years . .