With the economic slowdown, people are staying closer to home. People are moving less than at anytime since 1962. Even immigration has slowed down.
From the The Wall Street Journal:
We are normally thought of as a country on the move, but now all levels of migration have almost come to standstill,” said William Frey, a demographer at the Brookings Institution, a Washington think tank. “People are just staying put.”
The national mover rate was 11.9% last year, meaning 11.9% of the people lived in a different dwelling than they did the year before. That was down from 13.2% in 2007. In total, about 35 million people moved last year, down from about 39 million in 2007.
With home values falling, many people have stayed in place, either because they can’t sell their homes or aren’t happy with prices offered.
Source: Wall Street Journal: