United States | News & Politics

3207 readers

474 users here now

Welcome to !usa@midwest.social, where you can share and converse about the different things happening all over/about the United States.

If you’re interested in participating, please subscribe.

Rules

Be respectful and civil. No racism/bigotry/hateful speech.

No memes.

Post news related to the United States.

founded 2 years ago

MODERATORS

simsymbiote@midwest.social

Type1@midwest.social

exposingfash@midwest.social

137

Nobody’s Buying Homes, Nobody’s Switching Jobs—and America’s Mobility Is Stalling (www.wsj.com)

submitted 1 day ago* (last edited 1 day ago) by cm0002@piefed.world to c/usa@midwest.social

18 comments fedilink hide all child comments

Americans are moving at record-low rates, with only 7.8% relocating in 2023, the lowest since 1948. Families are stuck in homes that are too small or no longer suitable due to high mortgage rates, limited inventory, and skyrocketing prices. Those who have low-rate mortgages are reluctant to sell.

Workers are less likely to switch jobs or relocate for work than in previous decades. Recent grads face long, difficult job searches, often turning down offers due to low pay or lack of relocation support. Many are choosing to stay local, even if it means settling for less.

Employees with low mortgage rates, stock options, or bonus plans are staying put to avoid losing financial perks. Dual-income households and family obligations further reduce mobility.

you are viewing a single comment's thread
view the rest of the comments

[–] Newsteinleo@midwest.social 0 points 2 hours ago

Mortgage rates are not the issue, is the quarter to half million they want for a bungalow that was built in the 50s. Houses are unaffordable because the housing market is the highest its ever been. People treating houses as investments isn't helping the problem. 1/3 of all homes in my city are rentals.