A mere 9.8% of Americans changed residence this year, the lowest total since the Census Bureau started keeping track of annual migration statistics seven decades ago. Why? Young people aren’t moving as often as in the past.
Before the Great Recession, in 2006, 29% of those 20 to 24 reported moving in the most recent year. This year, only 20% did. Millennials, historically the most mobile generation, face greater barriers to mobility, such as higher housing costs. Even renters are moving at significantly lower rates. 19.7% of renter households (who tend to be more mobile than homeowners) moved, down from 30.2% in 2005-06.
The share of Americans who moved in the past year is about half of the number in the 1950s, when about one-fifth of the population moved each year.