America’s mobility rates reach new record-low

Packing your things up and hitting the road for greener pastures used to be a common rite of passage in America. But now, it’s becoming as rare as a renter actually reading their lease before signing.

• Roughly 1 in 9 people (11%) changed residences last year, a record low in data going back to 1948, according to a new analysis by rental listing site Point2Homes.
• That's down from ~14% a decade ago, 20% in the 1960s, and ~30% in the 1900s.

Not all states are equal: New Jersey (7.8%) and New York (8.5%) had the lowest shares of movers in 2024 by a relatively wide margin, while residents moved most in Alaska, Oklahoma, and Colorado (~14% apiece).

Driving the moves (or lack thereof)

Several factors are keeping Americans more rooted than ever before:

• Rise in homeownership: Roughly 65% of Americans own a home today, up from ~45% at the start of the 20th century. And homeowners are far less likely to move than renters.
• Increase in quality of life: Americans’ living conditions have improved over the decades, removing the pressing need for many people to move away in the hopes of building a better life.
• Remote work flexibility: The increase in WFH following the pandemic means more Americans can do their jobs from anywhere, and don’t have to keep moving to be closer to a new job or shorten their existing commute.

Bottom line: Analysts say America’s reduced mobility rates over the years has likely contributed to slower economic growth. Fewer Americans moving limits labor market flexibility, slows wage growth, and potentially reduces innovation as workers are less likely to move for better opportunities.