Millennials are less likely to move more than other generations

The millennial generation in America have been moving less frequently than before. 11.2 percent of Americans moved homes from 2015 to 2016 which is the lowest since the start of the Census in 1948. Before 1985, more than 20 percent of Americans were moving in a year but the rate has been declining since then.

Richard Fry of Pew Research Center believes one of the factors for the lower moving rate for millennials is the difficulty of owning a home. After the housing bubble burst of 2008 the stricter lending regulations combined with high student debt can make it difficult to obtain a loan to buy a house. Buying a house is another reason people would want to move.

Richard Fry also thinks it’s because of the relative immobility of millennials. 25-35 year olds are moving slower than people of the same age for the past 50 years. This is surprising considering they have lower probability of a house, child, or a spouse which usually persuades them to be immobile.

A result from the financial crisis of 2008 could also be a major factor with the slow recovery after it. A major reason for moving is a job, besides more space and nicer house, so the recession of 2008 left a weak job market. This leaves a lot of millennials without the confidence to make a huge purchase like a house with a long-term mortgage.

Martin Bell and Elin Charles-Edwards of Queensland Centre for Population Research found that moving rates everywhere have been decreasing. From 1990 to 2010, Canada, Australia, and New Zealand have had declining moving rates. Only developing counties have had rising moving rates rise in recent times.

An 1971 research paper by Wilbur Zelinsky proposed the mobility of citizens will decline after a period of rapid urbanization. Since the United States urbanization is declining, the moving rate has also declined.

An interesting perspective of why millennials of this generation might be more withheld to move. This could be a result from rapid urbanization or a more generational trait of immobility. Though the actual reason is unknown, if the reason could be the difficulty to obtain a mortgage thinking of regulations and how it will affect the different generations is key to keeping a healthy housing market.

In reference to The reasons why millennials move less frequently than previous generations by Dan Kopf on 5 July 2017 in Quartz.

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