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Pew Research Center: Americans are moving at historically low rates, in part because Millennials are staying put
Americans are moving at historically low rates, in part because Millennials are staying put
Americans are moving at the lowest rate on record, and recently released Census Bureau data show that a primary reason is that Millennials are moving significantly less than earlier generations of young adults. In 2016, only 20% of Millennial 25- to 35-year-olds reported having lived at a different address one year earlier.
pewresearch.org




They left out a key point when talking about Millennials buying homes: wages have fallen and prices have gone up. It is difficult to afford a house, car, and child if you are saddled with $40,000 in student loan debt any only making $42,000 a year.
I wonder how many of them are because they're still living with their parents...
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Seems like housing rates have gone up over the last few years, so they would make more money BY selling it than keeping it?
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Ah, got it. I didn't think about if they refinanced. I was just thinking that even if they had only owned for 5 years and had only paid off 20%, as long as the value they can get for it is more than what their mortgage is, then they'd be able to pay off the debt and still walk away richer.
There may also be another force at work, too. When people feel threatened they tend to hunker down more. What starts as a house becomes a home, then it shifts into being a stronghold. Ultimately a fort? The more uncertain the climate or economy gets, the more people may keep a grip on what they have versus letting go. At least that's my guess.