Americans Are Migrating At Record Low Numbers
Data released by the Census revealed that the rate in which Americans are migrating is at an all time low. This rate in combination with a low housing supply has added to difficulties within the housing industry.
"Just 9.8% of the U.S. population moved during the year ended in March, the lowest level in Census records going back to 1947," according to HousingWire.
"That’s half the 20% average seen from the end of World War II through 1970. It declined to 18% in the 1980s, 17% in the 1990s and 14% in the 2000s."
The report also pointed out that much of the slowed rate in migrating Americans can be attributed to aging Baby Boomers that are "aging in place." It also revealed that low inventory was a contributing factor as well.
"Lawrence Yun, chief economist for the National Association of Realtors, said despite historically low mortgage rates, U.S. home sales have not commensurately increased, in part due to a low level of new housing options," according to the report.
To learn more about why more Americans are staying put, click on the image above.
