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Nobody’s Buying Homes, Nobody’s Switching Jobs—and America’s Mobility Is Stalling (www.wsj.com)

submitted 1 week ago* (last edited 1 week ago) by cm0002@piefed.world to c/usa@midwest.social

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Americans are moving at record-low rates, with only 7.8% relocating in 2023, the lowest since 1948. Families are stuck in homes that are too small or no longer suitable due to high mortgage rates, limited inventory, and skyrocketing prices. Those who have low-rate mortgages are reluctant to sell.

Workers are less likely to switch jobs or relocate for work than in previous decades. Recent grads face long, difficult job searches, often turning down offers due to low pay or lack of relocation support. Many are choosing to stay local, even if it means settling for less.

Employees with low mortgage rates, stock options, or bonus plans are staying put to avoid losing financial perks. Dual-income households and family obligations further reduce mobility.

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[–] givesomefucks@lemmy.world 34 points 1 week ago

This was the big problem with the hustle of having to change companies instead of being promoted.

At any moment an industry could nosedive and job openings disappear. If you can't keep up with inflation via annual raises, you start losing salary. You're trapped, and if you're downsized you're absolutely fucked.

Silver lining is shits gonna get so bad the next three years, people will rember why we had unions