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

submitted 5 days ago by yogthos@lemmygrad.ml to c/news@hexbear.net

17 comments fedilink hide all child comments

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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[–] marxisthayaca@hexbear.net 7 points 4 days ago

For the record, new homes are built with such shoddy craftsmanship, you should not be buying in this market. They've cut every corner they possibly can while trying to sell you on a 5-7% mortgage at half a mill or more.