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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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[–] TonyOstrich@lemmy.world 4 points 1 week ago

I find the "... sell for so little" part to be the bull shit part. I'm currently renting a house. My landlord, that owns multiple properties across the city, recently offered all of their tenants the opportunity to buy their houses. The records are public, they bought the house a little after Covid and did some fixing up. They are asking for nearly 3x what they paid for it.

Now they actually did a good job compared to some horror shows I have seen, but not 3x the cost as good. I'm not opposed to people making a small profit off of a property, that amount is just pure greed. At current interest rates buying the house would make my monthly housing costs (mortgage, taxes, insurance, PMI, etc.) more than rent currently. They could have literally thrown out a price that would have resulted in my monthly housing costs exactly match rent and still made a ludicrous profit, but fuck that apparently.

What baffles me about individual homeowners who are happy their home has appreciated so much and would be upset if the value suddenly dropped is how short sighted it seems. Taxes exist (as they should). If the cost of homes keeps outpacing the rise in wages at some point it doesn't matter how valuable the home is, they won't be able to afford the taxes.

But what the fuck do I know, I'm just some pleb surf that doesn't think something like housing should be viewed as an investment vehicle.