While currently, the average American moves about 12 times in their lifetime, that number is slowing but surely dwindling thanks to the Millennial generation.
According to recently released data from the U.S. Census Bureau, Americans are moving at the slowest pace in history. This is most likely due to the fact that Millennials are choosing to stay at home with their parents rather than buy a place of their own.
Last year, only 20% of Millennials between the ages of 25 and 35 reported living at a different address one year prior. Comparing this number to that of the Silent Generation of 1925-1945, and the Generation X-ers of the early 2000’s, Millennials fall behind by a 6% margin.
It is important to note that the U.S. Census’s data is limited to only older Millennials because they do not gather information on younger students moving away to college.
Some believe that this lack of mobility is hindering the stereotypical “American Dream” this country was founded on. Instead of moving and exploring different cities across the nation, more and more people have crippling debt, no savings, and are simply unable to afford all the expenses of having a new home.
“Mobility was once the cornerstone of the American Dream,” CityLab explains. “But today Americans move less often than Canadians, and only a bit more than Finns or Danes.”
It is no coincidence that this immobility started to happen right after the recession of 2008. With the housing crisis hitting many Americans hard, people got locked into their expensive mortgages with a bleak outlook if they ever wanted to sell their home.
Renters have also been affected by this mobility crisis– their moving rate has steadily declined over the past 30 years due to rising rent costs.
So with this in mind, we know that Millennials are different. They have changed the scope of marriage, think twice before making big purchases, and wait longer than ever to have children. It turns out they’ll be adding signing up for a mortgage to their list of changing practices.