Instead of moving across town or even to a different state, Americans are moving less.
According to the, the share of Americans moving has now reached its lowest in history, falling to 8.7% within the last few years.
They can't afford to make the move. The cost of housing versus their down payment and the potential maintenance of the property that's just sitting a lot of buyers out," Pertuset said.They would have to cash in every penny of equity that they have on their current home and even then they would still have a significant mortgage payment when they, even if they're downsizing, I mean, due to the cost of housing," said Pertuset.
Until your standard, your entry level homes become that $2,000-$2,500 mortgage payment again, I don't think we're going to see that many first time homebuyers jumping back in," Kreis said.
Americans Relocating Housing Cost Mortgage Payment First Time Homebuyers Interest Rates Remote Jobs Aging Population
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