Nashville-Davidson

Americans moving less than ever before – Nashville-Davidson, Tennessee

Nashville-Davidson, Tennessee 2021-11-24 13:07:52 –

((((Hill) — Fewer Americans are moving to new homes since the government began tracking, as demographic trends clash with the hot housing market, where prices are rising due to supply shortages.

Only 8.4% of Americans live in a different home than they did a year ago, according to new data from the US Census Bureau. This is the lowest travel speed recorded by the station since 1948.

That share means that about 27.1 million people moved home last year, which is also a record low.

Cheryl Russell, author of a demo memo blog on demographic trends, said the number of Americans moving from one home to another has been declining over the decades. In the 1950s and 1960s, about one in five Americans moved home in a particular year. It dropped to 14% by the turn of the century and to 11.6% 10 years ago.

The more sedentary population continues to fall out of the Great Recession 10 years ago, and the pandemic has put a brake on many people’s plans, resulting in a small number of demographics that have grown as the American population grows older. It is a product of the factor.

Edward Berchick, senior demographic scientist at online real estate company Zillow, said all of these factors contributed to lower home sales.

Older people tend to be less active. And as fewer Americans have children (and the lowest birth rates in history), fewer families feel the need to move to a larger home. The pandemic also alerted buyers who had evacuated to a given location to protect themselves from the virus.

“Currently, there is a lot of uncertainty about long-term plans,” says Berchick. “There is some financial uncertainty, so people just suspend their plans.”

Aging plays an important role. Never before has there been so many residents in the United States over the age of 65. This is the age at which people are most likely to own their own home and are least likely to face the pressure of moving to a new location.

“Older baby boomers are clinging to their homes, as is typical of older Americans,” Russell said in an email. “The baby boomer generation is in the life stage where people are usually placed. Older Americans are increasingly dominating home ownership, and top-heavy age structures reduce inventory and weaken mobility. I did. “

At the same time, those looking for a home have come across some of the best prices ever recorded. Typical home prices are $ 312,000, up 19% from last year and expected to rise another 13% next year, according to Zillow data.

Prices are rising not only in big cities like New York, Seattle, San Francisco and Washington DC, but also in small and medium-sized metropolises.Data edited by Realtor.com, An online real estate listing agency, has found that the hottest markets in the United States are in Manchester, New Hampshire, Burlington, North Carolina, east of Greensboro, and Eureka, California.

The three Indiana cities of Elkhart, Lafayette and Fort Wayne are also one of the most popular markets in the country.

Rising prices mean that people looking for a home are entering a market where the dollar isn’t as high as it once was. The ongoing housing shortage and construction slowed during the pandemic, in part due to supply chain and labor issues, put further upward pressure on those house prices.

According to Census Bureau data, the total number of homes increased by only 6.6% between 2010 and 2020, while the number of vacancies decreased by 8.6%. This shows that the market is tightening rather than expanding.

“In the last few decades, population growth has outpaced housing supply growth,” Berchick said.

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