The housing market has recently come to a stagnant standstill when it comes to people relocating from one home to the next. This is in part due to millennials having a plethora of debt that makes it impossible to easily jump from one location to the next. While these statistics seem to be remaining steady, there are certain cities that are experiencing high levels of migration. Even with the high housing costs in Riverside, California people are still seeing a rise in newcomers.
- The lowest rates so far in the 70 years history of record taking, 11 percent, has been recorded recently in the record of the rate of Americans relocating.
- John Cromarties, a US department of agriculture geographer, states that the reason for these low levels is that the times are tougher for those in their 20.
- Although the pool of movers is small and shrinking, this pool is behind the big housing markets because they keep home prices rising.
“Why are more people staying put? Part of it is due to the torrent of millennials, with their mountains of debt and shifting job prospects.”