Consistent with other negative housing trends, like those highlighted in the recent Q1 Zillow Real Estate Market Reports, the U.S. Census Bureau recently released the latest numbers from its Geographical Mobility study, showing a 9% decline in the national mover rate from 2007 to 2008. Just over 35 million people, or 11.9% of the population, moved in 2008. Compared to previous years, this is a significant drop. The Census Bureau reported that this is the lowest rate since they began tracking this data in 1948. Here’s a look at the numbers since 2001:
Some other interesting stats from this report:
Who moved? A large majority (76%) of movers were under the age of 40.
Where were they from? Two-thirds of those who moved lived in the South and West.
Where did they go? Among 2008 movers, 83% moved within the same state, while 13% moved to a different state and 3% moved to another country. Cities within metropolitan areas lost 2 million movers, while the suburbs gained 2.2 million movers.
Why did they move? The most common reasons for moving were housing related, such as the desire to own a home or live in a better neighborhood.