Fewer people are moving, but more millennials are doing so to own a home

In the past three decades, the share of people who changed homes within the U.S. has decreased by nearly half, from 20.2 percent who moved between 1984 and 1985 to 11.7 percent who moved between 2012 and 2013.

The reasons behind the drop include declining labor market transitions, rising homeownership rates and an aging population, the National Association of Home Builders reported, citing Federal Reserve researchers.

After 30, the share of people who move declines with age. Given the rising number of seniors, it is unlikely that geographic mobility will return to its prior level.

But there is some positive news in the reasons behind why the most mobile age group, those between 25 and 29, are moving. According to the Census Bureau, 23.2 percent of those in that age group moved between 2012 and 2013. The most common reason was to establish their own household at about 14.2 percent, followed by obtaining new or better housing at 13.9 percent.

For the second straight year, the share of movers doing so to own rather than rent a home increased, according to the NAHB. Between 2012 and 2013, 5.2 percent of all movers in this age group did so to own rather than rent, whereas between 2011 and 2010, 4.4 percent did so to own rather than rent, the trade group said.

Source: NAHB

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