Realities of Real Estate: moving up, moving down, or moving out?

It’s an interesting and well-written article. This bit struck us in particular:

Interestingly, but not unexpected, 2010 and 2011 marked a record low for mobility in America. Only 11.6 percent of us changed residences during that period. That’s the lowest percentage since the Census started tracking this information in 1948. By comparison, 20.2 percent of the population moved in 1985. There are likely many who want to move; but for one reason or another, the Great Recession has frozen them in place. They might owe more on their house than it’s worth or no longer have the financial wherewithal to afford the down payment on a new place or qualify for a loan under the more stringent lending standards.

It makes sense, since this has been the worst downturn since the Great Depression (which started in 1929).

It seems that this is also good for landlords. People can’t afford to buy yet (haven’t been able to save for a down payment) and once they can move, they might not want to be tied down via ownership after having been so stuck for so long.

Read the whole article: The Realities of Real Estate: Are you moving up, moving down or moving out? – CapitalGazette.com: Realities Real Estate

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