Less Americans are moving, according to Census Bureau data released Wednesday and published by The New York Times.
Just 9.8% of Americans moved in the year ending in March, the smallest share since the bureau started tracking those statistics in 1947. The reason: a rising housing market and low-wage jobs. Among millennials, slowdowns in the housing and job market and delays in marriage have pushed relocation rates down.
Younger people are moving less than before, according to the data, though economists still cannot pin the exact reason.
"The decline in migration is really widespread," Abigail Wozniak, an economist at the Federal Reserve Bank of Minneapolis, told the Times. "It applies to all demographic groups — younger and older workers, renters and homeowners, more-educated and less-educated workers."
Less wealthy parts of the country continue to be stagnant.
"It used to be that poorer places grew faster, but that's gone," Jay Shambaugh, an economics professor at George Washington University, told the Times. "This is a really different economy than it used to be. It's one where places that struggle continue to struggle."
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