Today’s young Americans are less mobile than the previous four generations were at the same age, The Wall Street Journal reports.
In 2016, just 20% of 25- to 35-year-olds said they changed addresses in the previous year, according to a new analysis by the Pew Research Center, which examined recent U.S. Census data. By contrast, in 2000, 26% of members of Generation X said they had moved in the previous year.
In 1990, 27% of late baby boomers said they had moved in the prior year.
Many young people are stuck in place in part because of their inability to buy a home or their lack of interest in doing so. It is also more difficult for many to buy a home because of tight credit and rising rents and U.S. home prices that have made it difficult to save for a down payment.
In all, just 6% of millennials who moved last year said their primary reason was to own a home. In 2000, 14% of Gen X movers had that motivation.
The low homeownership rate among young adults has been one of the biggest dim spots in the housing-market recovery. The homeownership rate among households headed by someone 35 or younger fell to 34.7% in the fourth quarter of last year, down from 39.2% in the fourth quarter of 2010, according to U.S. Census data.
While recent data have shown an improvement in employment opportunities and wages for young adults, Richard Fry, a senior economist at Pew, says mobility could pose a long-term obstacle.
“I think this is an indicator that opportunities may still be limited for today’s young adults,” he says.
