Americans overall have become less mobile, new Census Bureau data released last week indicates. More than 35 million Americans changed residences between 2012 and 2013, down from 42 million Americans who moved between In 1998 and 1999.
Affluent Americans aren't going anywhere, at least when it comes to where they live, according to a new Spectrem’s Millionaire Corner survey.
Six-in-ten respondents said that are not contemplating moving from their primary residence. Age, not surprisingly, is a key factor in who is most likely to pull up stakes in the future. Younger Affluent Americans under the age of 40, who are perhaps less ensconced in their jobs and in early stages of marriage and parenthood, are much more likely to be planning a move (67 percent) the No/yes gap widens with age, with nearly seven-in-ten of those over the age of 60 indicating they are not thinking of moving from their primary residence.
Likewise, married people are less likely than their single counterparts to be contemplating a move (39 percent vs. 49 percent).
Americans overall have become less mobile, new Census Bureau data released last week indicates. More than 35 million Americans, 11.7 percent of the country, changed residences between 2012 and 2013. In comparison, more than 42 million Americans had a new address between 1998 and 1999, a mover rate of 15.9 percent.
In both instances, housing and family were cited as the main motivations for moving. In 2013, 45 percent of those who moved said they did so because they "wanted a new or better home/apartment," "other housing reason" or "other family reason." In 1999, 43.5 percent gave those same three reasons.
Women moved more than men (18.3 million vs. 17 million), while single people moved more than anyone else (12 million moved between 2012-2013, compared with 9.9 million married couples and three million divorced people).
The youngest respondents were most likely to say that they weren’t all that enamored of where they were living, but they really liked their neighborhood and/or their neighbors.
Across wealth levels, those with a net worth of less than $100,000 were most likely to say they did not want to take on additional debt that a move would entail, while the wealthiest respondents with a net worth of at least $5 million were most likely to offer that they liked their home as the reason they are not contemplating a move.
Related story: Young adults are staying put
Donald Liebenson writes news and features for Millionaire Corner. He has been published in the Chicago Tribune, The Chicago Sun-Times, The Los Angeles Times, Fiscal Times, Entertainment Weekly, Huffington Post, and other outlets. He has also served as a marketing writer for Chicago-based Questar Entertainment and distributor Baker & Taylor.
A graduate of the University of Southern California, he is married with a college-age son. He also writes extensively about entertainment.