U.S. renter and homeowner mobility rates decline

U.S. Census data indicates a significant decline in renter mobility across the country. In Colorado, renter mobility rates dropped from 35.1% in 2014 to 29.2% in 2024. Conversely, states like New York, New Jersey, and California report much lower mobility rates, with New York at 13.4%.

The trend extends to homeowners as well. According to Harvard University’s Joint Center for Housing Studies, U.S. households changed addresses at a rate of 11.2% in 2024, the lowest figure on record in the American Community Survey and a 25% decrease from 2006 levels.

Analysts suggest elevated mortgage rates are a primary driver, as homeowners are holding onto properties longer. A Redfin report notes that the median duration for homeowners staying in a house has nearly doubled from 6.5 years in 2005 to 12 years currently. Experts warn that without market changes, this lower mobility may become entrenched.