In the 1950s, nearly 20% of Americans packed up and moved each year. In 2023, that number was just 7.8%, the lowest since records began.
And the rate hasn’t budged in 2024.
A Wall Street Journal report and last week’s Knowledge Brokers Podcast unpack why America’s mobility is frozen, and what it means for real estate.
Byron Lazine, Lisa Chinatti, and Tom Toole talked about the implications of the data for families and Gen Z job seekers, as well as for real estate professionals. Families are stuck in houses they have outgrown, workers are clinging to “good enough” jobs, and Gen Z is entering adulthood with fewer options and more debt.
Together, the WSJ data and the KBP debate paint a picture of what is holding the market back and where agents fit in.
Housing Handcuffs Are Tighter Than Ever
For families, the so-called “golden handcuffs” are keeping them locked into homes they no longer fit. The WSJ highlighted Brandon and Katherine Righi of Summit, NJ, who bought a 1,100-square-foot home in 2017 with a 3.6% mortgage rate.
Now with three kids, they wanted to trade up, but moving would double their monthly payment at today’s rates. They abandoned the idea and stayed put.
Empty nesters are in the same position. Bob and Ann Ruffatto, in suburban Chicago, wanted to downsize after 35 years. Their mortgage is paid off, but they can’t find a suitable smaller home because so many sellers are hunkering down.
The result is gridlock. Redfin data cited by the WSJ shows a median-income family now spends 39% of earnings on housing, up from 30% a decade ago.
And in 2024, home sales dropped to the lowest level in nearly 30 years.
On KBP, Byron Lazine put it bluntly:
“The golden handcuffs right now in the market are tighter than ever.”
Job Mobility Has Stalled Too
Housing isn’t the only place Americans are stuck. The WSJ reported that job-switching rates have dropped from 2.8% per month in the late 1990s to just 2.3% in the 2020s. Employers requiring relocation fell from about 10% of placements in 2022 to only 2 or 3% in 2024.
Workers are hanging onto jobs not because they love them, but because they can’t afford the risks of moving.
Lisa Chinatti emphasized what this means for families:
“Because people are staying in these jobs longer than they have historically, there’s not as many openings at the lower levels because people aren’t making that migration up and around and having that movement.”
For younger workers, the consequences are severe. The WSJ told the story of Josue Leon, an engineering grad from Texas who applied for more than 200 jobs. He turned down an offer in Massachusetts because there was no relocation package and housing was unaffordable.
He eventually found work in Texas, but only after piling up credit card debt and delaying independence.
Another example from the WSJ is Grace Ahn, a California grad with a fine arts degree, who applied for 20 jobs a day and tracked them in a spreadsheet. She is now making $22 an hour in a job unrelated to her field. “At first I was so naive, so excited. I was like, the whole world is my oyster. The oyster has now expired,” she said.
These stories mirror what agents see in the housing market. Entry-level buyers are locked out, and even well-qualified young professionals are staying put.
The College Debt Trap
The KBP hosts did not shy away from the role of education policy in today’s stalled mobility. Byron argued that government-backed loans have inflated the cost of tuition, leaving graduates shackled before they even buy a home.
“College isn’t for everybody. Forcing people into believing that college is the answer is setting them up for this 10-year period of in their 20s when they’re supposed to be kind of exploring and testing, taking risks, taking chances. It’s setting kids up in their 20s into their early 30s [for] a decade of depression and feeling stuck and feeling like they’re never going to get there.”
Tom Toole added another parent’s perspective:
“I asked my financial adviser specifically how much do I need to save every single year to put in a college savings account for them. And there’s a small tax benefit in Pennsylvania, not a huge one. And what do I need to do? That’s the approach we’re taking. Now, not everyone’s in a position to do that. That’s the reality. And it’s that people feel forced to go to college.”
For agents, this backdrop matters. The next generation of buyers is entering the market with debt, delayed careers, and diminished confidence in upward mobility.
Schools, Business Owners, and the Hiring Disconnect
A lively KBP debate centered on what schools and business owners should be doing (or doing differently) to alleviate Gen Z’s struggles. Byron did not hold back when it came to public schools:
“Nothing worse than a public school guidance counselor. I’m sure there’s about 5% that are probably pretty good. Ninety-five percent of them have no applicable skill in the real world and they’re just telling kids you got to get ready to apply for college….And they’re setting kids up for failure.”
Lisa Chinatti countered that business owners could do more to highlight opportunities for young people without degrees:
“As business owners, we need to be doing a better job of communicating… would either of you hire a marketing person without a marketing degree? … Are you broadcasting that? That’s what we need to be doing if we’re going to solve this.”
Byron acknowledged her point, saying that while most owners already do plenty, they could broadcast more clearly when they’re willing to hire based on initiative rather than credentials.
Hiring anecdotes at BAM show how unprepared many applicants are. BAM Head of Video Bobby Kawecki described the hiring process for a video editor:
“I asked for this person to just clip out two clips from any podcast on our channel, and I gave them the exact clips that we’re looking to emulate. I also asked, ‘Can you record a three to five-minute Loom video just so I can understand your thought process on this? You have two days,’ which is ample time to do so.
“Of all the applicants I’ve got back, one person has done it completely. Everybody else has [either] not done the Loom video or just not read the Google doc.”
The lesson: Gen Z isn’t just blocked by debt. Many are entering the job market unprepared for the initiative employers expect.
What This Means for Real Estate Professionals
Declining mobility affects every corner of the market. Families can’t move up, downsize, or buy for the first time. Workers aren’t relocating for jobs. Young adults are stuck with debt and job expectations that don’t match the reality of life beyond the classroom.
That’s not a new thing, by the way. Back in the 1960s, my dad was told to “get a degree—any degree,” because it would give him an edge over applicants without a college education. Even then, that advice failed him. And it had real consequences for his ability to own a home.
For agents, the challenge isn’t just selling homes but also helping clients navigate the realities of a market where options feel limited. And conversations are where you can plant seeds for a better future for them and their families.
Here are three takeaways from the WSJ article and Friday’s KBP discussion:
- Acknowledge the handcuffs. Clients know they are stuck. Agents who validate those feelings and explain the broader context earn trust.
- Educate with data. Use stats like the 7.8% mobility rate or Redfin’s 39% housing cost share in your conversations and marketing. Data cuts through frustration.
- Spot opportunities in constraints. Families still need solutions. Downsizers, dual-income households, and first-time buyers may be open to creative paths like nearby rentals, new construction, or multi-gen living.
What are you doing this week to help your clients better understand the realities of today’s market?
