Americans, especially millennials, are shunning moves of all kinds with increasing frequency this year, a new study finds.
When Rebecca Obeng began hunting for a new job after finishing medical training in Chicago, she didn't expect to end up in Cleveland.
Obeng, who's originally from Ghana, went to medical school in Virginia and then a residency in Georgia. But the Midwest struck her as a place to stay. The University Hospitals pathologist ended up buying a home in Mayfield, OH, after finding many more affordable options than the Windy City held.
"The job was the type of structure I was looking for, but beyond that, I really liked Cleveland when I visited. I was quite surprised," Obeng tells Realtor.com®. "It's just very green. Not too overwhelming. And feels like it has this rich history and tradition."
"And my rent in Chicago was pretty much what I'm paying for my mortgage now," Obeng continues. "It ended up being a much better value in terms of housing."
Moving for work is ubiquitous in America, and so is trading the big city for a more affordable life elsewhere. But a recent analysis by Bank of America found that Americans, especially millennials, are shunning moves of all kinds with increasing frequency. And that has implications for an already challenged housing market.
According to recent U.S. Census Bureau data, the nation’s residential mobility rate has fallen to a historic low of roughly 11%, down from the 20% annual mover rate recorded during the mid-20th century. This represents the lowest level of geographic movement recorded since federal tracking began in 1948.
Rebecca Obeng traded Chicago for Mayfield, OH, where she says her house's mortgage is on par with Windy City apartment rents. (Odessa Chhim) Broad-based slowdown in moving
Bank of America's data found a broad-based slowdown in moving. That includes both long-distance moves and moves within cities. Millennials in particular see the sharpest pullbacks. But aside from Gen Z, all age groups are increasingly staying put, the data found.
Relocations typically show a rise in the spring and a trough late in the year, matching the seasonal housing market cycle. But the historical shape of the data has been replaced by a sharp drop that has mostly persisted since late 2025, Bank of America found.
"Americans are moving less, and the slowdown is broad-based," wrote Joe Wadford, an economist at the Bank of America Institute. But lower-income households and millennials are seeing the sharpest pullbacks.
"When people do change locales, they still favor smaller cities, especially those in the Midwest," Wadford said.
Meanwhile, those who would typically move to new homes in the same city seem to be favoring renovating their properties instead of moving, Bank of America said.
The overall decline in moving means people are spending more on furniture and home improvement, and less on moving services, Bank of America's internal data found. And those who put more money into their homes are often using their home equity to finance the upgrades. For instance, with a home equity line of credit or HELOC loans.
Elevated mortgage rates likely play a role in the trend, with homeowners who have low rates locked in reluctant to move and take on a new mortgage at rates of nearly 7%.
Atlas Van Lines' annual report on corporate relocations found more employees are turning down the chance to move for work. Many of them cite moving costs. More than a quarter cited housing costs, and about the same number cited mortgage rates.
Lifestyle, the data suggests, is also a factor. Atlas also found movers had a preference to be near family. In Obeng's case, it was a big plus to avoid the daily hassle of traffic, as she'd found in her past cities.
Atlas Van Lines' data shows half of employers still want to increase relocations. And they're hopeful more workers will warm to the opportunity.
Midwestern edge
The Midwest has been a bright spot in much of this year's housing data: New homes are still being built and sales are still good, with people attracted to the affordability.
Cleveland ranked 16th among the fastest-growing metros in Bank of America's study, which noted half-percent population growth in each of the first two quarters of 2026. Nearby cities such as Indianapolis and Columbus saw similar trends.
Katie Madio, a Keller Williams real estate agent in Hudson, OH, is herself a Midwestern "boomerang," having returned to Ohio a decade ago after living in Santa Monica.
Katie Madio, a Keller Williams real estate agent in Hudson, OH, said the local housing market is booming. "I'm slammed right now, I don't think I've ever been this busy," she said. (Holly Michelson) She says social media has helped chip away at the perception that movers have to leave their lifestyle behind when they move. The space and the activities available in the Midwest are a constant factor.
"We realized the affordability here is night and day from California," Madio says. "And I hear that a lot now; people don't realize how much they're going to gain when they move to the area."
"People want to live in regions where they feel like they can be a part of the future," says Baju Shah, CEO of the Greater Cleveland Partnership. Economic development organizations like his used to be concerned with attracting jobs and tax revenue. But housing is the foundation of that strategy.
The group has convened a "talent alliance" to strategize how to attract people to the area, while keeping existing residents from leaving. The tough housing market won't last forever. But when the market improves, the alliance wants to show how the city's living options can still win out. It's encouraged localities to update their housing inventory and promote a range of housing options.
"It's all-around placemaking," Shah says. "If talent has a choice, we have to create a community that appeals and towns that have housing options and affordability."