ToplineThe number of Americans who changed their addresses in May and June dropped nearly 10% this year, according to a new Pew Research Center report released Monday, as rising interest rates and rents cause fewer Americans to move. The number of Americans who moved in late spring of this year dropped in every state, according to ... [+] Pew Research Center, with the biggest decreases in Maryland and New York. Key BackgroundEconomists cite rising interest rates and rental costs for the recent decline in the number of Americans changing addresses. Meanwhile, mortgage rates have climbed as the Federal Reserve raises interest rates in an attempt to curb skyrocketing inflation. Although rates fell to 4.99% last week, they’re nearly double where they were this time last year (2.77%).

Source: Forbes August 08, 2022 23:47 UTC