Mobility Report in the U.S. 2012
Since the housing crash of 2008, the ways and reasons in which people have changed their address or moved has shifted, and often dramatically. We heard about the record foreclosures, job loss statistics and drop of housing valuations. These macro level shifts have significantly impacted the ways and manners in which people move and these shifts in moving patterns can, and do, have a significant impact on financial services retention and revenues.
In this White Paper, we looked at how address change patterns have changed from 2009 through 2011 and the various impacts this has had financial institutions of all sizes. Some of the key findings include the following:
- Nevada continues to outpace every other state with percentage of households that move each year with a 24% move rate. On the other end of the spectrum, New Jersey has the lowest move rate with only 10% of households moving each year.
- New Mexico had the largest increase in people moving into the state versus out of the state with more than a 40% increase. On the other end of the scale was Alaska who lost more than 60% people moving in versus moving out.
- People moving for JOB related reasons moved inversely to people moving for FAMILY related reasons with JOB related reasons declining in 2009 to less than 17% before rebounding in 2010.
- People with higher income households showed the most significant change in their address change behavior. For those areas with an average income above $90,000 we observed the percentage of people moving from a RENTED property to an OWNED property to decline from 16% in 2009 to only 11% in 2010.
- People in the 50 to 65 year age group showed the most significant change in the address change behavior. People moving from an OWNED property to a RENTED property increased from 24% of moves in 2009 to over 30% in 2010.