January 23rd, 2013 categories: Chicago Real Estate News
Here’s another sign that the U.S. economy, and its housing market, is on the mend: U.S. residents are moving more frequently again.
According to a recent story by REALTOR® Magazine, citing data from the U.S. Census Bureau, about 11.8 million U.S. residents moved to a different county in 2011. That represents about 3.9 percent of the country’s population.
Of course, the weak economy has taken its toll, and has lowered the number of U.S. residents making big moves. Though the number of U.S. residents moving is again on the rise – the 2011 number represents the highest number of moves since before the Great Recession hit – it is still low when you look at the years before the recession.
But the absolute lows came in 2009 and 2010. Back then, moves to different counties fell to about 3.5 percent of the country’s population. That is the lowest these moving figures have been since the federal government began tracking this data in 1948.
The higher number of moves is good news for both the U.S. economy and the country’s housing market. That’s because, according to the REALTOR® Magazine story, people tend to move to new counties because they have received a new job that requires them to relocate.
Of course, we all want to see more people get more new jobs. If unemployment can fall, consumers will gain confidence. And our country thrives when consumers are confident. Confident consumers spend more money at restaurants, movie theaters and department stores. They’re also more willing to make big purchases, such as buying a new home.
There’s plenty of evidence that consumers who have been waiting for housing prices to reach their bottom are now stepping back into the housing market. That’s great news for homeowners, both in Chicago and across the nation, who have been trying to move their residence.