NEW YORK (CNNMoney.com) -- Americans have tamed their wanderlust during this recession, according to the latest data released by the U.S. Census Bureau. Only about 2.4% of Americans moved from state to state in 2008, down from 2.5% the previous year.
"The mobility rate is lower than it has been in years," said Robert Lang, a demographer with Virginia Tech University. "There's a recession and a housing bust. People can't sell their homes in California and move to Las Vegas or sell their condo in Florida and move toNorth Carolina."
"People are hunkering down, trying to hold on to what they have," added Andy Beveridge, a demographer and sociology professor at Queens College in New York. "It's a depression, recession mentality."
Plus, a good portion of the population has reached the age where the charm of a new place is more than offset by the fetters of life and responsibilities. "A large share of the population is at the age where they're settled," Lang said. "The baby boomers have good jobs and most are not ready to retire."
Larry G Potter
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