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A comment on Americans Have Never Been So Unwilling to Relocate for a New Job. Parent comment

Re:Americans Have Never Been So Unwilling to Relocate for a ... by nradov on Wednesday May 17, 2023 @12:54PM (#35978073)
It is actually pretty much the case for most US homeowners. Everyone I know refinanced their mortgages when interest rates were lower. I got a 2.874% 30 year fixed rate mortgage in 2021 which was a great deal, but now I am essentially stuck here. There's no way I can afford to move. Existing home sales volume is way down.

https://www.wsj.com/articles/low-mortgage-rates-home-sales-l...

https://ycharts.com/indicators/us_existing_home_sales

The situation may be different in other countries.

[ Parent | on HN ]
Re:Americans Have Never Been So Unwilling to Relocate for a ... by throwaway2037 on Wednesday May 17, 2023 @01:35PM (#35978644)
You wrote:

    There's no way I can afford to move.
You are lucky to win the housing lottery. Congrats! Can you imagine being a young couple (20s 30s) trying to buy your first home the US right now? Hopeless. Wait a few years as an oppressed renter!
[ Parent | on HN ]
Re:Americans Have Never Been So Unwilling to Relocate for a ... by nradov on Wednesday May 17, 2023 @01:47PM (#35978830)
Yes, I am lucky in many ways. But the US home ownership rate is 65%, so it's hardly a lottery. Many young couples are buying homes in lower cost states like Utah, Minnesota, and Ohio. HN users focusing on California often have a distorted perspective on the situation out in the real world.
[ Parent | on HN ]
Re:Americans Have Never Been So Unwilling to Relocate for a ... by 0cf8612b2e1e on Thursday May 18, 2023 @03:28AM (#35985006)
California is home to more people than those three states combined.
[ Parent | on HN ]