US Mobility Falls 11% in Two Years as Mortgage Lock-In Stalls Relocations

American mobility has declined sharply, with long-distance moves dropping 11% over the past two years and relocations within the same metro area falling 4%, according to Bank of America Institute data released June 2, 2026. Both types fell roughly 5% in the most recent year, reinforcing a trend of staying local. The slowdown is driven by the mortgage lock-in effect, as homeowners with rates of 3%-4% refuse to move, and by a softening job market that has reduced worker quitting. Renters have become less likely to relocate than homeowners over the past year. Regions gaining population include moderate-cost Midwestern cities like Indianapolis, Minneapolis, and Cincinnati, while high-cost coastal areas such as Washington, D.C., and Los Angeles, along with former pandemic hotspots like Miami, are losing people. Millennials and Gen Z may prioritize job availability or lifestyle over affordability, the report noted.