Just as the Great Depression contributed to large-scale migrations from certain parts of the United States, the current recession could be having a similar, historic effect, a new survey from ""Relocation.com"":http://www.relocation.com suggests.
The latest ""U.S. Census Bureau"":http://www.census.gov/Press-Release/www/releases/archives/mobility_of_the_population/013609.html data shows a decrease in the national move rate, down from 13.2 percent in 2007 to 11.9 percent in 2008, the lowest rate since 1948. Of those moving consumers, Relocation.com reported that the financial crisis has had a definite impact, with 60 percent more consumers now listing financial reasons as the primary reason for moving compared to last year.
Forty-one percent of movers queried by Relocation.com indicated that the recession and housing crisis had a strong influence on their decision to relocate. And three percent of the consumers surveyed by the company indicated that they lost their home through foreclosure, while 13 percent reported that they lost their job.
Data from Relocation.com showed that consumers are moving longer distances and making more out-of-state moves compared to a year ago. The percentage of consumers who moved more than 1,000 miles nearly doubled compared to a year ago - 70 percent of survey respondents said they moved 1,000 miles or more, compared to 36 percent in a similar study conducted in early 2008.
According to Sharon (Ron) Asher, chairman and founder of Relocation.com, the fewer number of consumers that are relocating are doing so for jobs or better housing. ""We are seeing more out-of-state moves from traditionally popular destinations, likely because of high foreclosure rates and diminished property values,"" Asher said.
Based on Relocation.com's survey results, a small percentage of movers were making moves for the better. Five percent relocated to a bigger, better house, the company said, while eight percent were looking for a better neighborhood to improve their lifestyle.