Abstract

Housing shortages following the global financial crisis have been accompanied by a new, sharp downturn in rates of residential mobility, largely among renters. The Great Recession precipitated major, lingering housing disruptions, with local mobility declining by one-third in the US from 2010 to 2019. Slow construction despite employment recovery and burgeoning numbers of young Millennials led to intensified competition for vacancies. That ‘friction of competition’ is posited to delay moves and reduce overall mobility rates. Questions investigated are how urban area declines in renter mobility are related to slower housing construction than job growth, fewer rental vacancy chains released by home buyers, concentrations of young adults, and affordability. Analysis is with the American Community Survey for the 100 largest metropolitan areas in the US Mobility constriction is a new indicator of declining housing opportunity. Similar outcomes bear investigation in other cities and nations impacted by housing shortages and the shift to renting.

摘要

全球金融危机后的住房短缺伴随着住宅流动率的新一轮急剧下降，其中主要是租房者。大衰退引发了严重且持续的住房混乱，2010 年至 2019 年，美国当地流动性下降了三分之一。尽管就业复苏，但建设缓慢，而且年轻的千禧一代数量激增，导致职位空缺竞争加剧。这种“竞争摩擦”会推迟流动并降低整体流动率。调查的问题包括城市地区租房者流动性的下降与住房建设速度慢于就业增长速度、购房者释放的租赁空置链减少、年轻人集中以及负担能力有何关系。美国社区调查对美国 100 个最大都市区的分析显示，流动性紧张是住房机会下降的一个新指标。对其他受住房短缺和租房转向影响的城市和国家进行的调查也得出了类似的结果。