Fewer Moves: Americans Are Staying Put Longer
Liberty Street Economics, part of the Federal Reserve Bank of New York, published an article last month about Americans' moving habits. And it seems that people are remaining in their homes for much longer than they used to.
"Moving rates have declined steadily for decades, falling from close to 20 percent annually in the mid-1980s to below 10 percent by 2019," wrote the Fed. "This decline has persisted through business cycles and has been evident across all regions, and has affected a broad range of demographic groups."
Back in 2014, 56.99% of renters expected to move within the following three years, according to the report. In 2026, that expectation was shared by only 36.62% of renters.
And it's a very similar story for homeowners, although they have always tended to remain in their homes longer than renters. The same figures for their expectations of moving within the following three years were 20.66% in 2014 and 14.07% in 2026.
Why does this matter? "Falling mobility matters because moving helps households access job opportunities, adjust to changing circumstances, and improve their housing situations," says the Fed's report.
One interesting question occurs to us. Investors tend to assume a mortgage is likely to last 5-8 years, depending on whom one asks. Do these new figures mean those averages are out of date? Of course, homeowners may still refinance early, but if those who don't are remaining in their homes longer, might that make mortgage-backed securities a better bet for investors?
Delayed and Denied Insurance Payouts for California Wildfires
"Los Angeles County sued State Farm Monday over its handling of insurance claims after the deadly and destructive 2025 wildfires, alleging that delays and denials of claims by California’s largest private insurer violated unfair competition laws," reported The Wall Street Journal on Aug. 31. The state began its own legal action earlier this year.
State Farm vehemently denies all the county and state's claims in court filings. "The insurer has said that more than $6.2 billion in claims has been paid out following the disaster, and expects that number to eventually top $7 billion. The payouts include about $1 billion for smoke-related damage, the company said," according to The Journal.
The wildfires occurred in January 2025, roughly 20 months ago, and proved the most expensive in history anywhere in the world. They killed at least 31 people and destroyed some 12,000 structures.
We are in no position to assess how reasonable it is for a property insurer to have left unpaid more than 10% of what it expects to pay out (by its own figures) nearly 20 months after an event. But it sounds as if a judge may well be doing just that soon.
Many Retirees Lose Money when Chasing Low Taxes
Many retirees successfully relocate to low-tax states and end up making worthwhile savings. But it's not the no-brainer some seem to think, according to Kiplinger this week.
"If you've spent decades building your savings, of course you want to keep more of it," writes Ben Fuchs, CFP CPWA for Kiplinger. "States like Florida, Texas, Tennessee and Nevada have long attracted retirees because they skip state income tax entirely. Next to a high-tax state like Connecticut, New Jersey or California, the choice can look obvious."
"After helping hundreds of families work through this decision, I've learned it rarely is," continues Fuchs. The tax savings are usually smaller than people expect, and the true cost of relocating is almost always bigger."
The taxation math has shifted, partly because of recent changes to the federal tax code. There's a new higher cap on state and local tax deductions. And there's now a bonus deduction for some older taxpayers. Add to that a federal estate tax exemption of roughly $15 million for each taxpayer, and the less onerous overall tax burden can make relocation a less attractive option — although only for some.
Fuchs' point isn't that nobody should consider chasing lower taxes. It's that only some can benefit, and everyone should consult a professional before committing to a move for tax-based reasons.
And he makes an important final point. Suppose a relocation brings in tax savings of $6,000 annually. If the costs of moving total $60,000, it will be a decade before the retiree breaks even.
