Nobody Is Moving, Especially Millennials (nymag.com)

For a fun new entry into millennials are lazy, consider this: According to new data tracked down by Richard Fry for Pew Research, just 20 percent of 25- to 35-year-olds (Old Millennials, if you will) reported having lived at a different address the previous year. From a report on NYMag: In 2000, a full 26 percent of Gen-Xers -- then at the same age range -- had reported making a move in the previous year. In 1963, members of the Silent Generation moved at a 26 percent rate, too. The census data being used here doesn't include college-dorm moves prevalent with 18- to 24-year-olds, so those young'uns are left out of the analysis. The 20 percent rate is the lowest level of young adult mobility in half a century, Fry reports, and all this with millennials getting married, owning homes, and having kids less than previous generations. Student debt and less favorable lending rates may be driving down homeownership -- imagine that -- which further reduces movement. Psychologically, this also means that young adults are more stuck with their personalities and faded of memory compared with their more mobile peers.

Comments

Re:Less favorable lending rates?

[Anonymous Coward]

It was determined during the late 1980's and early 1990's that an artificially lowered prime rate would spur the economy better than a "normal" or "fair" prime rate. Why?

1) Lowered mortgage interest. People who are in debt can afford to stay in debt. Banks love this because they basically own you if you're in debt to them.
2) Lowered savings interest. People who aren't in debt are getting screwed. Banks love this because it encourages everyone else to spend themselves into slavery to the banks.

So now everyone just pisses away their money as fast as they can because there's no reason not to. And when shit goes wrong, there's nothing left to save anyone, not even the banks.

Fucking genius.