“It was not by gold or by silver, but by labour, that all the wealth of the world was originally purchased."
In the U.S., workers can relocate without much restriction, and the free movement of labor is a critical component of American capitalism. It’s also been the most important historical driver of real estate values. In recent times, cities like Austin and Denver became institutional markets as educated workers flocked there while low-growth cities flatlined.
The U.S. historically has seen high levels of internal migration, typically motivated by economic opportunity. Urban in-migration during industrialization and the African American migration out of the South are good examples. But internal migration has dropped as much as 50% since 1990, and it’s not specific to age, home ownership, education, race or other standard demographic markers. A recent research paper delved into the structural factors keeping people from moving when they otherwise would.1
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