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Bank of America: Housing Costs Stall U.S. Moves
Description
A new Bank of America report shows domestic migration in the U.S. dropped 20% in the second quarter, falling below pre-pandemic levels. The analysis cites weaker job growth, limited housing supply, and high mortgage rates as key roadblocks. While the Midwest is seeing growth in cities like Indianapolis and Columbus, affordability remains a major barrier, with mortgage payments taking up more than 30% of income in major markets such as Los Angeles and San Diego.
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