# Gresh, Haughwout, Lee and van der Klaauw argue in Liberty Street Economics that affordability weighs on renters’ mobility [Canonical reading](https://escapemeridian.com/readings/gresh-haughwout-lee-and-van-der-klaauw-argue-in-liberty-street-d59ab477) On August 6, 2026, Christopher Gresh, Andrew F. Haughwout, Eungik Lee, and Wilbert van der Klaauw examine why renters expect to move less often. Using the New York Fed’s Survey of Consumer Expectations Housing Survey, they report that renters’ expected mobility has declined alongside their expectations of ever owning a home. Renters who see mortgage access as difficult or expect higher mortgage rates also report lower moving probabilities. The authors find that renters’ stated preferences for owning a home have remained broadly stable, and argue that affordability constraints, rather than a weaker desire to own, help explain their declining expectations of homeownership and mobility. Their point matters because moving can help households reach job opportunities and improve their housing situations; when renters expect ownership to be out of reach, they may also be less likely to plan a move. The authors caution that affordability perceptions are only one contributing factor, and that comparisons by mortgage expectations do not control for differences such as credit scores or changing economic conditions. They do not quantify how much affordability accounts for the decline in renters’ expected mobility. Headline and summary by Escape Meridian, prepared by Luna from the attributed source. A source check is not independent confirmation of the source’s claims. ## Original source Federal Reserve Bank of New York · Article Original source date: Aug 6, 2026 (2026-08-06T11:00:00.000Z). Date basis: Date supplied by the publisher’s feed. Added to Escape Meridian: 2026-11-06T06:33:26.445Z. First observed: 2026-10-30T17:10:27.640Z. Retrieved: 2026-10-30T17:13:48.137Z. - [Why Do Fewer Renters Expect to Move?](https://libertystreeteconomics.newyorkfed.org/2026/08/why-do-fewer-renters-expect-to-move/) ## Limits Text as retrieved on October 30, 2026; originally published August 6, 2026. The authors state that comparisons between mortgage affordability perceptions and expected mobility do not control for differences across renters, such as credit scores, or changes in economic conditions over time. They describe affordability as only one contributing factor shaping expected mobility. ## Open question How much of the decline in renters’ expected mobility is attributable to affordability, rather than other factors shaping moving plans? ## Source-stated Gresh, Haughwout, Lee, and van der Klaauw report that renters’ expected three-year probability of moving declined between 2014 and 2026. > The mean three-year moving probability for renters fell from roughly 57 percent in 2014 to about 37 percent in 2026 - [Supporting source](https://libertystreeteconomics.newyorkfed.org/2026/08/why-do-fewer-renters-expect-to-move/) ## Source-stated The authors report that renters’ expectations of ever owning a home declined, while their stated preference for homeownership remained broadly stable. > These patterns suggest that renters’ growing pessimism about ever owning a home—and their lower expected mobility—reflects affordability constraints rather than a weakening desire for homeownership. - [Supporting source](https://libertystreeteconomics.newyorkfed.org/2026/08/why-do-fewer-renters-expect-to-move/) ## Source-stated The authors report an association between renters’ mortgage affordability perceptions and their expected mobility, while noting that these comparisons do not control for some differences among renters or changes over time. > Although these comparisons do not control for differences across renters, such as credit scores, or for changes in economic conditions over time, they suggest that affordability perceptions are closely related to renters’ moving plans. - [Supporting source](https://libertystreeteconomics.newyorkfed.org/2026/08/why-do-fewer-renters-expect-to-move/) ## Source-stated The authors say declining mobility matters because moving can help households access job opportunities, adjust to changing circumstances, and improve their housing situations. > Falling mobility matters because moving helps households access job opportunities, adjust to changing circumstances, and improve their housing situations. - [Supporting source](https://libertystreeteconomics.newyorkfed.org/2026/08/why-do-fewer-renters-expect-to-move/) ## Source-stated The source gives its publication date as August 6, 2026. > August 6, 2026 > Why Do Fewer Renters Expect to Move? - [Supporting source](https://libertystreeteconomics.newyorkfed.org/2026/08/why-do-fewer-renters-expect-to-move/) ## Source and contributor context Federal Reserve Bank of New York · Publisher The publisher is identified here. No individual author has been inferred. ## Source media Media retrieval status: unchecked. ## Terms and references Reference context selected by Escape Meridian; separate from source evidence. Entity mentions do not establish authorship, involvement or endorsement. ## TIME TIME is a news magazine publishing reporting on world affairs, business, technology and the workers behind digital services. - [Explore this context](/entities/time) - [Reference](https://time.com/) ## Editorial provenance Version 1. Publication ID: 11924a79-0bb4-16dd-ac47-8a2e0bda8f4e. Prepared by openai/gpt-6-luna; grounding review by anthropic/claude-opus-5.5. Source check: passed by anthropic/claude-opus-5.5 on 2026-11-06T06:29:06.977Z. This checks fidelity to the source, not whether its claims are independently true. Editorial selection: accept; reasons: bridge\_admitted\_by\_model. Observation: d5dea3fccb363c21cd77b9afa90f1df40b9cf1f10c629a105cae92fd4f73a8d0. Source text hash: 73bc293058f9e4b8527ec9f8d60c5de7a872e5ca4ddcd70a61fda870268c109e. ## Revision and source-check history ### Version 1 — 2026-11-06T06:33:26.445Z On August 6, 2026, Christopher Gresh, Andrew F. Haughwout, Eungik Lee, and Wilbert van der Klaauw examine why renters expect to move less often. Using the New York Fed’s Survey of Consumer Expectations Housing Survey, they report that renters’ expected mobility has declined alongside their expectations of ever owning a home. Renters who see mortgage access as difficult or expect higher mortgage rates also report lower moving probabilities. The authors find that renters’ stated preferences for owning a home have remained broadly stable, and argue that affordability constraints, rather than a weaker desire to own, help explain their declining expectations of homeownership and mobility. Their point matters because moving can help households reach job opportunities and improve their housing situations; when renters expect ownership to be out of reach, they may also be less likely to plan a move. The authors caution that affordability perceptions are only one contributing factor, and that comparisons by mortgage expectations do not control for differences such as credit scores or changing economic conditions. They do not quantify how much affordability accounts for the decline in renters’ expected mobility. ## Original source Federal Reserve Bank of New York · Article Original source date: Aug 6, 2026 (2026-08-06T11:00:00.000Z). Date basis: Date supplied by the publisher’s feed. Added to Escape Meridian: 2026-11-06T06:33:26.445Z. First observed: 2026-10-30T17:10:27.640Z. Retrieved: 2026-10-30T17:13:48.137Z. - [Why Do Fewer Renters Expect to Move?](https://libertystreeteconomics.newyorkfed.org/2026/08/why-do-fewer-renters-expect-to-move/) ## Limits Text as retrieved on October 30, 2026; originally published August 6, 2026. The authors state that comparisons between mortgage affordability perceptions and expected mobility do not control for differences across renters, such as credit scores, or changes in economic conditions over time. They describe affordability as only one contributing factor shaping expected mobility. ## Open question How much of the decline in renters’ expected mobility is attributable to affordability, rather than other factors shaping moving plans? ## Source-stated Gresh, Haughwout, Lee, and van der Klaauw report that renters’ expected three-year probability of moving declined between 2014 and 2026. > The mean three-year moving probability for renters fell from roughly 57 percent in 2014 to about 37 percent in 2026 - [Supporting source](https://libertystreeteconomics.newyorkfed.org/2026/08/why-do-fewer-renters-expect-to-move/) ## Source-stated The authors report that renters’ expectations of ever owning a home declined, while their stated preference for homeownership remained broadly stable. > These patterns suggest that renters’ growing pessimism about ever owning a home—and their lower expected mobility—reflects affordability constraints rather than a weakening desire for homeownership. - [Supporting source](https://libertystreeteconomics.newyorkfed.org/2026/08/why-do-fewer-renters-expect-to-move/) ## Source-stated The authors report an association between renters’ mortgage affordability perceptions and their expected mobility, while noting that these comparisons do not control for some differences among renters or changes over time. > Although these comparisons do not control for differences across renters, such as credit scores, or for changes in economic conditions over time, they suggest that affordability perceptions are closely related to renters’ moving plans. - [Supporting source](https://libertystreeteconomics.newyorkfed.org/2026/08/why-do-fewer-renters-expect-to-move/) ## Source-stated The authors say declining mobility matters because moving can help households access job opportunities, adjust to changing circumstances, and improve their housing situations. > Falling mobility matters because moving helps households access job opportunities, adjust to changing circumstances, and improve their housing situations. - [Supporting source](https://libertystreeteconomics.newyorkfed.org/2026/08/why-do-fewer-renters-expect-to-move/) ## Source-stated The source gives its publication date as August 6, 2026. > August 6, 2026 > Why Do Fewer Renters Expect to Move? - [Supporting source](https://libertystreeteconomics.newyorkfed.org/2026/08/why-do-fewer-renters-expect-to-move/) ## Source and contributor context Federal Reserve Bank of New York · Publisher The publisher is identified here. No individual author has been inferred. ## Source media Media retrieval status: unchecked. ## Terms and references Reference context selected by Escape Meridian; separate from source evidence. Entity mentions do not establish authorship, involvement or endorsement. ## TIME TIME is a news magazine publishing reporting on world affairs, business, technology and the workers behind digital services. - [Explore this context](/entities/time) - [Reference](https://time.com/) ## Editorial provenance Version 1. Publication ID: 11924a79-0bb4-16dd-ac47-8a2e0bda8f4e. Prepared by openai/gpt-6-luna; grounding review by anthropic/claude-opus-5.5. Source check: passed by anthropic/claude-opus-5.5 on 2026-11-06T06:29:06.977Z. This checks fidelity to the source, not whether its claims are independently true. Editorial selection: accept; reasons: bridge\_admitted\_by\_model. Observation: d5dea3fccb363c21cd77b9afa90f1df40b9cf1f10c629a105cae92fd4f73a8d0. Source text hash: 73bc293058f9e4b8527ec9f8d60c5de7a872e5ca4ddcd70a61fda870268c109e. ### passed — 2026-11-06T06:29:06.977Z — anthropic/claude-opus-5.5 Publication: 11924a79-0bb4-16dd-ac47-8a2e0bda8f4e attribution — pass: The reading correctly attributes the post to Christopher Gresh, Andrew F. Haughwout, Eungik Lee and Wilbert van der Klaauw in the New York Fed's Liberty Street Economics. It keeps the findings framed as the authors' reported results and arguments. The page is a single authored post, not a listing. > Christopher Gresh, Andrew F. Haughwout, Eungik Lee, and Wilbert van der Klaauw summary — pass: The title and summary faithfully convey the post's argument: renters' expected mobility and their homeownership expectations fell together, while their stated preference for owning stayed stable. The authors read this as pointing to affordability rather than weaker desire. The hedges are preserved: affordability is one factor, and there are no controls for credit scores or changing conditions. Terms are plain enough for a general reader. The question follows directly from the authors' own caveat. > More broadly, our results highlight that housing affordability may be one factor behind declining expected mobility among renters. date — pass: The originalPublished instant, 2026-08-06T11:00Z, matches the dateline and citation date of August 6, 2026, and the reading states the date at day precision. This is a publisher page, not an archive copy. The reading uses no later material, such as the comment, and adds no hindsight framing. > August 6, 2026 Why Do Fewer Renters Expect to Move? support — pass: Each claim is grounded in the source text: the decline from 57 to 37 percent, the stable preference shares, the association with mortgage perceptions and its stated lack of controls, and the reasons mobility matters. The significance line about renters being less likely to plan a move is phrased conditionally and matches the source's correlation. The statement that the authors do not quantify affordability's share accurately reflects the text, which gives no decomposition. > The share of renters who say they would prefer or strongly prefer to own a home if they had the financial resources has fluctuated narrowly between 65 and 74 percent since 2015 media — pass: The reading selects no media, and the evidence supplies no verified media candidates. No media identity or relevance issue arises. ## Recorded references Explicit citations in public readings and public file attachments to this reading. Shared topics are not citations. Other artifact types need an explicit reference adapter. No public references recorded here yet. [Reference data (JSON)](/readings/d59ab47757274f0a64e0f51968aff541c928a312e18e593fff5ddf3d15819e3c/references.json) ## Corrections and challenges [Send a correction or an opposing source](https://escapemeridian.com/corrections/) [JSON record](https://escapemeridian.com/readings/gresh-haughwout-lee-and-van-der-klaauw-argue-in-liberty-street-d59ab477.json)